Global Lighting Technologies (TPE:4935) Beneish M-Score : -2.59 (As of Apr. 24, 2024)

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What is Global Lighting Technologies 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:4935' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.67 Max: -1.29
Current: -2.59

During the past 13 years, the highest Beneish M-Score of Global Lighting Technologies was -1.29. The lowest was -3.12. And the median was -2.67.

Global Lighting Technologies Beneish M-Score Historical Data

The historical data trend for Global Lighting Technologies'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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Global Lighting Technologies Beneish M-Score Chart

Global Lighting Technologies Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.12

-2.23

-1.29

-2.82

-2.59

Global Lighting Technologies Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.82	-3.11	-2.32	-3.14	-2.59

Competitive Comparison of Global Lighting Technologies's Beneish M-Score

For the Electronic Components subindustry, Global Lighting Technologies'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.

Global Lighting Technologies's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Global Lighting Technologies's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Global Lighting Technologies's Beneish M-Score falls into.

Global Lighting Technologies 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 Global Lighting Technologies 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 * 1.2162

0.528 * 1.2639

0.404 * 1.3486

0.892 * 0.6109

0.115 * 0.9963

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2347

4.679 * -0.067709

0.327 * 0.6475

-2.59

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was NT$1,406 Mil.
Revenue was 1558.385 + 1536.922 + 1757.49 + 1087.079 = NT$5,940 Mil.
Gross Profit was 253.675 + 265.75 + 296.595 + 65.195 = NT$881 Mil.
Total Current Assets was NT$6,288 Mil.
Total Assets was NT$10,018 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,338 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$372 Mil.
Selling, General, & Admin. Expense(SGA) was NT$452 Mil.
Total Current Liabilities was NT$1,299 Mil.
Long-Term Debt & Capital Lease Obligation was NT$623 Mil.
Net Income was 36.878 + 158.871 + 234.558 + -98.905 = NT$331 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 130.811 + 491.753 + 282.777 + 104.356 = NT$1,010 Mil.

Total Receivables was NT$1,893 Mil.
Revenue was 2257.976 + 3183.797 + 1839.759 + 2442.044 = NT$9,724 Mil.
Gross Profit was 453.382 + 698.502 + 216.382 + 454.902 = NT$1,823 Mil.
Total Current Assets was NT$7,849 Mil.
Total Assets was NT$11,838 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,646 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$404 Mil.
Selling, General, & Admin. Expense(SGA) was NT$599 Mil.
Total Current Liabilities was NT$2,669 Mil.
Long-Term Debt & Capital Lease Obligation was NT$840 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)
	=	(1406.344 / 5939.876)	/	(1892.96 / 9723.576)
	=	0.236763	/	0.194677
	=	1.2162

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)
	=	(1823.168 / 9723.576)	/	(881.215 / 5939.876)
	=	0.1875	/	0.148356
	=	1.2639

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 - (6287.605 + 3338.261) / 10017.729)	/	(1 - (7849.158 + 3645.902) / 11838.444)
	=	0.039117	/	0.029006
	=	1.3486

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
	=	5939.876	/	9723.576
	=	0.6109

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))
	=	(404.293 / (404.293 + 3645.902))	/	(371.707 / (371.707 + 3338.261))
	=	0.099821	/	0.100191
	=	0.9963

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)
	=	(451.816 / 5939.876)	/	(599.042 / 9723.576)
	=	0.076065	/	0.061607
	=	1.2347

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)
	=	((623.163 + 1299.446) / 10017.729)	/	((840.081 + 2668.75) / 11838.444)
	=	0.191921	/	0.296393
	=	0.6475

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
	=	(331.402 - 0	-	1009.697)	/	10017.729
	=	-0.067709

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.

Global Lighting Technologies has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.

Global Lighting Technologies Beneish M-Score Related Terms

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Global Lighting Technologies (TPE:4935) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Global Lighting Technologies Inc (TPE:4935) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 1149, Section 3, Minquan Road, Zhongli District, Taoyuan City, TWN

Website

https://www.glthome.com

Global Lighting Technologies Inc is engaged in the design, manufacturing, and sales of applications of light guide plates, the development of optical molds, and the manufacturing, and sales of plastic components. The company has two reportable segments; the Department of light guide plates applications which provide the service of manufacturing and sales of related application products such as light guide plates, and the Department of plastic components which provides the service of design, manufacturing, and sales of plastic components. Geographically, the company operates in Asia, America, and Others, out of which it earns a majority of its revenue from Asia.

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