YC Inox Co (TPE:2034) Beneish M-Score : -2.64 (As of Jun. 21, 2025)

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What is YC Inox 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:2034' s Beneish M-Score Range Over the Past 10 Years
Min: -3.82 Med: -2.65 Max: -1.52
Current: -2.64

During the past 13 years, the highest Beneish M-Score of YC Inox Co was -1.52. The lowest was -3.82. And the median was -2.65.

YC Inox Co Beneish M-Score Historical Data

The historical data trend for YC Inox 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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YC Inox Co Beneish M-Score Chart

YC Inox Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.99

-2.03

-2.80

-2.14

-2.97

YC Inox Co Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-3.14	-2.99	-3.07	-2.97	-2.64

Competitive Comparison of YC Inox Co's Beneish M-Score

For the Steel subindustry, YC Inox 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.

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

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

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

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YC Inox 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 YC Inox 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 * 1.0796

0.528 * 0.7394

0.404 * 0.6519

0.892 * 1.0428

0.115 * 1.1131

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3552

4.679 * 0.01333

0.327 * 1.0262

-2.64

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was NT$1,265 Mil.
Revenue was 3632.787 + 4087.766 + 3796.589 + 3538.894 = NT$15,056 Mil.
Gross Profit was 484.378 + 360.487 + 470.926 + 454.81 = NT$1,771 Mil.
Total Current Assets was NT$10,441 Mil.
Total Assets was NT$23,216 Mil.
Property, Plant and Equipment(Net PPE) was NT$10,624 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$403 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,133 Mil.
Total Current Liabilities was NT$8,172 Mil.
Long-Term Debt & Capital Lease Obligation was NT$3,800 Mil.
Net Income was 261.634 + -184.3 + 2.803 + 29.556 = NT$110 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -94.262 + 180.897 + 176.216 + -462.64 = NT$-200 Mil.

Total Receivables was NT$1,123 Mil.
Revenue was 3099.017 + 3457.901 + 4066.862 + 3814.535 = NT$14,438 Mil.
Gross Profit was 444.936 + 12.413 + 410.236 + 387.845 = NT$1,255 Mil.
Total Current Assets was NT$8,176 Mil.
Total Assets was NT$19,445 Mil.
Property, Plant and Equipment(Net PPE) was NT$8,504 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$361 Mil.
Selling, General, & Admin. Expense(SGA) was NT$802 Mil.
Total Current Liabilities was NT$7,709 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2,063 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)
	=	(1264.708 / 15056.036)	/	(1123.36 / 14438.315)
	=	0.084	/	0.077804
	=	1.0796

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)
	=	(1255.43 / 14438.315)	/	(1770.601 / 15056.036)
	=	0.086951	/	0.117601
	=	0.7394

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 - (10441.413 + 10623.517) / 23216.473)	/	(1 - (8176.318 + 8504.167) / 19444.933)
	=	0.092673	/	0.142168
	=	0.6519

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
	=	15056.036	/	14438.315
	=	1.0428

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))
	=	(360.959 / (360.959 + 8504.167))	/	(403.365 / (403.365 + 10623.517))
	=	0.040717	/	0.03658
	=	1.1131

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)
	=	(1132.772 / 15056.036)	/	(801.6 / 14438.315)
	=	0.075237	/	0.055519
	=	1.3552

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)
	=	((3799.608 + 8172.412) / 23216.473)	/	((2062.615 + 7708.747) / 19444.933)
	=	0.515669	/	0.502515
	=	1.0262

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
	=	(109.693 - 0	-	-199.789)	/	23216.473
	=	0.01333

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.

YC Inox Co has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.

YC Inox Co Beneish M-Score Related Terms

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YC Inox Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » YC Inox Co Ltd (TPE:2034) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Number 270, Sector 4, Jungshan Road, Shijou Shiang, Changhua, TWN

Website

https://www.ycinox.com

YC Inox Co Ltd is a Taiwan-based company. The company is engaged in the production, processing and sale of stainless steel pipes, stainless steel sheets and coils, agency services, and international trading of stainless steel products. Geographically, the company generates a majority of its revenue from Asia followed by America, Europe, and other regions.

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