Dynamic Holding Co Beneish M-Score Historical Data
The historical data trend for Dynamic Holding 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.
Dynamic Holding Co Beneish M-Score Chart
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Dynamic Holding Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.86 |
-3.14 |
-2.37 |
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Dynamic Holding Co Quarterly Data
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Dec19 |
Dec20 |
Mar21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.14 |
-2.88 |
-2.74 |
-2.97 |
-2.37 |
Competitive Comparison of Dynamic Holding Co's Beneish M-Score
For the Electronic Components subindustry, Dynamic Holding 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.
Dynamic Holding Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Dynamic Holding Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dynamic Holding Co's Beneish M-Score falls into.
Dynamic Holding 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 Dynamic Holding Co 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 * 1.0541 | + | 0.528 * 1.0425 | + | 0.404 * 0.957 | + | 0.892 * 1.1319 | + | 0.115 * 1.6611 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0512 | + | 4.679 * -0.02104 | - | 0.327 * 1.0857 |
| = | -2.37 |
* 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$5,833 Mil.
Revenue was 4640.213 + 4747.794 + 4228.126 + 4170.871 = NT$17,787 Mil.
Gross Profit was 873.216 + 1131.597 + 1159.763 + 945.721 = NT$4,110 Mil.
Total Current Assets was NT$12,687 Mil.
Total Assets was NT$30,902 Mil.
Property, Plant and Equipment(Net PPE) was NT$18,002 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,265 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,840 Mil.
Total Current Liabilities was NT$17,571 Mil.
Long-Term Debt & Capital Lease Obligation was NT$3,565 Mil.
Net Income was 170.518 + 257.419 + 340.222 + 282.58 = NT$1,051 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 8.847 + 687.391 + 540.55 + 464.149 = NT$1,701 Mil.
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Total Receivables was NT$4,888 Mil.
Revenue was 4166.295 + 4209.042 + 3653.996 + 3684.621 = NT$15,714 Mil.
Gross Profit was 1195.771 + 1129.263 + 729.343 + 731.196 = NT$3,786 Mil.
Total Current Assets was NT$10,975 Mil.
Total Assets was NT$22,439 Mil.
Property, Plant and Equipment(Net PPE) was NT$11,302 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,384 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,546 Mil.
Total Current Liabilities was NT$10,006 Mil.
Long-Term Debt & Capital Lease Obligation was NT$4,130 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) |
| = | (5832.768 / 17787.004) | / | (4888.311 / 15713.954) |
| = | 0.327923 | / | 0.311081 |
| | = | 1.0541 |
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) |
| = | (3785.573 / 15713.954) | / | (4110.297 / 17787.004) |
| = | 0.240905 | / | 0.231084 |
| | = | 1.0425 |
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 - (12686.696 + 18001.881) / 30902.334) | / | (1 - (10975.113 + 11301.77) / 22439.079) |
| = | 0.006917 | / | 0.007228 |
| | = | 0.957 |
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 |
| = | 17787.004 | / | 15713.954 |
| | = | 1.1319 |
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)) |
| = | (1384.091 / (1384.091 + 11301.77)) | / | (1265.495 / (1265.495 + 18001.881)) |
| = | 0.109105 | / | 0.065681 |
| | = | 1.6611 |
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) |
| = | (1840.081 / 17787.004) | / | (1546.487 / 15713.954) |
| = | 0.103451 | / | 0.098415 |
| | = | 1.0512 |
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) |
| = | ((3564.955 + 17571.317) / 30902.334) | / | ((4129.907 + 10005.721) / 22439.079) |
| = | 0.68397 | / | 0.629956 |
| | = | 1.0857 |
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 |
| = | (1050.739 - 0 | - | 1700.937) | / | 30902.334 |
| | = | -0.02104 |
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.
Dynamic Holding Co has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.
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