Nuvoton Technology (TPE:4919) Beneish M-Score : -2.40 (As of May. 21, 2024)

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What is Nuvoton Technology 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:4919' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22 Med: -2.41 Max: -0.41
Current: -2.4

During the past 13 years, the highest Beneish M-Score of Nuvoton Technology was -0.41. The lowest was -3.22. And the median was -2.41.

Nuvoton Technology Beneish M-Score Historical Data

The historical data trend for Nuvoton Technology'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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Nuvoton Technology Beneish M-Score Chart

Nuvoton Technology Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.42

-0.84

-2.32

-2.45

-2.05

Nuvoton Technology Quarterly Data
	Jun19	Sep19	Dec19	Mar20	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															-2.22	-2.08	-1.87	-2.05	-2.40

Competitive Comparison of Nuvoton Technology's Beneish M-Score

For the Semiconductors subindustry, Nuvoton Technology'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.

Nuvoton Technology's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Nuvoton Technology's Beneish M-Score distribution charts can be found below:

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

Nuvoton Technology 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 Nuvoton Technology 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 * 1.109

0.528 * 0.9995

0.404 * 1.0594

0.892 * 0.8692

0.115 * 0.9401

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0211

4.679 * 0.005436

0.327 * 0.8089

-2.40

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$5,162 Mil.
Revenue was 8468.255 + 8469.734 + 8969.569 + 8953.034 = NT$34,861 Mil.
Gross Profit was 3533.863 + 3353.718 + 3756.414 + 3621.601 = NT$14,266 Mil.
Total Current Assets was NT$19,259 Mil.
Total Assets was NT$31,785 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,489 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,515 Mil.
Selling, General, & Admin. Expense(SGA) was NT$3,417 Mil.
Total Current Liabilities was NT$9,480 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,141 Mil.
Net Income was 409.057 + 706.899 + 599.16 + 442.774 = NT$2,158 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 1078.219 + 727.892 + 345.105 + -166.114 = NT$1,985 Mil.

Total Receivables was NT$5,355 Mil.
Revenue was 8955.812 + 9569.245 + 10400.498 + 11180.422 = NT$40,106 Mil.
Gross Profit was 3610.92 + 3816.454 + 4286.822 + 4689.365 = NT$16,404 Mil.
Total Current Assets was NT$23,990 Mil.
Total Assets was NT$36,942 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,330 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,370 Mil.
Selling, General, & Admin. Expense(SGA) was NT$3,850 Mil.
Total Current Liabilities was NT$13,454 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,807 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)
	=	(5162.21 / 34860.592)	/	(5355.1 / 40105.977)
	=	0.148082	/	0.133524
	=	1.109

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)
	=	(16403.561 / 40105.977)	/	(14265.596 / 34860.592)
	=	0.409005	/	0.409218
	=	0.9995

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 - (19259.136 + 6489.25) / 31784.888)	/	(1 - (23989.841 + 6330.265) / 36942.411)
	=	0.189917	/	0.17926
	=	1.0594

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
	=	34860.592	/	40105.977
	=	0.8692

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))
	=	(1370.305 / (1370.305 + 6330.265))	/	(1515.153 / (1515.153 + 6489.25))
	=	0.177949	/	0.18929
	=	0.9401

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)
	=	(3416.887 / 34860.592)	/	(3849.992 / 40105.977)
	=	0.098016	/	0.095995
	=	1.0211

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)
	=	((1141.482 + 9479.665) / 31784.888)	/	((1807.36 + 13453.511) / 36942.411)
	=	0.334157	/	0.413099
	=	0.8089

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
	=	(2157.89 - 0	-	1985.102)	/	31784.888
	=	0.005436

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.

Nuvoton Technology has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.

Nuvoton Technology Beneish M-Score Related Terms

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Nuvoton Technology (TPE:4919) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Nuvoton Technology Corp (TPE:4919) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

No. 4, Creation Road III, Hsinchu Science Park, Hsinchu, TWN, 300

Website

https://www.nuvoton.com

Nuvoton Technology Corp focuses on the research and development, design, and sales of integrated circuits and wafers. It operates in two segments: General IC products and Foundry service. The company's product lines consist of Consumer Electronics Integrated Circuits (IC) and Computer IC. It also offers microcontrollers, microprocessors, audio, computer, and cloud computing IC applications. The vast majority of its revenue comes from the General IC segment.

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