GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Delpha Construction Co Ltd (TPE:2530) » Definitions » Beneish M-Score

Delpha Construction Co (TPE:2530) Beneish M-Score : 0.56 (As of Dec. 12, 2024)


View and export this data going back to 1995. Start your Free Trial

What is Delpha Construction 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.

Warning Sign:

Beneish M-Score 0.56 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TPE:2530' s Beneish M-Score Range Over the Past 10 Years
Min: -4.97   Med: 4.52   Max: 722.21
Current: 0.56

During the past 13 years, the highest Beneish M-Score of Delpha Construction Co was 722.21. The lowest was -4.97. And the median was 4.52.


Delpha Construction Co Beneish M-Score Historical Data

The historical data trend for Delpha Construction 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.

Delpha Construction Co Beneish M-Score Chart

Delpha Construction Co 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 722.21 5.46 -4.15 201.99 35.48

Delpha Construction Co Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 -1.65 35.48 8.46 3.58 0.56

Competitive Comparison of Delpha Construction Co's Beneish M-Score

For the Real Estate Services subindustry, Delpha Construction 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.


Delpha Construction Co's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Delpha Construction Co's Beneish M-Score distribution charts can be found below:

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



Delpha Construction 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 Delpha Construction 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 * 0.3869+0.528 * 0.808+0.404 * 0.3063+0.892 * 4.8204+0.115 * 1.0166
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4882+4.679 * 0.111636-0.327 * 1.1016
=0.56

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was NT$36 Mil.
Revenue was 2000.407 + 1797.867 + 759.853 + 1942.091 = NT$6,500 Mil.
Gross Profit was 807.899 + 770.792 + 327.773 + 846.808 = NT$2,753 Mil.
Total Current Assets was NT$27,774 Mil.
Total Assets was NT$27,935 Mil.
Property, Plant and Equipment(Net PPE) was NT$125 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$7 Mil.
Selling, General, & Admin. Expense(SGA) was NT$467 Mil.
Total Current Liabilities was NT$13,991 Mil.
Long-Term Debt & Capital Lease Obligation was NT$3,121 Mil.
Net Income was 528.234 + 515.704 + 195.574 + 558.569 = NT$1,798 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -999.745 + -274.18 + -465.363 + 418.874 = NT$-1,320 Mil.
Total Receivables was NT$19 Mil.
Revenue was 2.177 + 3.296 + 3.889 + 1339.112 = NT$1,348 Mil.
Gross Profit was 2.177 + 1.321 + 1.71 + 456.28 = NT$461 Mil.
Total Current Assets was NT$22,594 Mil.
Total Assets was NT$22,806 Mil.
Property, Plant and Equipment(Net PPE) was NT$118 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$6 Mil.
Selling, General, & Admin. Expense(SGA) was NT$198 Mil.
Total Current Liabilities was NT$11,221 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,462 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)
=(35.962 / 6500.218) / (19.283 / 1348.474)
=0.005532 / 0.0143
=0.3869

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)
=(461.488 / 1348.474) / (2753.272 / 6500.218)
=0.34223 / 0.423566
=0.808

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 - (27774.249 + 124.814) / 27934.613) / (1 - (22593.989 + 117.525) / 22806.292)
=0.001273 / 0.004156
=0.3063

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
=6500.218 / 1348.474
=4.8204

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))
=(6.356 / (6.356 + 117.525)) / (6.634 / (6.634 + 124.814))
=0.051307 / 0.050469
=1.0166

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)
=(466.967 / 6500.218) / (198.416 / 1348.474)
=0.071839 / 0.147141
=0.4882

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)
=((3120.98 + 13991.493) / 27934.613) / ((1462.13 + 11220.693) / 22806.292)
=0.61259 / 0.556111
=1.1016

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
=(1798.081 - 0 - -1320.414) / 27934.613
=0.111636

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.

Delpha Construction Co has a M-score of 0.56 signals that the company is likely to be a manipulator.


Delpha Construction Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Delpha Construction Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Delpha Construction Co Business Description

Traded in Other Exchanges
N/A
Address
Chenggong Road, 16th Floor, No. 460, Section 5, Neihu District, Taipei, TWN, 11490
Delpha Construction Co Ltd is a Taiwan-based company. It is engaged in a commercial building constructed by the commissioned construction contractor, selling and leasing public housing, development of special areas, upholstery industry, real estate agency, rental, and investment in a related business.

Delpha Construction Co Headlines

No Headlines