Apex Dynamics (TPE:4583) Beneish M-Score : -2.23 (As of Jun. 23, 2024)

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What is Apex Dynamics 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:4583' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.47 Max: -2.23
Current: -2.23

During the past 8 years, the highest Beneish M-Score of Apex Dynamics was -2.23. The lowest was -3.11. And the median was -2.47.

Apex Dynamics Beneish M-Score Historical Data

The historical data trend for Apex Dynamics'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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Apex Dynamics Beneish M-Score Chart

Apex Dynamics Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.42

-2.47

-2.91

Apex Dynamics Quarterly Data
	Dec17	Dec18	Jun19	Dec19	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.99	-3.11	-2.89	-2.91	-2.23

Competitive Comparison of Apex Dynamics's Beneish M-Score

For the Specialty Industrial Machinery subindustry, Apex Dynamics'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.

Apex Dynamics's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Apex Dynamics's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Apex Dynamics's Beneish M-Score falls into.

Apex Dynamics 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 Apex Dynamics 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 * 1.575

0.528 * 0.9414

0.404 * 0.926

0.892 * 0.8531

0.115 * 1.0726

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1686

4.679 * -0.014558

0.327 * 1.0005

-2.23

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$350 Mil.
Revenue was 719.758 + 682.383 + 646.266 + 702.511 = NT$2,751 Mil.
Gross Profit was 388.875 + 377.616 + 360.008 + 395.217 = NT$1,522 Mil.
Total Current Assets was NT$7,080 Mil.
Total Assets was NT$11,343 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,999 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$304 Mil.
Selling, General, & Admin. Expense(SGA) was NT$548 Mil.
Total Current Liabilities was NT$1,358 Mil.
Long-Term Debt & Capital Lease Obligation was NT$526 Mil.
Net Income was 367.996 + 119.656 + 303.493 + 254.698 = NT$1,046 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 452.174 + 170.565 + 380.084 + 208.153 = NT$1,211 Mil.

Total Receivables was NT$260 Mil.
Revenue was 655.796 + 866.699 + 817.784 + 884.236 = NT$3,225 Mil.
Gross Profit was 358.121 + 450.629 + 435.941 + 434.544 = NT$1,679 Mil.
Total Current Assets was NT$6,510 Mil.
Total Assets was NT$11,013 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,226 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$347 Mil.
Selling, General, & Admin. Expense(SGA) was NT$550 Mil.
Total Current Liabilities was NT$1,271 Mil.
Long-Term Debt & Capital Lease Obligation was NT$556 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)
	=	(349.573 / 2750.918)	/	(260.163 / 3224.515)
	=	0.127075	/	0.080683
	=	1.575

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)
	=	(1679.235 / 3224.515)	/	(1521.716 / 2750.918)
	=	0.520771	/	0.553167
	=	0.9414

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 - (7080.496 + 3998.87) / 11343.239)	/	(1 - (6510 + 4226.142) / 11012.805)
	=	0.023263	/	0.025122
	=	0.926

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
	=	2750.918	/	3224.515
	=	0.8531

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))
	=	(346.961 / (346.961 + 4226.142))	/	(304.381 / (304.381 + 3998.87))
	=	0.07587	/	0.070733
	=	1.0726

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)
	=	(547.924 / 2750.918)	/	(549.582 / 3224.515)
	=	0.199179	/	0.170439
	=	1.1686

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)
	=	((525.528 + 1357.953) / 11343.239)	/	((556.279 + 1271.451) / 11012.805)
	=	0.166044	/	0.165964
	=	1.0005

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
	=	(1045.843 - 0	-	1210.976)	/	11343.239
	=	-0.014558

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.

Apex Dynamics has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.

Apex Dynamics Beneish M-Score Related Terms

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Apex Dynamics (TPE:4583) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Apex Dynamics Inc (TPE:4583) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No.10, Keyuan 3rd Road, Situn District, Taichung, TWN, 40763

Website

https://www.apexdyna.com

Apex Dynamics Inc is involved in the production and sales of machinery equipment. It offers various equipment such as a gearbox, rack and pinion, smart lubrication equipment, traversing robots, turrets, and other equipment. The company has two reportable business departments. The precision machinery segment is engaged in the production and sales of precision reducers and automatic control equipment manufacturing. The Hotel and Restaurant Service includes catering service which is engaged in hotel housing service and catering business. The majority is from the Precision Machinery segment. Geographically, the majority is derived from Asia.

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