Min Aik Technology Co (TPE:3060) Beneish M-Score : -2.17 (As of Apr. 08, 2025)

View and export this data going back to 2003. Start your Free Trial

What is Min Aik Technology 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 -2.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:3060' s Beneish M-Score Range Over the Past 10 Years
Min: -3.76 Med: -2.51 Max: -2.04
Current: -2.17

During the past 13 years, the highest Beneish M-Score of Min Aik Technology Co was -2.04. The lowest was -3.76. And the median was -2.51.

Min Aik Technology Co Beneish M-Score Historical Data

The historical data trend for Min Aik Technology 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.

* Premium members only.

Min Aik Technology Co Beneish M-Score Chart

Min Aik Technology Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-3.76

-2.43

-2.62

-2.64

-2.17

Min Aik Technology Co 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															-2.64	-2.77	-2.45	-2.52	-2.17

Competitive Comparison of Min Aik Technology Co's Beneish M-Score

For the Electronic Components subindustry, Min Aik Technology 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.

Min Aik Technology Co's Beneish M-Score Distribution in the Hardware Industry

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

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

Save Embed

;

Save Embed

;

Min Aik Technology 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 Min Aik Technology 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 * 1.1454

0.528 * 0.6429

0.404 * 0.8105

0.892 * 1.3211

0.115 * 0.976

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8063

4.679 * 0.027387

0.327 * 1.023

-2.17

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$1,197 Mil.
Revenue was 931.269 + 921.359 + 876.686 + 778.903 = NT$3,508 Mil.
Gross Profit was 155.072 + 93.628 + 111.232 + 98.048 = NT$458 Mil.
Total Current Assets was NT$2,835 Mil.
Total Assets was NT$4,507 Mil.
Property, Plant and Equipment(Net PPE) was NT$768 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$159 Mil.
Selling, General, & Admin. Expense(SGA) was NT$331 Mil.
Total Current Liabilities was NT$1,382 Mil.
Long-Term Debt & Capital Lease Obligation was NT$158 Mil.
Net Income was 58.72 + -43.985 + 32.95 + 14.757 = NT$62 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 83.526 + 15.189 + -113.355 + -46.345 = NT$-61 Mil.

Total Receivables was NT$791 Mil.
Revenue was 774.268 + 750.233 + 596.291 + 534.736 = NT$2,656 Mil.
Gross Profit was 94.985 + 75.888 + 56.716 + -4.71 = NT$223 Mil.
Total Current Assets was NT$2,360 Mil.
Total Assets was NT$4,156 Mil.
Property, Plant and Equipment(Net PPE) was NT$767 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$155 Mil.
Selling, General, & Admin. Expense(SGA) was NT$311 Mil.
Total Current Liabilities was NT$1,246 Mil.
Long-Term Debt & Capital Lease Obligation was NT$144 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)
	=	(1196.65 / 3508.217)	/	(790.805 / 2655.528)
	=	0.341099	/	0.297796
	=	1.1454

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)
	=	(222.879 / 2655.528)	/	(457.98 / 3508.217)
	=	0.08393	/	0.130545
	=	0.6429

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 - (2834.935 + 767.727) / 4506.796)	/	(1 - (2360.315 + 767.174) / 4156.332)
	=	0.200616	/	0.247536
	=	0.8105

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
	=	3508.217	/	2655.528
	=	1.3211

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))
	=	(154.648 / (154.648 + 767.174))	/	(159.351 / (159.351 + 767.727))
	=	0.167763	/	0.171885
	=	0.976

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)
	=	(331.089 / 3508.217)	/	(310.81 / 2655.528)
	=	0.094375	/	0.117043
	=	0.8063

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)
	=	((158.263 + 1382.46) / 4506.796)	/	((143.512 + 1245.508) / 4156.332)
	=	0.341867	/	0.334194
	=	1.023

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
	=	(62.442 - 0	-	-60.985)	/	4506.796
	=	0.027387

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.

Min Aik Technology Co has a M-score of -2.17 suggests that the company is unlikely to be a manipulator.

Min Aik Technology Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Min Aik Technology Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Min Aik Technology Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Min Aik Technology Co Ltd (TPE:3060) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Wanshou Road, 10th Floor-1, No.492-1, Section 1, Guishan District, Taoyuan, TWN

Website

https://www.minaik.com.tw

Min Aik Technology Co Ltd is a hard disk drive component manufacturer. Its product offerings comprise hard disk drive components, consumer electronic products, precision components and assembly, plastic injection, smart meter accessories, and components. Its operating segments are EMS (Electronics Manufacturing Service), which is the key revenue driver, which includes designing and manufacturing consumer electronics end products; Automatic Equipment Service segment includes designing and manufacturing automatic machinery for industrial use; and Commerce Service segment includes trading business. The company's geographical segments include Thailand which is its key revenue-generating market, Singapore, China, Taiwan, and others.

Min Aik Technology Co Headlines

No Headlines