Parpro Beneish M-Score Historical Data
The historical data trend for Parpro'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.
Parpro Beneish M-Score Chart
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Parpro Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.17 |
-1.64 |
-1.42 |
-2.38 |
-3.01 |
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Parpro 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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-2.38 |
-2.29 |
-2.16 |
-2.52 |
-3.01 |
Competitive Comparison of Parpro's Beneish M-Score
For the Computer Hardware subindustry, Parpro'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.
Parpro's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Parpro's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Parpro's Beneish M-Score falls into.
Parpro 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 Parpro 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 * 0.9807 | + | 0.528 * 0.9912 | + | 0.404 * 1.0095 | + | 0.892 * 1.0466 | + | 0.115 * 0.9612 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1348 | + | 4.679 * -0.121676 | - | 0.327 * 0.8748 |
| = | -3.01 |
* 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$669 Mil.
Revenue was 811.025 + 881.118 + 911.349 + 969.95 = NT$3,573 Mil.
Gross Profit was 164.497 + 154.239 + 38.894 + 147.934 = NT$506 Mil.
Total Current Assets was NT$2,045 Mil.
Total Assets was NT$3,499 Mil.
Property, Plant and Equipment(Net PPE) was NT$297 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$91 Mil.
Selling, General, & Admin. Expense(SGA) was NT$403 Mil.
Total Current Liabilities was NT$824 Mil.
Long-Term Debt & Capital Lease Obligation was NT$550 Mil.
Net Income was 65.98 + 26.184 + -90.852 + 0.202 = NT$2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 179.953 + 240.417 + -30.218 + 37.058 = NT$427 Mil.
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Total Receivables was NT$652 Mil.
Revenue was 886.417 + 839.572 + 857.892 + 830.49 = NT$3,414 Mil.
Gross Profit was 80.827 + 158.474 + 144.572 + 94.943 = NT$479 Mil.
Total Current Assets was NT$2,122 Mil.
Total Assets was NT$3,635 Mil.
Property, Plant and Equipment(Net PPE) was NT$323 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$94 Mil.
Selling, General, & Admin. Expense(SGA) was NT$339 Mil.
Total Current Liabilities was NT$959 Mil.
Long-Term Debt & Capital Lease Obligation was NT$673 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) |
| = | (669.306 / 3573.442) | / | (652.072 / 3414.371) |
| = | 0.1873 | / | 0.190979 |
| | = | 0.9807 |
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) |
| = | (478.816 / 3414.371) | / | (505.564 / 3573.442) |
| = | 0.140235 | / | 0.141478 |
| | = | 0.9912 |
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 - (2044.809 + 297.171) / 3498.592) | / | (1 - (2122.07 + 322.612) / 3635.101) |
| = | 0.330594 | / | 0.327479 |
| | = | 1.0095 |
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 |
| = | 3573.442 | / | 3414.371 |
| | = | 1.0466 |
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)) |
| = | (93.805 / (93.805 + 322.612)) | / | (90.962 / (90.962 + 297.171)) |
| = | 0.225267 | / | 0.234358 |
| | = | 0.9612 |
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) |
| = | (402.947 / 3573.442) | / | (339.278 / 3414.371) |
| = | 0.112762 | / | 0.099368 |
| | = | 1.1348 |
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) |
| = | ((549.689 + 824.316) / 3498.592) | / | ((672.751 + 959.205) / 3635.101) |
| = | 0.392731 | / | 0.448944 |
| | = | 0.8748 |
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 |
| = | (1.514 - 0 | - | 427.21) | / | 3498.592 |
| | = | -0.121676 |
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.
Parpro has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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