Nichidenbo Beneish M-Score Historical Data
The historical data trend for Nichidenbo'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.
Nichidenbo Beneish M-Score Chart
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Nichidenbo Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.44 |
-1.96 |
-2.26 |
-2.44 |
-1.66 |
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Nichidenbo 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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-2.44 |
-2.21 |
-2.06 |
-2.18 |
-1.66 |
Competitive Comparison of Nichidenbo's Beneish M-Score
For the Electronic Components subindustry, Nichidenbo'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.
Nichidenbo's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Nichidenbo's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nichidenbo's Beneish M-Score falls into.
Nichidenbo 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 Nichidenbo 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 * 1.1356 | + | 0.528 * 0.9609 | + | 0.404 * 1.4009 | + | 0.892 * 1.1394 | + | 0.115 * 1.0453 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9527 | + | 4.679 * 0.101346 | - | 0.327 * 1.1845 |
| = | -1.66 |
* 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$4,447 Mil.
Revenue was 3153.667 + 3294.066 + 2838.738 + 2854.625 = NT$12,141 Mil.
Gross Profit was 425.103 + 546.872 + 480.009 + 495.375 = NT$1,947 Mil.
Total Current Assets was NT$9,206 Mil.
Total Assets was NT$10,882 Mil.
Property, Plant and Equipment(Net PPE) was NT$692 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$29 Mil.
Selling, General, & Admin. Expense(SGA) was NT$834 Mil.
Total Current Liabilities was NT$4,106 Mil.
Long-Term Debt & Capital Lease Obligation was NT$17 Mil.
Net Income was 206.661 + 259.585 + 222.106 + 258.446 = NT$947 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -116.112 + -300.303 + -128.848 + 389.241 = NT$-156 Mil.
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Total Receivables was NT$3,437 Mil.
Revenue was 2657.47 + 2879.403 + 2557.921 + 2560.915 = NT$10,656 Mil.
Gross Profit was 373.703 + 460.35 + 413.178 + 394.978 = NT$1,642 Mil.
Total Current Assets was NT$8,068 Mil.
Total Assets was NT$9,383 Mil.
Property, Plant and Equipment(Net PPE) was NT$709 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$31 Mil.
Selling, General, & Admin. Expense(SGA) was NT$768 Mil.
Total Current Liabilities was NT$2,980 Mil.
Long-Term Debt & Capital Lease Obligation was NT$22 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) |
| = | (4446.765 / 12141.096) | / | (3436.766 / 10655.709) |
| = | 0.366257 | / | 0.322528 |
| | = | 1.1356 |
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) |
| = | (1642.209 / 10655.709) | / | (1947.359 / 12141.096) |
| = | 0.154115 | / | 0.160394 |
| | = | 0.9609 |
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 - (9205.689 + 692.016) / 10881.77) | / | (1 - (8068.12 + 709.352) / 9383.176) |
| = | 0.090432 | / | 0.064552 |
| | = | 1.4009 |
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 |
| = | 12141.096 | / | 10655.709 |
| | = | 1.1394 |
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)) |
| = | (30.82 / (30.82 + 709.352)) | / | (28.709 / (28.709 + 692.016)) |
| = | 0.041639 | / | 0.039834 |
| | = | 1.0453 |
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) |
| = | (833.678 / 12141.096) | / | (768.047 / 10655.709) |
| = | 0.068666 | / | 0.072078 |
| | = | 0.9527 |
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) |
| = | ((17.484 + 4106.189) / 10881.77) | / | ((22.116 + 2979.932) / 9383.176) |
| = | 0.378952 | / | 0.319939 |
| | = | 1.1845 |
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 |
| = | (946.798 - 0 | - | -156.022) | / | 10881.77 |
| | = | 0.101346 |
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.
Nichidenbo has a M-score of -1.66 signals that the company is likely to be a manipulator.
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