Cosmo Electronics Beneish M-Score Historical Data
The historical data trend for Cosmo Electronics'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.
Cosmo Electronics Beneish M-Score Chart
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Cosmo Electronics Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.30 |
-2.56 |
-2.72 |
-2.76 |
-1.81 |
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Cosmo Electronics Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.76 |
-2.19 |
-1.89 |
-2.01 |
-1.81 |
Competitive Comparison of Cosmo Electronics's Beneish M-Score
For the Electronic Components subindustry, Cosmo Electronics'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.
Cosmo Electronics's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Cosmo Electronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cosmo Electronics's Beneish M-Score falls into.
Cosmo Electronics 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 Cosmo Electronics 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 * 1.5306 | + | 0.528 * 1.1872 | + | 0.404 * 1.145 | + | 0.892 * 1.0509 | + | 0.115 * 1.0676 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9479 | + | 4.679 * -0.013117 | - | 0.327 * 0.9296 |
| = | -1.81 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was NT$282 Mil.
Revenue was 215.425 + 444.98 + 317.599 + 129.068 = NT$1,107 Mil.
Gross Profit was 14.132 + 70.99 + 52.074 + 0.753 = NT$138 Mil.
Total Current Assets was NT$1,029 Mil.
Total Assets was NT$4,324 Mil.
Property, Plant and Equipment(Net PPE) was NT$980 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$114 Mil.
Selling, General, & Admin. Expense(SGA) was NT$272 Mil.
Total Current Liabilities was NT$1,770 Mil.
Long-Term Debt & Capital Lease Obligation was NT$265 Mil.
Net Income was 99.531 + -32.998 + -29.792 + -65.699 = NT$-29 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 107.45 + 127.941 + -157.223 + -50.404 = NT$28 Mil.
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Total Receivables was NT$176 Mil.
Revenue was 132.911 + 445.568 + 310.194 + 164.747 = NT$1,053 Mil.
Gross Profit was -24.486 + 71.93 + 60.678 + 47.713 = NT$156 Mil.
Total Current Assets was NT$1,409 Mil.
Total Assets was NT$4,338 Mil.
Property, Plant and Equipment(Net PPE) was NT$901 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$113 Mil.
Selling, General, & Admin. Expense(SGA) was NT$273 Mil.
Total Current Liabilities was NT$966 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,230 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) |
| = | (282.483 / 1107.072) | / | (175.609 / 1053.42) |
| = | 0.255162 | / | 0.166704 |
| | = | 1.5306 |
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) |
| = | (155.835 / 1053.42) | / | (137.949 / 1107.072) |
| = | 0.147932 | / | 0.124607 |
| | = | 1.1872 |
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 - (1029.341 + 980.111) / 4324.35) | / | (1 - (1408.784 + 901.096) / 4338.041) |
| = | 0.535317 | / | 0.467529 |
| | = | 1.145 |
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 |
| = | 1107.072 | / | 1053.42 |
| | = | 1.0509 |
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)) |
| = | (112.57 / (112.57 + 901.096)) | / | (113.788 / (113.788 + 980.111)) |
| = | 0.111052 | / | 0.104021 |
| | = | 1.0676 |
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) |
| = | (272.068 / 1107.072) | / | (273.107 / 1053.42) |
| = | 0.245755 | / | 0.259257 |
| | = | 0.9479 |
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) |
| = | ((265.03 + 1769.632) / 4324.35) | / | ((1229.993 + 965.573) / 4338.041) |
| = | 0.470513 | / | 0.506119 |
| | = | 0.9296 |
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 |
| = | (-28.958 - 0 | - | 27.764) | / | 4324.35 |
| | = | -0.013117 |
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.
Cosmo Electronics has a M-score of -1.81 suggests that the company is unlikely to be a manipulator.
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