Pan-International Industrial (TPE:2328) Beneish M-Score : -2.67 (As of Apr. 13, 2025)

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What is Pan-International Industrial 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Pan-International Industrial's Beneish M-Score or its related term are showing as below:

TPE:2328' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.45 Max: -2.03
Current: -2.67

During the past 13 years, the highest Beneish M-Score of Pan-International Industrial was -2.03. The lowest was -3.21. And the median was -2.45.

Pan-International Industrial Beneish M-Score Historical Data

The historical data trend for Pan-International Industrial'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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Pan-International Industrial Beneish M-Score Chart

Pan-International Industrial Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.99

-2.17

-2.43

-3.21

-2.67

Pan-International Industrial 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															-3.21	-2.88	-2.70	-2.73	-2.67

Competitive Comparison of Pan-International Industrial's Beneish M-Score

For the Electronic Components subindustry, Pan-International Industrial'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.

Pan-International Industrial's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Pan-International Industrial's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pan-International Industrial's Beneish M-Score falls into.

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Pan-International Industrial 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 Pan-International Industrial 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 * 1.0667

0.528 * 0.9173

0.404 * 0.7614

0.892 * 0.8512

0.115 * 1.2305

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2946

4.679 * 0.002566

0.327 * 0.8935

-2.67

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$5,816 Mil.
Revenue was 5706.315 + 6010.532 + 5446.118 + 4657.87 = NT$21,821 Mil.
Gross Profit was 691.051 + 914.737 + 780.722 + 560.068 = NT$2,947 Mil.
Total Current Assets was NT$17,576 Mil.
Total Assets was NT$24,638 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,302 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$687 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,209 Mil.
Total Current Liabilities was NT$7,619 Mil.
Long-Term Debt & Capital Lease Obligation was NT$185 Mil.
Net Income was 303.571 + 287.965 + 275.438 + 169.698 = NT$1,037 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 681.364 + 524.26 + -39.875 + -192.293 = NT$973 Mil.

Total Receivables was NT$6,405 Mil.
Revenue was 6451.107 + 6885.374 + 6217.119 + 6080.658 = NT$25,634 Mil.
Gross Profit was 898.175 + 812.428 + 646.753 + 817.809 = NT$3,175 Mil.
Total Current Assets was NT$17,710 Mil.
Total Assets was NT$24,397 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,098 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$632 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,097 Mil.
Total Current Liabilities was NT$8,588 Mil.
Long-Term Debt & Capital Lease Obligation was NT$61 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)
	=	(5816.267 / 21820.835)	/	(6405.498 / 25634.258)
	=	0.266546	/	0.24988
	=	1.0667

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)
	=	(3175.165 / 25634.258)	/	(2946.578 / 21820.835)
	=	0.123864	/	0.135035
	=	0.9173

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 - (17576.307 + 4302.121) / 24638.104)	/	(1 - (17709.701 + 3098.451) / 24397.209)
	=	0.112008	/	0.147109
	=	0.7614

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
	=	21820.835	/	25634.258
	=	0.8512

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))
	=	(631.778 / (631.778 + 3098.451))	/	(686.653 / (686.653 + 4302.121))
	=	0.169367	/	0.13764
	=	1.2305

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)
	=	(1209.328 / 21820.835)	/	(1097.349 / 25634.258)
	=	0.055421	/	0.042808
	=	1.2946

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)
	=	((185.056 + 7618.736) / 24638.104)	/	((60.745 + 8587.612) / 24397.209)
	=	0.316737	/	0.354481
	=	0.8935

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
	=	(1036.672 - 0	-	973.456)	/	24638.104
	=	0.002566

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.

Pan-International Industrial has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.

Pan-International Industrial Beneish M-Score Related Terms

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Pan-International Industrial Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Pan-International Industrial Corp (TPE:2328) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 97, Anxing Road, Xindian District, New Taipei, TWN

Website

http://www.panintl.com

Pan-International Industrial Corp is an integrated provider of Electronic Manufacturing Services to technology customers around the world. The main operations of the Company and its subsidiaries are the development, manufacturing, and sales of electronic signal cables, connectors, connecting wires, precision molds, various plugs, sockets for telecommunication communication, wireless Bluetooth, PCB and other computer peripheral products, medical device-related products, industrial control products, automotive cable harnesses, automotive components and accessories, smart in-vehicle equipment, and other products.

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