Quintain Steel Co (TPE:2017) Beneish M-Score : -2.97 (As of Jan. 18, 2025)

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What is Quintain Steel 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 -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:2017' s Beneish M-Score Range Over the Past 10 Years
Min: -21.89 Med: -2.69 Max: 9.91
Current: -2.97

During the past 13 years, the highest Beneish M-Score of Quintain Steel Co was 9.91. The lowest was -21.89. And the median was -2.69.

Quintain Steel Co Beneish M-Score Historical Data

The historical data trend for Quintain Steel 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.

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Quintain Steel Co Beneish M-Score Chart

Quintain Steel Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.74

-2.64

-2.40

-3.08

-8.77

Quintain Steel 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															9.91	-8.77	-21.89	-0.91	-2.97

Competitive Comparison of Quintain Steel Co's Beneish M-Score

For the Steel subindustry, Quintain Steel 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.

Quintain Steel Co's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Quintain Steel Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Quintain Steel Co's Beneish M-Score falls into.

Quintain Steel 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 Quintain Steel 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 * 0.9228

0.528 * 0.1717

0.404 * 0.9126

0.892 * 1.0513

0.115 * 1.0633

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.985

4.679 * 0.004834

0.327 * 1.0829

-2.97

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was NT$425 Mil.
Revenue was 885.231 + 860.795 + 726.703 + 679.337 = NT$3,152 Mil.
Gross Profit was 56.82 + 83.848 + 68.288 + -40.534 = NT$168 Mil.
Total Current Assets was NT$5,059 Mil.
Total Assets was NT$13,372 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,182 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$237 Mil.
Selling, General, & Admin. Expense(SGA) was NT$400 Mil.
Total Current Liabilities was NT$4,468 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,784 Mil.
Net Income was -43.048 + -8.05 + 265.277 + -81.869 = NT$132 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -99.062 + 183.955 + -173.378 + 156.151 = NT$68 Mil.

Total Receivables was NT$438 Mil.
Revenue was 890.863 + 791.684 + 665.913 + 649.835 = NT$2,998 Mil.
Gross Profit was -18.607 + -23.907 + 33.556 + 36.457 = NT$27 Mil.
Total Current Assets was NT$3,833 Mil.
Total Assets was NT$11,726 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,924 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$238 Mil.
Selling, General, & Admin. Expense(SGA) was NT$386 Mil.
Total Current Liabilities was NT$2,618 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2,444 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)
	=	(425.298 / 3152.066)	/	(438.372 / 2998.295)
	=	0.134927	/	0.146207
	=	0.9228

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)
	=	(27.499 / 2998.295)	/	(168.422 / 3152.066)
	=	0.009172	/	0.053432
	=	0.1717

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 - (5058.606 + 4182.333) / 13371.673)	/	(1 - (3832.673 + 3923.984) / 11725.774)
	=	0.308917	/	0.338495
	=	0.9126

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
	=	3152.066	/	2998.295
	=	1.0513

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))
	=	(237.675 / (237.675 + 3923.984))	/	(237.399 / (237.399 + 4182.333))
	=	0.057111	/	0.053713
	=	1.0633

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)
	=	(399.62 / 3152.066)	/	(385.912 / 2998.295)
	=	0.12678	/	0.12871
	=	0.985

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)
	=	((1783.815 + 4467.813) / 13371.673)	/	((2444.277 + 2618.27) / 11725.774)
	=	0.467528	/	0.431745
	=	1.0829

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
	=	(132.31 - 0	-	67.666)	/	13371.673
	=	0.004834

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.

Quintain Steel Co has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.

Quintain Steel Co Beneish M-Score Related Terms

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Quintain Steel Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Quintain Steel Co Ltd (TPE:2017) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

NO.119-5, Nanbu, Nanbu Village, Guantian District, Tainan, TWN, 702

Website

http://www.quintain.com.tw

Quintain Steel Co Ltd manufactures steel products. Its product portfolio comprises of carbon steel wire, a deformed bar in oil, spheroidized wire, and galvanized wire. Quintain's hot-rolled wire rod products are used in low and high-carbon steel and low-alloy steel. Its products are applied in the manufacture of barbecue frames, hardware, stationery, and others. The company is also engaged in the provision of related processing services.

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