Champion Building Materials Co (TPE:1806) Beneish M-Score : -2.93 (As of Dec. 13, 2024)

View and export this data going back to 1992. Start your Free Trial

What is Champion Building Materials Co 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 -2.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Champion Building Materials Co's Beneish M-Score or its related term are showing as below:

TPE:1806' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.76 Max: -1.98
Current: -2.93

During the past 13 years, the highest Beneish M-Score of Champion Building Materials Co was -1.98. The lowest was -3.26. And the median was -2.76.

Champion Building Materials Co Beneish M-Score Historical Data

The historical data trend for Champion Building Materials Co'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.

Champion Building Materials Co Beneish M-Score Chart

Champion Building Materials Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.87

-2.20

-1.98

-3.26

-2.48

Champion Building Materials Co Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.74	-2.48	-2.46	-2.99	-2.93

Competitive Comparison of Champion Building Materials Co's Beneish M-Score

For the Building Products & Equipment subindustry, Champion Building Materials Co'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.

Champion Building Materials Co's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Champion Building Materials Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Champion Building Materials Co's Beneish M-Score falls into.

Champion Building Materials Co 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 Champion Building Materials Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9678

0.528 * 0.9578

0.404 * 0.553

0.892 * 1.1564

0.115 * 1.1807

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0419

4.679 * -0.079238

0.327 * 1.0139

-2.93

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was NT$869 Mil.
Revenue was 885.203 + 830.36 + 854.53 + 878.212 = NT$3,448 Mil.
Gross Profit was 232.288 + 214.384 + 234.487 + 307.963 = NT$989 Mil.
Total Current Assets was NT$4,490 Mil.
Total Assets was NT$8,289 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,316 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$348 Mil.
Selling, General, & Admin. Expense(SGA) was NT$717 Mil.
Total Current Liabilities was NT$1,085 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,395 Mil.
Net Income was 68.614 + 5.19 + 10.141 + -50.741 = NT$33 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 216.866 + 192.587 + 197.105 + 83.454 = NT$690 Mil.

Total Receivables was NT$776 Mil.
Revenue was 805.626 + 816.814 + 637.005 + 722.425 = NT$2,982 Mil.
Gross Profit was 227.403 + 211.385 + 158.558 + 221.925 = NT$819 Mil.
Total Current Assets was NT$4,098 Mil.
Total Assets was NT$8,126 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,171 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$401 Mil.
Selling, General, & Admin. Expense(SGA) was NT$595 Mil.
Total Current Liabilities was NT$2,332 Mil.
Long-Term Debt & Capital Lease Obligation was NT$66 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)
	=	(869.037 / 3448.305)	/	(776.489 / 2981.87)
	=	0.252019	/	0.260403
	=	0.9678

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)
	=	(819.271 / 2981.87)	/	(989.122 / 3448.305)
	=	0.274751	/	0.286843
	=	0.9578

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 - (4490.323 + 3315.657) / 8289.064)	/	(1 - (4098.464 + 3170.971) / 8125.848)
	=	0.05828	/	0.105394
	=	0.553

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
	=	3448.305	/	2981.87
	=	1.1564

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))
	=	(400.987 / (400.987 + 3170.971))	/	(348.385 / (348.385 + 3315.657))
	=	0.11226	/	0.095082
	=	1.1807

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)
	=	(717.22 / 3448.305)	/	(595.284 / 2981.87)
	=	0.207992	/	0.199634
	=	1.0419

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)
	=	((1394.801 + 1084.908) / 8289.064)	/	((65.725 + 2331.897) / 8125.848)
	=	0.299154	/	0.295061
	=	1.0139

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
	=	(33.204 - 0	-	690.012)	/	8289.064
	=	-0.079238

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.

Champion Building Materials Co has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.

Champion Building Materials Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Champion Building Materials Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Champion Building Materials Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Champion Building Materials Co Ltd (TPE:1806) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No.200-7, Zhugaocuo, Zhunan Township, Dapu Village, Miaoli County, Miaoli, TWN, 350026

Website

https://group.champion.com.tw

Champion Building Materials Co Ltd is engaged in the production and sales of ceramic products, stone products, fire-resistant materials, and other chemical products. It is also engaged in the development business for particular industry zones, new towns, and new communities. The company has three reportable segments: the Tiles business, the Chinese business segment, and the Wooden floor business segment. The Tiles business segment generates the majority of its revenue and engages in manufacturing, sales, and purchase of various floor tiles, wall tiles, polished tiles, and functional tiles in the Taiwan region. Geographically, the company derives its key revenue from Asia and the rest from America and Australia.

Champion Building Materials Co Headlines

No Headlines