D-Link Beneish M-Score Historical Data
The historical data trend for D-Link'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.
D-Link Beneish M-Score Chart
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D-Link Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.78 |
-2.75 |
-1.24 |
-2.53 |
-2.72 |
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D-Link Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.45 |
-2.36 |
-2.68 |
-2.72 |
Competitive Comparison of D-Link's Beneish M-Score
For the Communication Equipment subindustry, D-Link'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.
D-Link's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, D-Link's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where D-Link's Beneish M-Score falls into.
D-Link 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 D-Link 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 * 0.9702 | + | 0.528 * 1.0477 | + | 0.404 * 0.6488 | + | 0.892 * 0.9334 | + | 0.115 * 1.3856 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9892 | + | 4.679 * -0.031242 | - | 0.327 * 0.817 |
| = | -2.72 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was NT$3,127 Mil.
Revenue was 3709.702 + 3824.441 + 4151.226 + 4255.908 = NT$15,941 Mil.
Gross Profit was 749.927 + 971.003 + 1048.282 + 1075.184 = NT$3,844 Mil.
Total Current Assets was NT$11,770 Mil.
Total Assets was NT$16,621 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,728 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$349 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,987 Mil.
Total Current Liabilities was NT$3,833 Mil.
Long-Term Debt & Capital Lease Obligation was NT$802 Mil.
Net Income was 28.397 + 14.722 + 385.33 + 139.132 = NT$568 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 552.431 + 488.44 + 137.52 + -91.536 = NT$1,087 Mil.
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Total Receivables was NT$3,453 Mil.
Revenue was 4421.093 + 4484.995 + 4157.001 + 4014.799 = NT$17,078 Mil.
Gross Profit was 1356.918 + 923.223 + 1226.942 + 807.747 = NT$4,315 Mil.
Total Current Assets was NT$11,104 Mil.
Total Assets was NT$15,422 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,282 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$239 Mil.
Selling, General, & Admin. Expense(SGA) was NT$3,235 Mil.
Total Current Liabilities was NT$4,953 Mil.
Long-Term Debt & Capital Lease Obligation was NT$310 Mil.
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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) |
| = | (3126.66 / 15941.277) | / | (3452.584 / 17077.888) |
| = | 0.196136 | / | 0.202167 |
| | = | 0.9702 |
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) |
| = | (4314.83 / 17077.888) | / | (3844.396 / 15941.277) |
| = | 0.252656 | / | 0.24116 |
| | = | 1.0477 |
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 - (11770.06 + 2728.129) / 16620.779) | / | (1 - (11103.868 + 1282.325) / 15421.541) |
| = | 0.127707 | / | 0.196825 |
| | = | 0.6488 |
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 |
| = | 15941.277 | / | 17077.888 |
| | = | 0.9334 |
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)) |
| = | (239.015 / (239.015 + 1282.325)) | / | (348.898 / (348.898 + 2728.129)) |
| = | 0.157108 | / | 0.113388 |
| | = | 1.3856 |
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) |
| = | (2986.876 / 15941.277) | / | (3234.772 / 17077.888) |
| = | 0.187367 | / | 0.189413 |
| | = | 0.9892 |
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) |
| = | ((801.544 + 3832.54) / 16620.779) | / | ((309.563 + 4953.414) / 15421.541) |
| = | 0.278813 | / | 0.341274 |
| | = | 0.817 |
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 |
| = | (567.581 - 0 | - | 1086.855) | / | 16620.779 |
| | = | -0.031242 |
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.
D-Link has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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