Elite Advanced Laser Beneish M-Score Historical Data
The historical data trend for Elite Advanced Laser'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.
Elite Advanced Laser Beneish M-Score Chart
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Elite Advanced Laser Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.11 |
-2.76 |
-3.16 |
-2.52 |
-3.02 |
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Elite Advanced Laser 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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-2.52 |
-2.65 |
-2.69 |
-3.07 |
-3.02 |
Competitive Comparison of Elite Advanced Laser's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Elite Advanced Laser'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.
Elite Advanced Laser's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Elite Advanced Laser's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Elite Advanced Laser's Beneish M-Score falls into.
Elite Advanced Laser 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 Elite Advanced Laser 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 * 1.0657 | + | 0.528 * 0.5476 | + | 0.404 * 0.7814 | + | 0.892 * 1.4016 | + | 0.115 * 1.0063 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0339 | + | 4.679 * -0.114368 | - | 0.327 * 1.2775 |
| = | -3.02 |
* 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$2,088 Mil.
Revenue was 2476.55 + 2100.77 + 1704.853 + 1285.488 = NT$7,568 Mil.
Gross Profit was 830.41 + 578.939 + 394.675 + 257.092 = NT$2,061 Mil.
Total Current Assets was NT$6,394 Mil.
Total Assets was NT$11,150 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,439 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$843 Mil.
Selling, General, & Admin. Expense(SGA) was NT$636 Mil.
Total Current Liabilities was NT$3,050 Mil.
Long-Term Debt & Capital Lease Obligation was NT$313 Mil.
Net Income was 291.954 + 151.012 + 69.023 + 44.437 = NT$556 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 745.278 + 495.339 + 399.626 + 191.336 = NT$1,832 Mil.
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Total Receivables was NT$1,398 Mil.
Revenue was 1438.314 + 1406.587 + 1291.364 + 1262.932 = NT$5,399 Mil.
Gross Profit was 220.807 + 181.788 + 185.8 + 216.908 = NT$805 Mil.
Total Current Assets was NT$4,030 Mil.
Total Assets was NT$8,943 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,588 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$878 Mil.
Selling, General, & Admin. Expense(SGA) was NT$439 Mil.
Total Current Liabilities was NT$1,895 Mil.
Long-Term Debt & Capital Lease Obligation was NT$216 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) |
| = | (2088.01 / 7567.661) | / | (1397.927 / 5399.197) |
| = | 0.275912 | / | 0.258914 |
| | = | 1.0657 |
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) |
| = | (805.303 / 5399.197) | / | (2061.116 / 7567.661) |
| = | 0.149152 | / | 0.272358 |
| | = | 0.5476 |
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 - (6394.141 + 4439.136) / 11149.548) | / | (1 - (4029.654 + 4588.492) / 8942.775) |
| = | 0.028366 | / | 0.036301 |
| | = | 0.7814 |
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 |
| = | 7567.661 | / | 5399.197 |
| | = | 1.4016 |
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)) |
| = | (877.605 / (877.605 + 4588.492)) | / | (842.741 / (842.741 + 4439.136)) |
| = | 0.160554 | / | 0.159553 |
| | = | 1.0063 |
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) |
| = | (635.673 / 7567.661) | / | (438.651 / 5399.197) |
| = | 0.083999 | / | 0.081244 |
| | = | 1.0339 |
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) |
| = | ((312.8 + 3049.553) / 11149.548) | / | ((215.788 + 1895.24) / 8942.775) |
| = | 0.301569 | / | 0.23606 |
| | = | 1.2775 |
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 |
| = | (556.426 - 0 | - | 1831.579) | / | 11149.548 |
| | = | -0.114368 |
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.
Elite Advanced Laser has a M-score of -3.02 suggests that the company is unlikely to be a manipulator.
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