Radium Life Tech Co (TPE:2547) Beneish M-Score : -2.11 (As of Dec. 16, 2024)

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What is Radium Life Tech 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 -2.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:2547' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.04 Max: 6.06
Current: -2.11

During the past 13 years, the highest Beneish M-Score of Radium Life Tech Co was 6.06. The lowest was -3.08. And the median was -2.04.

Radium Life Tech Co Beneish M-Score Historical Data

The historical data trend for Radium Life Tech 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.

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Radium Life Tech Co Beneish M-Score Chart

Radium Life Tech Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.25

-2.68

-1.32

-2.73

-2.04

Radium Life Tech 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															-2.42	-2.04	-2.04	-2.06	-2.11

Competitive Comparison of Radium Life Tech Co's Beneish M-Score

For the Real Estate - Diversified subindustry, Radium Life Tech 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.

Radium Life Tech Co's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where Radium Life Tech Co's Beneish M-Score falls into.

Radium Life Tech 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 Radium Life Tech Co 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 * 0.9348

0.528 * 1.1753

0.404 * 1.0126

0.892 * 1.175

0.115 * 0.9884

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.838

4.679 * 0.032463

0.327 * 0.9961

-2.11

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was NT$1,195 Mil.
Revenue was 1770.81 + 1724.811 + 1453.785 + 2694.977 = NT$7,644 Mil.
Gross Profit was 691.375 + 650.699 + 637.773 + 946.161 = NT$2,926 Mil.
Total Current Assets was NT$15,533 Mil.
Total Assets was NT$60,394 Mil.
Property, Plant and Equipment(Net PPE) was NT$9,373 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,041 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,890 Mil.
Total Current Liabilities was NT$17,607 Mil.
Long-Term Debt & Capital Lease Obligation was NT$29,229 Mil.
Net Income was -63.521 + -88.339 + -95.545 + 83.076 = NT$-164 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -632.445 + -535.624 + -947.438 + -9.373 = NT$-2,125 Mil.

Total Receivables was NT$1,088 Mil.
Revenue was 1711.285 + 1873.256 + 1201.806 + 1719.403 = NT$6,506 Mil.
Gross Profit was 746.841 + 690.068 + 640.595 + 849.106 = NT$2,927 Mil.
Total Current Assets was NT$15,021 Mil.
Total Assets was NT$58,658 Mil.
Property, Plant and Equipment(Net PPE) was NT$9,600 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,053 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,920 Mil.
Total Current Liabilities was NT$19,029 Mil.
Long-Term Debt & Capital Lease Obligation was NT$26,641 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)
	=	(1195.484 / 7644.383)	/	(1088.346 / 6505.75)
	=	0.156387	/	0.16729
	=	0.9348

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)
	=	(2926.61 / 6505.75)	/	(2926.008 / 7644.383)
	=	0.44985	/	0.382766
	=	1.1753

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 - (15533.1 + 9373.228) / 60393.899)	/	(1 - (15021.036 + 9599.729) / 58658.476)
	=	0.587602	/	0.580269
	=	1.0126

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
	=	7644.383	/	6505.75
	=	1.175

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))
	=	(1052.554 / (1052.554 + 9599.729))	/	(1041.07 / (1041.07 + 9373.228))
	=	0.09881	/	0.099965
	=	0.9884

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)
	=	(1890.417 / 7644.383)	/	(1919.79 / 6505.75)
	=	0.247295	/	0.295091
	=	0.838

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)
	=	((29228.886 + 17607.268) / 60393.899)	/	((26641.16 + 19028.763) / 58658.476)
	=	0.775511	/	0.778573
	=	0.9961

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
	=	(-164.329 - 0	-	-2124.88)	/	60393.899
	=	0.032463

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.

Radium Life Tech Co has a M-score of -2.11 suggests that the company is unlikely to be a manipulator.

Radium Life Tech Co Beneish M-Score Related Terms

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Radium Life Tech Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » Radium Life Tech Co Ltd (TPE:2547) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

No.209, Section 1, Civic Boulevard, 14th Floor, Datong District, Taipei, TWN, 103

Website

https://www.radium.com.tw

Radium Life Tech Co Ltd is engaged in the development, sale, and leasing of residential and commercial buildings constructed by independent construction contractors. The company's business includes commissioning construction companies to build public housing projects and commercial buildings for rental and sale and managing the industrial competent authorities of the government to engage in the development, lease, sale, and management of industrial zones. The segments of the company are named as Construction, Shopping mall business, and Resource circulation.

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