Welltend Technology (TPE:3021) Beneish M-Score : -2.21 (As of Mar. 27, 2025)

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What is Welltend Technology 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 -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:3021' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.43 Max: -1.86
Current: -2.21

During the past 13 years, the highest Beneish M-Score of Welltend Technology was -1.86. The lowest was -3.17. And the median was -2.43.

Welltend Technology Beneish M-Score Historical Data

The historical data trend for Welltend Technology'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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Welltend Technology Beneish M-Score Chart

Welltend Technology Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.28

-2.11

-2.19

-3.10

Welltend Technology 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															-3.10	-	-2.68	-2.21	-

Competitive Comparison of Welltend Technology's Beneish M-Score

For the Computer Hardware subindustry, Welltend Technology'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.

Welltend Technology's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Welltend Technology's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Welltend Technology's Beneish M-Score falls into.

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Welltend Technology 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 Welltend Technology 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 * 0.864

0.528 * 1.1367

0.404 * 1.3425

0.892 * 1.1652

0.115 * 1.0041

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.91

4.679 * -0.047838

0.327 * 0.9859

-2.45

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$829 Mil.
Revenue was 813.962 + 1007.474 + 885.979 + 762.981 = NT$3,470 Mil.
Gross Profit was 118.385 + 174.605 + 157.869 + 130.053 = NT$581 Mil.
Total Current Assets was NT$2,561 Mil.
Total Assets was NT$3,172 Mil.
Property, Plant and Equipment(Net PPE) was NT$454 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$82 Mil.
Selling, General, & Admin. Expense(SGA) was NT$381 Mil.
Total Current Liabilities was NT$1,417 Mil.
Long-Term Debt & Capital Lease Obligation was NT$25 Mil.
Net Income was -58.067 + 46.103 + 36.273 + 31.176 = NT$55 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 136.704 + 2.629 + 94.493 + -26.579 = NT$207 Mil.

Total Receivables was NT$824 Mil.
Revenue was 767.327 + 774.476 + 690.594 + 745.986 = NT$2,978 Mil.
Gross Profit was 152.013 + 148.924 + 134.12 + 131.643 = NT$567 Mil.
Total Current Assets was NT$2,352 Mil.
Total Assets was NT$2,926 Mil.
Property, Plant and Equipment(Net PPE) was NT$465 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$84 Mil.
Selling, General, & Admin. Expense(SGA) was NT$359 Mil.
Total Current Liabilities was NT$1,329 Mil.
Long-Term Debt & Capital Lease Obligation was NT$19 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)
	=	(829.391 / 3470.396)	/	(823.858 / 2978.383)
	=	0.23899	/	0.276613
	=	0.864

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)
	=	(566.7 / 2978.383)	/	(580.912 / 3470.396)
	=	0.190271	/	0.167391
	=	1.1367

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 - (2560.587 + 454.164) / 3172.427)	/	(1 - (2352.386 + 464.966) / 2925.663)
	=	0.049702	/	0.037021
	=	1.3425

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
	=	3470.396	/	2978.383
	=	1.1652

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))
	=	(84.019 / (84.019 + 464.966))	/	(81.668 / (81.668 + 454.164))
	=	0.153044	/	0.152413
	=	1.0041

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)
	=	(380.765 / 3470.396)	/	(359.086 / 2978.383)
	=	0.109718	/	0.120564
	=	0.91

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)
	=	((24.661 + 1416.921) / 3172.427)	/	((19.164 + 1329.298) / 2925.663)
	=	0.45441	/	0.460908
	=	0.9859

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
	=	(55.485 - 0	-	207.247)	/	3172.427
	=	-0.047838

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.

Welltend Technology has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

Welltend Technology Beneish M-Score Related Terms

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Welltend Technology Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Welltend Technology Corp (TPE:3021) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

6F, No.59, Dongxing Road, Taipei, TWN

Website

https://www.welltend.com.tw

Welltend Technology Corp is mainly engaged in the research and development, production and sales of computers, home appliances, automobiles, business-related parts, and components. The Group is divided into two operating segments: Information Service Department and the Wire & Connectors Department. The main business of the Information Service Department is the integrated planning and implementation of information systems and consulting services. The main business of the Wire & Connectors Department is the production and sale of computer peripherals, smart home appliances, communication equipment, and game consoles. The company generates the majority of its revenue from the Wire & Connectors. Geographically the company generates revenue from Thailand, Mailand china, Taiwan, and Philippines.

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