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China Man-Made Fiber (TPE:1718) Beneish M-Score : -2.50 (As of Mar. 15, 2025)


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What is China Man-Made Fiber Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China Man-Made Fiber's Beneish M-Score or its related term are showing as below:

TPE:1718' s Beneish M-Score Range Over the Past 10 Years
Min: -2.62   Med: -2.49   Max: -2.25
Current: -2.5

During the past 13 years, the highest Beneish M-Score of China Man-Made Fiber was -2.25. The lowest was -2.62. And the median was -2.49.


China Man-Made Fiber Beneish M-Score Historical Data

The historical data trend for China Man-Made Fiber's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

China Man-Made Fiber Beneish M-Score Chart

China Man-Made Fiber Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.52 -2.39 -2.49 -2.62 -2.50

China Man-Made Fiber Quarterly Data
Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.62 -2.61 - - -2.50

Competitive Comparison of China Man-Made Fiber's Beneish M-Score

For the Banks - Regional subindustry, China Man-Made Fiber's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


China Man-Made Fiber's Beneish M-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, China Man-Made Fiber's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Man-Made Fiber's Beneish M-Score falls into.



China Man-Made Fiber Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of China Man-Made Fiber for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9912+0.528 * 0.9217+0.404 * 1.0513+0.892 * 1.1249+0.115 * 1.0695
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.023143-0.327 * 1.0047
=-2.50

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was NT$679,412 Mil.
Revenue was NT$41,360 Mil.
Gross Profit was NT$30,290 Mil.
Total Current Assets was NT$745,922 Mil.
Total Assets was NT$996,581 Mil.
Property, Plant and Equipment(Net PPE) was NT$30,152 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,183 Mil.
Selling, General, & Admin. Expense(SGA) was NT$0 Mil.
Total Current Liabilities was NT$883,413 Mil.
Long-Term Debt & Capital Lease Obligation was NT$21,687 Mil.
Net Income was NT$28 Mil.
Gross Profit was NT$0 Mil.
Cash Flow from Operations was NT$23,091 Mil.
Total Receivables was NT$609,342 Mil.
Revenue was NT$36,768 Mil.
Gross Profit was NT$24,820 Mil.
Total Current Assets was NT$683,292 Mil.
Total Assets was NT$902,190 Mil.
Property, Plant and Equipment(Net PPE) was NT$29,008 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,221 Mil.
Selling, General, & Admin. Expense(SGA) was NT$0 Mil.
Total Current Liabilities was NT$793,421 Mil.
Long-Term Debt & Capital Lease Obligation was NT$22,088 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(679412.352 / 41360.385) / (609341.743 / 36768.136)
=16.426645 / 16.572549
=0.9912

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(24819.534 / 36768.136) / (30290.186 / 41360.385)
=0.675028 / 0.732348
=0.9217

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (745922.4 + 30152.274) / 996580.603) / (1 - (683292.033 + 29008.339) / 902189.921)
=0.221263 / 0.210476
=1.0513

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=41360.385 / 36768.136
=1.1249

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(1220.606 / (1220.606 + 29008.339)) / (1183.032 / (1183.032 + 30152.274))
=0.040379 / 0.037754
=1.0695

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 41360.385) / (0 / 36768.136)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((21686.927 + 883413.218) / 996580.603) / ((22088.432 + 793421.493) / 902189.921)
=0.908206 / 0.903923
=1.0047

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(27.521 - 0 - 23091.143) / 996580.603
=-0.023143

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

China Man-Made Fiber has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.


China Man-Made Fiber Beneish M-Score Related Terms

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China Man-Made Fiber Business Description

Traded in Other Exchanges
N/A
Address
Xinsheng S. Road, 10-11th Floor, No. 50, Sector 1, World Trade Building, Taipei City, TWN, 100
China Man-Made Fiber Corp makes and sells chemicals and fiber products, including polyester yarn and filament, and rayon yarn and fiber, which are used to make apparel, footwear and industrial cloth. The company's segments include Chemical Industry Department, Chemical Fiber Department, Bank departments, and other departments. The majority of its revenue generated from banking departments.

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