YFY Beneish M-Score Historical Data
The historical data trend for YFY'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.
YFY Beneish M-Score Chart
|
YFY Annual Data
|
|
Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.62 |
-2.45 |
-2.48 |
-2.60 |
-2.44 |
|
YFY 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
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.60 |
-2.54 |
-2.50 |
-2.53 |
-2.44 |
Competitive Comparison of YFY's Beneish M-Score
For the Paper & Paper Products subindustry, YFY'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.
YFY's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, YFY's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where YFY's Beneish M-Score falls into.
YFY 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 YFY 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 * 1.0628 | + | 0.528 * 1.0266 | + | 0.404 * 1.0294 | + | 0.892 * 1.0615 | + | 0.115 * 0.9849 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9983 | + | 4.679 * -0.021017 | - | 0.327 * 1.0085 |
| = | -2.44 |
* 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$15,849 Mil.
Revenue was 20687.696 + 20075.082 + 19728.212 + 17922.149 = NT$78,413 Mil.
Gross Profit was 2455.402 + 2735.699 + 2537.185 + 2699.388 = NT$10,428 Mil.
Total Current Assets was NT$65,154 Mil.
Total Assets was NT$161,401 Mil.
Property, Plant and Equipment(Net PPE) was NT$52,644 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$4,668 Mil.
Selling, General, & Admin. Expense(SGA) was NT$9,967 Mil.
Total Current Liabilities was NT$43,310 Mil.
Long-Term Debt & Capital Lease Obligation was NT$31,353 Mil.
Net Income was 558.501 + 780.799 + 12.862 + 279.028 = NT$1,631 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 694.101 + 2515.292 + 2199.524 + -385.548 = NT$5,023 Mil.
|
Total Receivables was NT$14,048 Mil.
Revenue was 19725.776 + 18486.027 + 18124.171 + 17531.4 = NT$73,867 Mil.
Gross Profit was 3200.9 + 2479.069 + 2258.113 + 2146.089 = NT$10,084 Mil.
Total Current Assets was NT$55,032 Mil.
Total Assets was NT$144,393 Mil.
Property, Plant and Equipment(Net PPE) was NT$51,469 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$4,488 Mil.
Selling, General, & Admin. Expense(SGA) was NT$9,405 Mil.
Total Current Liabilities was NT$41,998 Mil.
Long-Term Debt & Capital Lease Obligation was NT$24,232 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) |
| = | (15848.884 / 78413.139) | / | (14048.025 / 73867.374) |
| = | 0.20212 | / | 0.190179 |
| | = | 1.0628 |
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) |
| = | (10084.171 / 73867.374) | / | (10427.674 / 78413.139) |
| = | 0.136517 | / | 0.132984 |
| | = | 1.0266 |
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 - (65154.219 + 52644.442) / 161400.983) | / | (1 - (55031.966 + 51468.838) / 144392.614) |
| = | 0.270149 | / | 0.262422 |
| | = | 1.0294 |
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 |
| = | 78413.139 | / | 73867.374 |
| | = | 1.0615 |
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)) |
| = | (4488.283 / (4488.283 + 51468.838)) | / | (4667.533 / (4667.533 + 52644.442)) |
| = | 0.080209 | / | 0.081441 |
| | = | 0.9849 |
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) |
| = | (9966.571 / 78413.139) | / | (9405.098 / 73867.374) |
| = | 0.127103 | / | 0.127324 |
| | = | 0.9983 |
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) |
| = | ((31353.414 + 43309.885) / 161400.983) | / | ((24231.606 + 41998.357) / 144392.614) |
| = | 0.462595 | / | 0.45868 |
| | = | 1.0085 |
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 |
| = | (1631.19 - 0 | - | 5023.369) | / | 161400.983 |
| | = | -0.021017 |
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.
YFY has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TPE:1907 has been successfully added to your