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G-Shank Enterprise Co (TPE:2476) Beneish M-Score : -2.17 (As of Mar. 15, 2025)


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What is G-Shank Enterprise Co 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 -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:2476' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85   Med: -2.51   Max: -2.16
Current: -2.17

During the past 13 years, the highest Beneish M-Score of G-Shank Enterprise Co was -2.16. The lowest was -2.85. And the median was -2.51.


G-Shank Enterprise Co Beneish M-Score Historical Data

The historical data trend for G-Shank Enterprise Co'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.

G-Shank Enterprise Co Beneish M-Score Chart

G-Shank Enterprise Co Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.45 -2.16 -2.71 -2.53 -2.17

G-Shank Enterprise Co 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 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 -2.53 -2.53 -2.37 -2.25 -2.17

Competitive Comparison of G-Shank Enterprise Co's Beneish M-Score

For the Specialty Industrial Machinery subindustry, G-Shank Enterprise Co'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.


G-Shank Enterprise Co's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, G-Shank Enterprise Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where G-Shank Enterprise Co's Beneish M-Score falls into.



G-Shank Enterprise Co 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 G-Shank Enterprise Co 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 * 0.9406+0.528 * 0.8904+0.404 * 1.0023+0.892 * 1.1502+0.115 * 1.6628
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9653+4.679 * 0.040854-0.327 * 0.9551
=-2.17

* 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$1,554 Mil.
Revenue was 1694.61 + 1861.908 + 1648.461 + 1404.49 = NT$6,609 Mil.
Gross Profit was 533.861 + 632.602 + 560.97 + 422.656 = NT$2,150 Mil.
Total Current Assets was NT$8,368 Mil.
Total Assets was NT$12,341 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,318 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$203 Mil.
Selling, General, & Admin. Expense(SGA) was NT$819 Mil.
Total Current Liabilities was NT$2,025 Mil.
Long-Term Debt & Capital Lease Obligation was NT$801 Mil.
Net Income was 267.018 + 282.368 + 291.55 + 223.388 = NT$1,064 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 85.022 + 258.243 + 199.221 + 17.656 = NT$560 Mil.
Total Receivables was NT$1,437 Mil.
Revenue was 1456.724 + 1470.794 + 1441.874 + 1376.926 = NT$5,746 Mil.
Gross Profit was 449.702 + 451.407 + 389.895 + 373.439 = NT$1,664 Mil.
Total Current Assets was NT$7,475 Mil.
Total Assets was NT$9,821 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,826 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$193 Mil.
Selling, General, & Admin. Expense(SGA) was NT$737 Mil.
Total Current Liabilities was NT$2,297 Mil.
Long-Term Debt & Capital Lease Obligation was NT$57 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)
=(1554.178 / 6609.469) / (1436.542 / 5746.318)
=0.235144 / 0.249993
=0.9406

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)
=(1664.443 / 5746.318) / (2150.089 / 6609.469)
=0.289654 / 0.325304
=0.8904

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 - (8367.513 + 3318.207) / 12340.94) / (1 - (7475.293 + 1825.924) / 9821.447)
=0.053093 / 0.052969
=1.0023

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
=6609.469 / 5746.318
=1.1502

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))
=(193.284 / (193.284 + 1825.924)) / (202.683 / (202.683 + 3318.207))
=0.095723 / 0.057566
=1.6628

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)
=(818.67 / 6609.469) / (737.368 / 5746.318)
=0.123863 / 0.12832
=0.9653

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)
=((801.343 + 2024.574) / 12340.94) / ((57.461 + 2297.258) / 9821.447)
=0.228987 / 0.239753
=0.9551

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
=(1064.324 - 0 - 560.142) / 12340.94
=0.040854

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.

G-Shank Enterprise Co has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.


G-Shank Enterprise Co Beneish M-Score Related Terms

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G-Shank Enterprise Co Business Description

Traded in Other Exchanges
N/A
Address
No. 1, Jiuzhou Road, Jiudou Li, Hsinwu District, Taoyuan, TWN
G-Shank Enterprise Co Ltd is a Taiwan-based company, that engages in the production of molds, stamping parts, fixtures and tools, automatic machines and electrical appliances, and mechanical components. Its products include Stepping motors, Spindle motors, Molds, Punching items, Metal stamping tools, and Connectors. Its products are used in Automotive parts, Electronics components, Medical parts, Industrial parts, and others. Geographically the company caters its services to Taiwan, China, Indonesia, Mexico, Malaysia, Thailand, and Japan.

G-Shank Enterprise Co Headlines

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