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K Laser Technology (TPE:2461) Beneish M-Score : -2.82 (As of Jun. 15, 2024)


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What is K Laser Technology 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 -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:2461' s Beneish M-Score Range Over the Past 10 Years
Min: -3.25   Med: -2.63   Max: -1.93
Current: -2.82

During the past 13 years, the highest Beneish M-Score of K Laser Technology was -1.93. The lowest was -3.25. And the median was -2.63.


K Laser Technology Beneish M-Score Historical Data

The historical data trend for K Laser Technology'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.

K Laser Technology Beneish M-Score Chart

K Laser Technology Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.15 -2.57 -2.34 -2.58 -2.55

K Laser Technology Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.78 -2.64 -2.54 -2.55 -2.82

Competitive Comparison of K Laser Technology's Beneish M-Score

For the Packaging & Containers subindustry, K Laser Technology'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.


K Laser Technology's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, K Laser Technology's Beneish M-Score distribution charts can be found below:

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



K Laser Technology 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 K Laser Technology 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 * 1.0527+0.528 * 0.8804+0.404 * 0.7495+0.892 * 0.9275+0.115 * 0.9004
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1905+4.679 * -0.024149-0.327 * 0.9922
=-2.82

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was NT$1,394 Mil.
Revenue was 1426.377 + 1479.408 + 1436.805 + 1379.72 = NT$5,722 Mil.
Gross Profit was 299.339 + 286.949 + 319.565 + 298.293 = NT$1,204 Mil.
Total Current Assets was NT$5,454 Mil.
Total Assets was NT$8,082 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,751 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$262 Mil.
Selling, General, & Admin. Expense(SGA) was NT$925 Mil.
Total Current Liabilities was NT$2,907 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,101 Mil.
Net Income was 16.141 + -25.145 + 41.916 + 35.19 = NT$68 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -151.708 + 90.586 + 45.013 + 279.372 = NT$263 Mil.
Total Receivables was NT$1,428 Mil.
Revenue was 1383.255 + 1546.178 + 1571.087 + 1669.309 = NT$6,170 Mil.
Gross Profit was 304.186 + 272.101 + 262.625 + 304.147 = NT$1,143 Mil.
Total Current Assets was NT$5,051 Mil.
Total Assets was NT$8,206 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,968 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$261 Mil.
Selling, General, & Admin. Expense(SGA) was NT$838 Mil.
Total Current Liabilities was NT$2,525 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,578 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)
=(1393.783 / 5722.31) / (1427.552 / 6169.829)
=0.24357 / 0.231376
=1.0527

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)
=(1143.059 / 6169.829) / (1204.146 / 5722.31)
=0.185266 / 0.21043
=0.8804

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 - (5454.385 + 1751.028) / 8081.539) / (1 - (5051.151 + 1968.231) / 8206.446)
=0.108411 / 0.14465
=0.7495

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
=5722.31 / 6169.829
=0.9275

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))
=(261.219 / (261.219 + 1968.231)) / (261.935 / (261.935 + 1751.028))
=0.117167 / 0.130124
=0.9004

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)
=(924.874 / 5722.31) / (837.627 / 6169.829)
=0.161626 / 0.135762
=1.1905

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)
=((1101.402 + 2907.465) / 8081.539) / ((1578.237 + 2524.783) / 8206.446)
=0.496052 / 0.499975
=0.9922

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
=(68.102 - 0 - 263.263) / 8081.539
=-0.024149

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.

K Laser Technology has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.


K Laser Technology Beneish M-Score Related Terms

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K Laser Technology (TPE:2461) Business Description

Traded in Other Exchanges
N/A
Address
No. 1, Li Hsin 6th Road, Hsinchu Science Park, Hsinchu, TWN
K Laser Technology Inc is engaged in the manufacturing of holographic security labels. Its product offerings include holographic films, holographic paper products, and hot & cold foils ,lamination paper, transfer paper, The company's geographical segments are China, Other regions of Asia, and Others. The business income of the group mainly comes from the manufacture of laser holographic films, laser anti-counterfeiting labels, laser paper, and optical instruments.

K Laser Technology (TPE:2461) Headlines

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