Emerging Display Technologies (TPE:3038) Beneish M-Score : -2.72 (As of Apr. 01, 2025)

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What is Emerging Display Technologies 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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:3038' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96 Med: -2.76 Max: -1.95
Current: -2.72

During the past 13 years, the highest Beneish M-Score of Emerging Display Technologies was -1.95. The lowest was -2.96. And the median was -2.76.

Emerging Display Technologies Beneish M-Score Historical Data

The historical data trend for Emerging Display Technologies'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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Emerging Display Technologies Beneish M-Score Chart

Emerging Display Technologies Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.40

-1.95

-2.96

-2.94

-2.72

Emerging Display Technologies 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															-2.94	-2.96	-2.75	-3.02	-2.72

Competitive Comparison of Emerging Display Technologies's Beneish M-Score

For the Electronic Components subindustry, Emerging Display Technologies'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.

Emerging Display Technologies's Beneish M-Score Distribution in the Hardware Industry

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

* The bar in red indicates where Emerging Display Technologies's Beneish M-Score falls into.

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Emerging Display Technologies 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 Emerging Display Technologies 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 * 1.0529

0.528 * 1.0046

0.404 * 1.0988

0.892 * 0.8219

0.115 * 0.9681

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2252

4.679 * -0.039126

0.327 * 0.8398

-2.72

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$536 Mil.
Revenue was 846.385 + 870.627 + 938.903 + 949.637 = NT$3,606 Mil.
Gross Profit was 186.817 + 209.274 + 222.714 + 208.149 = NT$827 Mil.
Total Current Assets was NT$3,115 Mil.
Total Assets was NT$3,969 Mil.
Property, Plant and Equipment(Net PPE) was NT$624 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$82 Mil.
Selling, General, & Admin. Expense(SGA) was NT$421 Mil.
Total Current Liabilities was NT$792 Mil.
Long-Term Debt & Capital Lease Obligation was NT$356 Mil.
Net Income was 52.597 + 72.606 + 85.408 + 117.286 = NT$328 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 109.594 + 191.429 + 42.005 + 140.153 = NT$483 Mil.

Total Receivables was NT$619 Mil.
Revenue was 929.799 + 1119.509 + 1205.163 + 1132.253 = NT$4,387 Mil.
Gross Profit was 259.114 + 266.492 + 251.457 + 233.659 = NT$1,011 Mil.
Total Current Assets was NT$3,357 Mil.
Total Assets was NT$4,154 Mil.
Property, Plant and Equipment(Net PPE) was NT$577 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$73 Mil.
Selling, General, & Admin. Expense(SGA) was NT$418 Mil.
Total Current Liabilities was NT$981 Mil.
Long-Term Debt & Capital Lease Obligation was NT$450 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)
	=	(536.007 / 3605.552)	/	(619.396 / 4386.724)
	=	0.148662	/	0.141198
	=	1.0529

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)
	=	(1010.722 / 4386.724)	/	(826.954 / 3605.552)
	=	0.230405	/	0.229356
	=	1.0046

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 - (3114.87 + 624.212) / 3968.854)	/	(1 - (3357.439 + 577.361) / 4153.643)
	=	0.057894	/	0.052687
	=	1.0988

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
	=	3605.552	/	4386.724
	=	0.8219

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))
	=	(73.456 / (73.456 + 577.361))	/	(82.379 / (82.379 + 624.212))
	=	0.112867	/	0.116587
	=	0.9681

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)
	=	(420.595 / 3605.552)	/	(417.645 / 4386.724)
	=	0.116652	/	0.095207
	=	1.2252

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)
	=	((356.43 + 791.716) / 3968.854)	/	((450.139 + 980.655) / 4153.643)
	=	0.289289	/	0.344467
	=	0.8398

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
	=	(327.897 - 0	-	483.181)	/	3968.854
	=	-0.039126

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.

Emerging Display Technologies has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.

Emerging Display Technologies Beneish M-Score Related Terms

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Emerging Display Technologies Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Emerging Display Technologies Corp (TPE:3038) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 5, Central 1st Road, Qianzhen District, Kaohsiung, TWN

Website

https://www.edtc.com

Emerging Display Technologies Corp is engaged in manufacturing and selling Capacity Touch Panels and Liquid Crystal Displays (LCDs). Its operating segments include the Domestic segment, the North America segment, and the Mainland China segment. The Domestic segment engages in designing, manufacturing, and selling liquid crystal display modules and capacitive touch panels. The North America segment mainly expands the North American trading business and deals with the sale of liquid crystal displays provided by the domestic segment. The Mainland China segment engages in the manufacture of processing raw materials and supplies provided by the domestic segment. Geographically, the company derives key revenue from Europe and the rest from America, and other regions.

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