Coxon Precise Industrial Co (TPE:3607) Beneish M-Score : -3.36 (As of Jun. 19, 2024)

View and export this data going back to 2009. Start your Free Trial

What is Coxon Precise Industrial 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 -3.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Coxon Precise Industrial Co's Beneish M-Score or its related term are showing as below:

TPE:3607' s Beneish M-Score Range Over the Past 10 Years
Min: -59.45 Med: -3.4 Max: 3.67
Current: -3.36

During the past 13 years, the highest Beneish M-Score of Coxon Precise Industrial Co was 3.67. The lowest was -59.45. And the median was -3.40.

Coxon Precise Industrial Co Beneish M-Score Historical Data

The historical data trend for Coxon Precise Industrial 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.

Coxon Precise Industrial Co Beneish M-Score Chart

Coxon Precise Industrial Co Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

Get a 7-Day Free Trial

-10.34

-3.57

-5.50

-3.35

-6.97

Coxon Precise Industrial Co Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-6.97	-3.81	-3.65	-3.40	-3.36

Competitive Comparison of Coxon Precise Industrial Co's Beneish M-Score

For the Packaging & Containers subindustry, Coxon Precise Industrial 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.

Coxon Precise Industrial Co's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Coxon Precise Industrial Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Coxon Precise Industrial Co's Beneish M-Score falls into.

Coxon Precise Industrial 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 Coxon Precise Industrial 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 * 0.9822

0.528 * -0.0253

0.404 * 1.0385

0.892 * 0.8857

0.115 * 0.9452

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9717

4.679 * -0.055316

0.327 * 0.9353

-3.36

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was NT$890 Mil.
Revenue was 587.358 + 675.021 + 605.054 + 663.649 = NT$2,531 Mil.
Gross Profit was 3.965 + 98.917 + 14.502 + 44.657 = NT$162 Mil.
Total Current Assets was NT$1,970 Mil.
Total Assets was NT$2,948 Mil.
Property, Plant and Equipment(Net PPE) was NT$928 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$212 Mil.
Selling, General, & Admin. Expense(SGA) was NT$365 Mil.
Total Current Liabilities was NT$890 Mil.
Long-Term Debt & Capital Lease Obligation was NT$193 Mil.
Net Income was -47.335 + 31.239 + -36.889 + -36.264 = NT$-89 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 10.243 + 30.057 + -27.126 + 60.637 = NT$74 Mil.

Total Receivables was NT$1,023 Mil.
Revenue was 676.936 + 770.147 + 594.69 + 816.014 = NT$2,858 Mil.
Gross Profit was 13.856 + 53.382 + -57.484 + -14.389 = NT$-5 Mil.
Total Current Assets was NT$2,252 Mil.
Total Assets was NT$3,417 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,109 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$236 Mil.
Selling, General, & Admin. Expense(SGA) was NT$424 Mil.
Total Current Liabilities was NT$1,098 Mil.
Long-Term Debt & Capital Lease Obligation was NT$244 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)
	=	(889.827 / 2531.082)	/	(1022.93 / 2857.787)
	=	0.35156	/	0.357945
	=	0.9822

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)
	=	(-4.635 / 2857.787)	/	(162.041 / 2531.082)
	=	-0.001622	/	0.06402
	=	-0.0253

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 - (1969.88 + 928.431) / 2947.799)	/	(1 - (2252.071 + 1109.224) / 3416.526)
	=	0.016788	/	0.016166
	=	1.0385

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
	=	2531.082	/	2857.787
	=	0.8857

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))
	=	(236.478 / (236.478 + 1109.224))	/	(212.044 / (212.044 + 928.431))
	=	0.175728	/	0.185926
	=	0.9452

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)
	=	(364.813 / 2531.082)	/	(423.888 / 2857.787)
	=	0.144133	/	0.148327
	=	0.9717

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)
	=	((193.343 + 889.971) / 2947.799)	/	((243.95 + 1098.433) / 3416.526)
	=	0.367499	/	0.392909
	=	0.9353

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
	=	(-89.249 - 0	-	73.811)	/	2947.799
	=	-0.055316

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.

Coxon Precise Industrial Co has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.

Coxon Precise Industrial Co Beneish M-Score Related Terms

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

Coxon Precise Industrial Co (TPE:3607) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » Coxon Precise Industrial Co Ltd (TPE:3607) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 48, Lane 1274, Zhongzheng Road, Zhongli District, Taoyuan City, TWN, 320

Website

http://www.coxongroup.com

Coxon Precise Industrial Co Ltd is engaged in the plastic molding and electronic industry. Its business scope includes manufacturing industrial plastic products, mold, cable and wireless communications equipment and apparatus, electronic components, optical instruments, electrical and electronic appliances, as well as motor vehicles and parts. The other activities are retail of electronic, automobile, and motorcycles parts; and international trade. The business is carried out in Asia, Europe, and America. Its plastic components are applied in the manufacture of mobile phone cases, notebook (NB) computers, digital cameras, game consoles, and headset shells. Its geographical segment comprises Taiwan and South China, South China, Shanghai, Changshu, and others.

Coxon Precise Industrial Co (TPE:3607) Headlines

No Headlines