Sinher Technology Beneish M-Score Historical Data
The historical data trend for Sinher 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.
Sinher Technology Beneish M-Score Chart
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Sinher Technology Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.28 |
-2.52 |
-3.29 |
-2.71 |
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Sinher Technology Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.13 |
-2.52 |
-2.78 |
-2.71 |
-2.68 |
Competitive Comparison of Sinher Technology's Beneish M-Score
For the Tools & Accessories subindustry, Sinher 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.
Sinher Technology's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Sinher Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sinher Technology's Beneish M-Score falls into.
Sinher 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 Sinher Technology 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 * 1.0844 | + | 0.528 * 1.1194 | + | 0.404 * 0.6712 | + | 0.892 * 0.9121 | + | 0.115 * 1.3149 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.052 | + | 4.679 * -0.041313 | - | 0.327 * 0.8762 |
| = | -2.68 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$641 Mil.
Revenue was 415.863 + 469.573 + 459.789 + 567.123 = NT$1,912 Mil.
Gross Profit was 61.863 + 90.347 + 62.442 + 107.372 = NT$322 Mil.
Total Current Assets was NT$2,664 Mil.
Total Assets was NT$4,004 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,157 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$136 Mil.
Selling, General, & Admin. Expense(SGA) was NT$243 Mil.
Total Current Liabilities was NT$535 Mil.
Long-Term Debt & Capital Lease Obligation was NT$50 Mil.
Net Income was 18.589 + -28.826 + 11.256 + 79.865 = NT$81 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 53.62 + 70.745 + 58.325 + 63.608 = NT$246 Mil.
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Total Receivables was NT$648 Mil.
Revenue was 412.05 + 526.461 + 555.738 + 602.301 = NT$2,097 Mil.
Gross Profit was 52.939 + 103.288 + 93.981 + 144.986 = NT$395 Mil.
Total Current Assets was NT$2,878 Mil.
Total Assets was NT$4,130 Mil.
Property, Plant and Equipment(Net PPE) was NT$972 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$156 Mil.
Selling, General, & Admin. Expense(SGA) was NT$253 Mil.
Total Current Liabilities was NT$687 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2 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) |
| = | (640.789 / 1912.348) | / | (647.826 / 2096.55) |
| = | 0.33508 | / | 0.308996 |
| | = | 1.0844 |
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) |
| = | (395.194 / 2096.55) | / | (322.024 / 1912.348) |
| = | 0.188497 | / | 0.168392 |
| | = | 1.1194 |
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 - (2664.096 + 1157.434) / 4003.882) | / | (1 - (2878.02 + 971.659) / 4129.894) |
| = | 0.045544 | / | 0.06785 |
| | = | 0.6712 |
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 |
| = | 1912.348 | / | 2096.55 |
| | = | 0.9121 |
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)) |
| = | (156.423 / (156.423 + 971.659)) | / | (136.449 / (136.449 + 1157.434)) |
| = | 0.138663 | / | 0.105457 |
| | = | 1.3149 |
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) |
| = | (243.174 / 1912.348) | / | (253.426 / 2096.55) |
| = | 0.12716 | / | 0.120878 |
| | = | 1.052 |
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) |
| = | ((49.986 + 535.481) / 4003.882) | / | ((1.755 + 687.492) / 4129.894) |
| = | 0.146225 | / | 0.166892 |
| | = | 0.8762 |
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 |
| = | (80.884 - 0 | - | 246.298) | / | 4003.882 |
| | = | -0.041313 |
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.
Sinher Technology has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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