G-Tech Optoelectronics Beneish M-Score Historical Data
The historical data trend for G-Tech Optoelectronics'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.
G-Tech Optoelectronics Beneish M-Score Chart
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G-Tech Optoelectronics Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-4.08 |
4.73 |
-3.39 |
-3.85 |
-4.00 |
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G-Tech Optoelectronics Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
Jun21 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.85 |
-3.55 |
-2.27 |
-5.26 |
-4.00 |
Competitive Comparison of G-Tech Optoelectronics's Beneish M-Score
For the Electronic Components subindustry, G-Tech Optoelectronics'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.
G-Tech Optoelectronics's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, G-Tech Optoelectronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where G-Tech Optoelectronics's Beneish M-Score falls into.
G-Tech Optoelectronics 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 G-Tech Optoelectronics 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 * 1.2245 | + | 0.528 * -1.4928 | + | 0.404 * 0.8843 | + | 0.892 * 0.765 | + | 0.115 * 1.3328 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1333 | + | 4.679 * -0.03533 | - | 0.327 * 1.0063 |
| = | -4.00 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was NT$434 Mil.
Revenue was 494.456 + 485.876 + 482.635 + 396.074 = NT$1,859 Mil.
Gross Profit was 22.743 + 13.423 + 21.454 + 4.953 = NT$63 Mil.
Total Current Assets was NT$1,549 Mil.
Total Assets was NT$4,101 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,311 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$135 Mil.
Selling, General, & Admin. Expense(SGA) was NT$163 Mil.
Total Current Liabilities was NT$1,492 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,169 Mil.
Net Income was -56.463 + -25.065 + -14.278 + -22.03 = NT$-118 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -30.638 + 33.509 + -28.211 + 52.404 = NT$27 Mil.
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Total Receivables was NT$463 Mil.
Revenue was 610.254 + 667.167 + 657.607 + 495.174 = NT$2,430 Mil.
Gross Profit was -5.354 + -49.091 + -52.072 + -15.593 = NT$-122 Mil.
Total Current Assets was NT$1,468 Mil.
Total Assets was NT$4,363 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,403 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$200 Mil.
Selling, General, & Admin. Expense(SGA) was NT$188 Mil.
Total Current Liabilities was NT$1,091 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,721 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) |
| = | (433.876 / 1859.041) | / | (463.195 / 2430.202) |
| = | 0.233387 | / | 0.190599 |
| | = | 1.2245 |
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) |
| = | (-122.11 / 2430.202) | / | (62.573 / 1859.041) |
| = | -0.050247 | / | 0.033659 |
| | = | -1.4928 |
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 - (1549.427 + 1311.335) / 4101.329) | / | (1 - (1467.816 + 1402.837) / 4363.046) |
| = | 0.302479 | / | 0.342053 |
| | = | 0.8843 |
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 |
| = | 1859.041 | / | 2430.202 |
| | = | 0.765 |
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)) |
| = | (199.549 / (199.549 + 1402.837)) | / | (135.152 / (135.152 + 1311.335)) |
| = | 0.124532 | / | 0.093435 |
| | = | 1.3328 |
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) |
| = | (163.364 / 1859.041) | / | (188.43 / 2430.202) |
| = | 0.087875 | / | 0.077537 |
| | = | 1.1333 |
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) |
| = | ((1168.544 + 1491.887) / 4101.329) | / | ((1721.266 + 1091.175) / 4363.046) |
| = | 0.648675 | / | 0.644605 |
| | = | 1.0063 |
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 |
| = | (-117.836 - 0 | - | 27.064) | / | 4101.329 |
| | = | -0.03533 |
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.
G-Tech Optoelectronics has a M-score of -4.00 suggests that the company is unlikely to be a manipulator.
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