Zenitron Beneish M-Score Historical Data
The historical data trend for Zenitron'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.
Zenitron Beneish M-Score Chart
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Zenitron Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.51 |
-0.90 |
-2.35 |
-2.92 |
-2.50 |
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Zenitron Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.92 |
-2.66 |
-2.37 |
-2.53 |
-2.50 |
Competitive Comparison of Zenitron's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Zenitron'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.
Zenitron's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Zenitron's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zenitron's Beneish M-Score falls into.
Zenitron 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 Zenitron 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 * 0.9559 | + | 0.528 * 1.1756 | + | 0.404 * 1.0892 | + | 0.892 * 1.1186 | + | 0.115 * 0.8565 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.929 | + | 4.679 * -0.049434 | - | 0.327 * 0.9447 |
| = | -2.50 |
* 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$9,158 Mil.
Revenue was 8668.758 + 9574.236 + 9628.771 + 8565.488 = NT$36,437 Mil.
Gross Profit was 654.859 + 588.069 + 566.149 + 466.404 = NT$2,275 Mil.
Total Current Assets was NT$18,550 Mil.
Total Assets was NT$19,918 Mil.
Property, Plant and Equipment(Net PPE) was NT$481 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$78 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,530 Mil.
Total Current Liabilities was NT$13,455 Mil.
Long-Term Debt & Capital Lease Obligation was NT$51 Mil.
Net Income was 208.211 + 100.621 + 100.318 + 80.029 = NT$489 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 817.987 + 344.472 + -840.182 + 1151.522 = NT$1,474 Mil.
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Total Receivables was NT$8,565 Mil.
Revenue was 8280.539 + 9109.65 + 7877.363 + 7306.466 = NT$32,574 Mil.
Gross Profit was 615.927 + 653.37 + 528.516 + 593.502 = NT$2,391 Mil.
Total Current Assets was NT$19,717 Mil.
Total Assets was NT$21,076 Mil.
Property, Plant and Equipment(Net PPE) was NT$497 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$67 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,472 Mil.
Total Current Liabilities was NT$15,077 Mil.
Long-Term Debt & Capital Lease Obligation was NT$51 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) |
| = | (9158.155 / 36437.253) | / | (8565.171 / 32574.018) |
| = | 0.25134 | / | 0.262945 |
| | = | 0.9559 |
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) |
| = | (2391.315 / 32574.018) | / | (2275.481 / 36437.253) |
| = | 0.073412 | / | 0.062449 |
| | = | 1.1756 |
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 - (18549.807 + 480.78) / 19917.975) | / | (1 - (19717.196 + 497.188) / 21076.467) |
| = | 0.044552 | / | 0.040903 |
| | = | 1.0892 |
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 |
| = | 36437.253 | / | 32574.018 |
| | = | 1.1186 |
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)) |
| = | (67.302 / (67.302 + 497.188)) | / | (77.749 / (77.749 + 480.78)) |
| = | 0.119226 | / | 0.139203 |
| | = | 0.8565 |
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) |
| = | (1529.718 / 36437.253) | / | (1472.027 / 32574.018) |
| = | 0.041982 | / | 0.04519 |
| | = | 0.929 |
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) |
| = | ((51.308 + 13454.917) / 19917.975) | / | ((50.921 + 15077.125) / 21076.467) |
| = | 0.678092 | / | 0.71777 |
| | = | 0.9447 |
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 |
| = | (489.179 - 0 | - | 1473.799) | / | 19917.975 |
| | = | -0.049434 |
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.
Zenitron has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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