Auden Techno Beneish M-Score Historical Data
The historical data trend for Auden Techno'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.
Auden Techno Beneish M-Score Chart
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Auden Techno Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.35 |
-2.10 |
-2.38 |
-2.27 |
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Auden Techno Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.53 |
-2.30 |
-1.54 |
-2.27 |
-2.31 |
Competitive Comparison of Auden Techno's Beneish M-Score
For the Communication Equipment subindustry, Auden Techno'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.
Auden Techno's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Auden Techno's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Auden Techno's Beneish M-Score falls into.
Auden Techno 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 Auden Techno 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 * 1.0393 | + | 0.528 * 0.9802 | + | 0.404 * 0.9883 | + | 0.892 * 0.9761 | + | 0.115 * 1.779 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0129 | + | 4.679 * 0.005206 | - | 0.327 * 0.8136 |
| = | -2.31 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$425 Mil.
Revenue was 367.329 + 511.98 + 464.146 + 381.508 = NT$1,725 Mil.
Gross Profit was 139.925 + 229.122 + 198.539 + 166.479 = NT$734 Mil.
Total Current Assets was NT$2,359 Mil.
Total Assets was NT$3,422 Mil.
Property, Plant and Equipment(Net PPE) was NT$770 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$58 Mil.
Selling, General, & Admin. Expense(SGA) was NT$375 Mil.
Total Current Liabilities was NT$1,238 Mil.
Long-Term Debt & Capital Lease Obligation was NT$98 Mil.
Net Income was 16.006 + 40.114 + 72.438 + 42.618 = NT$171 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 9.777 + 273.567 + -97.52 + -32.463 = NT$153 Mil.
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Total Receivables was NT$419 Mil.
Revenue was 422.004 + 481.841 + 470.09 + 393.23 = NT$1,767 Mil.
Gross Profit was 183.92 + 191.723 + 212.592 + 148.928 = NT$737 Mil.
Total Current Assets was NT$2,238 Mil.
Total Assets was NT$3,020 Mil.
Property, Plant and Equipment(Net PPE) was NT$521 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$74 Mil.
Selling, General, & Admin. Expense(SGA) was NT$379 Mil.
Total Current Liabilities was NT$850 Mil.
Long-Term Debt & Capital Lease Obligation was NT$600 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) |
| = | (424.66 / 1724.963) | / | (418.582 / 1767.165) |
| = | 0.246185 | / | 0.236866 |
| | = | 1.0393 |
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) |
| = | (737.163 / 1767.165) | / | (734.065 / 1724.963) |
| = | 0.417144 | / | 0.425554 |
| | = | 0.9802 |
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 - (2358.965 + 770.289) / 3421.931) | / | (1 - (2238.063 + 520.54) / 3019.965) |
| = | 0.08553 | / | 0.086545 |
| | = | 0.9883 |
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 |
| = | 1724.963 | / | 1767.165 |
| | = | 0.9761 |
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)) |
| = | (73.825 / (73.825 + 520.54)) | / | (57.818 / (57.818 + 770.289)) |
| = | 0.124208 | / | 0.069819 |
| | = | 1.779 |
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) |
| = | (374.755 / 1724.963) | / | (379.039 / 1767.165) |
| = | 0.217254 | / | 0.21449 |
| | = | 1.0129 |
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) |
| = | ((98.066 + 1238.331) / 3421.931) | / | ((599.919 + 849.714) / 3019.965) |
| = | 0.390539 | / | 0.480016 |
| | = | 0.8136 |
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 |
| = | (171.176 - 0 | - | 153.361) | / | 3421.931 |
| | = | 0.005206 |
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.
Auden Techno has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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