MediaTek (TPE:2454) Beneish M-Score : -3.17 (As of Apr. 30, 2024)

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What is MediaTek 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 -3.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:2454' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.38 Max: -1.54
Current: -3.17

During the past 13 years, the highest Beneish M-Score of MediaTek was -1.54. The lowest was -3.17. And the median was -2.38.

MediaTek Beneish M-Score Historical Data

The historical data trend for MediaTek'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.

* Premium members only.

MediaTek Beneish M-Score Chart

MediaTek Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.78

-2.55

-1.54

-2.72

-3.17

MediaTek Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.72	-2.70	-2.79	-2.48	-3.17

Competitive Comparison of MediaTek's Beneish M-Score

For the Semiconductors subindustry, MediaTek'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.

MediaTek's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, MediaTek's Beneish M-Score distribution charts can be found below:

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

MediaTek 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 MediaTek 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 * 1.3387

0.528 * 1.0318

0.404 * 1.0906

0.892 * 0.7898

0.115 * 0.8476

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1214

4.679 * -0.140326

0.327 * 1.5345

-3.17

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was NT$59,913 Mil.
Revenue was 129562.005 + 110097.528 + 98135.284 + 95651.513 = NT$433,446 Mil.
Gross Profit was 62616.388 + 52192.346 + 46646.062 + 45912.242 = NT$207,367 Mil.
Total Current Assets was NT$290,889 Mil.
Total Assets was NT$635,038 Mil.
Property, Plant and Equipment(Net PPE) was NT$61,889 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$18,200 Mil.
Selling, General, & Admin. Expense(SGA) was NT$24,127 Mil.
Total Current Liabilities was NT$231,999 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8,060 Mil.
Net Income was 25662.657 + 18477.639 + 15964.792 + 16873.549 = NT$76,979 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 101535.803 + 14965.923 + 46732.056 + 2857.54 = NT$166,091 Mil.

Total Receivables was NT$56,666 Mil.
Revenue was 108194.084 + 142161.276 + 155729.821 + 142710.849 = NT$548,796 Mil.
Gross Profit was 52261.366 + 70095.409 + 76764.285 + 71783.375 = NT$270,904 Mil.
Total Current Assets was NT$297,654 Mil.
Total Assets was NT$608,399 Mil.
Property, Plant and Equipment(Net PPE) was NT$62,789 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$14,980 Mil.
Selling, General, & Admin. Expense(SGA) was NT$27,241 Mil.
Total Current Liabilities was NT$141,570 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8,308 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)
	=	(59913.337 / 433446.33)	/	(56666.337 / 548796.03)
	=	0.138226	/	0.103256
	=	1.3387

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)
	=	(270904.435 / 548796.03)	/	(207367.038 / 433446.33)
	=	0.493634	/	0.478415
	=	1.0318

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 - (290888.768 + 61888.57) / 635038.494)	/	(1 - (297653.607 + 62789.379) / 608399.474)
	=	0.444479	/	0.407555
	=	1.0906

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
	=	433446.33	/	548796.03
	=	0.7898

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))
	=	(14979.659 / (14979.659 + 62789.379))	/	(18200.197 / (18200.197 + 61888.57))
	=	0.192617	/	0.22725
	=	0.8476

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)
	=	(24126.933 / 433446.33)	/	(27240.882 / 548796.03)
	=	0.055663	/	0.049638
	=	1.1214

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)
	=	((8060.351 + 231999.004) / 635038.494)	/	((8308.237 + 141570.389) / 608399.474)
	=	0.378023	/	0.246349
	=	1.5345

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
	=	(76978.637 - 0	-	166091.322)	/	635038.494
	=	-0.140326

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.

MediaTek has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.

MediaTek Beneish M-Score Related Terms

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MediaTek (TPE:2454) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » MediaTek Inc (TPE:2454) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

No. 1, Dusing 1st Road, Hsinchu Science Park, Hsinchu City, TWN, 30078

Website

https://www.mediatek.com

Founded in 1997, MediaTek is a fabless semiconductor designer focusing on solutions for smartphones, digital televisions, and connectivity products. The business is divided into three segments. The first is "mobile," which accounts for around half of sales, where MediaTek is the second-largest third-party supplier of smartphone SoCs to the likes of Xiaomi and Vivo. The second is "smart edge," which accounts for just over 40% of sales, that covers most devices other than smartphones. The third is "power IC" that includes power management products for mobile devices, data centers, connectivity devices and more. Mediatek is headquartered in Hsinchu, Taiwan and employs almost 22,000 people.

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