Ite Tech Beneish M-Score Historical Data
The historical data trend for Ite Tech'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.
Ite Tech Beneish M-Score Chart
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Ite Tech Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.62 |
-1.52 |
-1.69 |
-2.71 |
-2.87 |
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Ite Tech Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.67 |
-2.95 |
-2.35 |
-2.87 |
-2.92 |
Competitive Comparison of Ite Tech's Beneish M-Score
For the Semiconductors subindustry, Ite Tech'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.
Ite Tech's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Ite Tech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ite Tech's Beneish M-Score falls into.
Ite Tech 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 Ite Tech 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 * 0.836 | + | 0.528 * 0.98 | + | 0.404 * 0.8368 | + | 0.892 * 1.3139 | + | 0.115 * 0.8693 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0328 | + | 4.679 * -0.094571 | - | 0.327 * 1.0989 |
| = | -2.92 |
* 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$878 Mil.
Revenue was 1512.35 + 1449.956 + 1794.354 + 1711.064 = NT$6,468 Mil.
Gross Profit was 811.92 + 799.982 + 942.643 + 944.949 = NT$3,499 Mil.
Total Current Assets was NT$5,889 Mil.
Total Assets was NT$8,517 Mil.
Property, Plant and Equipment(Net PPE) was NT$729 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$68 Mil.
Selling, General, & Admin. Expense(SGA) was NT$703 Mil.
Total Current Liabilities was NT$1,546 Mil.
Long-Term Debt & Capital Lease Obligation was NT$76 Mil.
Net Income was 394.852 + 335.921 + 472.513 + 437.429 = NT$1,641 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 457.638 + 366.05 + 257.671 + 1364.812 = NT$2,446 Mil.
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Total Receivables was NT$799 Mil.
Revenue was 1321.069 + 1145.591 + 1083.334 + 1372.482 = NT$4,922 Mil.
Gross Profit was 736.427 + 604.564 + 534.259 + 734.763 = NT$2,610 Mil.
Total Current Assets was NT$4,699 Mil.
Total Assets was NT$7,371 Mil.
Property, Plant and Equipment(Net PPE) was NT$708 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$57 Mil.
Selling, General, & Admin. Expense(SGA) was NT$518 Mil.
Total Current Liabilities was NT$1,197 Mil.
Long-Term Debt & Capital Lease Obligation was NT$81 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) |
| = | (878.132 / 6467.724) | / | (799.48 / 4922.476) |
| = | 0.135771 | / | 0.162414 |
| | = | 0.836 |
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) |
| = | (2610.013 / 4922.476) | / | (3499.494 / 6467.724) |
| = | 0.530224 | / | 0.54107 |
| | = | 0.98 |
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 - (5889.061 + 729.349) / 8516.987) | / | (1 - (4699.371 + 708.114) / 7371.235) |
| = | 0.222917 | / | 0.266407 |
| | = | 0.8368 |
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 |
| = | 6467.724 | / | 4922.476 |
| | = | 1.3139 |
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)) |
| = | (56.604 / (56.604 + 708.114)) | / | (67.882 / (67.882 + 729.349)) |
| = | 0.074019 | / | 0.085147 |
| | = | 0.8693 |
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) |
| = | (702.825 / 6467.724) | / | (517.912 / 4922.476) |
| = | 0.108667 | / | 0.105214 |
| | = | 1.0328 |
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) |
| = | ((76.087 + 1546.478) / 8516.987) | / | ((81.173 + 1196.759) / 7371.235) |
| = | 0.190509 | / | 0.173367 |
| | = | 1.0989 |
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 |
| = | (1640.715 - 0 | - | 2446.171) | / | 8516.987 |
| | = | -0.094571 |
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.
Ite Tech has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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