TST Group Holding (TPE:4439) Beneish M-Score : -2.35 (As of Apr. 07, 2025)

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What is TST Group Holding 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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for TST Group Holding's Beneish M-Score or its related term are showing as below:

TPE:4439' s Beneish M-Score Range Over the Past 10 Years
Min: -3.25 Med: -1.91 Max: -1.37
Current: -2.35

During the past 9 years, the highest Beneish M-Score of TST Group Holding was -1.37. The lowest was -3.25. And the median was -1.91.

TST Group Holding Beneish M-Score Historical Data

The historical data trend for TST Group Holding'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.

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TST Group Holding Beneish M-Score Chart

TST Group Holding Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.37

-1.46

-3.25

-1.38

-2.35

TST Group Holding Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-1.38	-2.21	-2.12	-2.34	-2.35

Competitive Comparison of TST Group Holding's Beneish M-Score

For the Textile Manufacturing subindustry, TST Group Holding'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.

TST Group Holding's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, TST Group Holding's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where TST Group Holding's Beneish M-Score falls into.

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TST Group Holding 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 TST Group Holding 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 * 0.9635

0.528 * 1.4665

0.404 * 0.7948

0.892 * 1.0444

0.115 * 0.8246

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9154

4.679 * 0.007354

0.327 * 1.2017

-2.35

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$887 Mil.
Revenue was 1103.39 + 1389.632 + 1533.621 + 1390.913 = NT$5,418 Mil.
Gross Profit was 117.666 + 208.162 + 278.827 + 277.739 = NT$882 Mil.
Total Current Assets was NT$2,773 Mil.
Total Assets was NT$5,766 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,814 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$244 Mil.
Selling, General, & Admin. Expense(SGA) was NT$704 Mil.
Total Current Liabilities was NT$1,648 Mil.
Long-Term Debt & Capital Lease Obligation was NT$856 Mil.
Net Income was -71.813 + 30.11 + 42.802 + 64.558 = NT$66 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -170.272 + 296.911 + 111.575 + -214.96 = NT$23 Mil.

Total Receivables was NT$882 Mil.
Revenue was 973.053 + 1262.929 + 1489.779 + 1461.352 = NT$5,187 Mil.
Gross Profit was 195.978 + 271.954 + 373.812 + 397.272 = NT$1,239 Mil.
Total Current Assets was NT$2,280 Mil.
Total Assets was NT$4,980 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,506 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$177 Mil.
Selling, General, & Admin. Expense(SGA) was NT$736 Mil.
Total Current Liabilities was NT$1,305 Mil.
Long-Term Debt & Capital Lease Obligation was NT$494 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)
	=	(887.172 / 5417.556)	/	(881.585 / 5187.113)
	=	0.163759	/	0.169957
	=	0.9635

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)
	=	(1239.016 / 5187.113)	/	(882.394 / 5417.556)
	=	0.238864	/	0.162877
	=	1.4665

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 - (2773.339 + 2813.751) / 5766.221)	/	(1 - (2279.76 + 2506.012) / 4980.436)
	=	0.031066	/	0.039086
	=	0.7948

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
	=	5417.556	/	5187.113
	=	1.0444

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))
	=	(176.821 / (176.821 + 2506.012))	/	(244.43 / (244.43 + 2813.751))
	=	0.065908	/	0.079927
	=	0.8246

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)
	=	(703.686 / 5417.556)	/	(736.06 / 5187.113)
	=	0.12989	/	0.141902
	=	0.9154

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)
	=	((855.814 + 1647.901) / 5766.221)	/	((494.176 + 1305.425) / 4980.436)
	=	0.434204	/	0.361334
	=	1.2017

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
	=	(65.657 - 0	-	23.254)	/	5766.221
	=	0.007354

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.

TST Group Holding has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.

TST Group Holding Beneish M-Score Related Terms

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TST Group Holding Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » TST Group Holding Ltd (TPE:4439) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 178, Section 2, Nanjing East Road, 7th Floor, Zhongshan District, Taipei, TWN, 104

Website

https://www.tstco.com.hk

TST Group Holding Ltd is engaged in manufacturing, and trading of cotton fabric in the textile industry. The company's products are raw materials such as greige and colored fabrics for the midstream and upstream of the textile industry. The company's geographical segment includes China, Singapore, Taiwan, Hong Kong, Thailand, Korea, Cambodia, Vietnam, and others. The company derives a majority of its revenue from Taiwan.

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