Transcom Beneish M-Score Historical Data
The historical data trend for Transcom'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.
Transcom Beneish M-Score Chart
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Transcom Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-1.26 |
-2.34 |
-1.62 |
-2.42 |
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Transcom Quarterly Data
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Mar19 |
Jun19 |
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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-1.91 |
-1.53 |
-1.16 |
-2.42 |
-1.03 |
Competitive Comparison of Transcom's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Transcom'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.
Transcom's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Transcom's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Transcom's Beneish M-Score falls into.
Transcom 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 Transcom 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 * 2.2184 | + | 0.528 * 0.993 | + | 0.404 * 1.7142 | + | 0.892 * 1.2233 | + | 0.115 * 0.8458 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9217 | + | 4.679 * -0.017472 | - | 0.327 * 1.1968 |
| = | -1.03 |
* 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$219 Mil.
Revenue was 278.099 + 373.856 + 309.603 + 345.206 = NT$1,307 Mil.
Gross Profit was 131.72 + 212.851 + 180.213 + 191.732 = NT$717 Mil.
Total Current Assets was NT$1,401 Mil.
Total Assets was NT$2,858 Mil.
Property, Plant and Equipment(Net PPE) was NT$570 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$73 Mil.
Selling, General, & Admin. Expense(SGA) was NT$176 Mil.
Total Current Liabilities was NT$625 Mil.
Long-Term Debt & Capital Lease Obligation was NT$96 Mil.
Net Income was 71.054 + 132.064 + 122.719 + 135.81 = NT$462 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 156.905 + 201.953 + 178.141 + -25.413 = NT$512 Mil.
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Total Receivables was NT$81 Mil.
Revenue was 222.144 + 320.89 + 244.063 + 281.168 = NT$1,068 Mil.
Gross Profit was 111.07 + 185.227 + 139.987 + 145.384 = NT$582 Mil.
Total Current Assets was NT$1,410 Mil.
Total Assets was NT$2,410 Mil.
Property, Plant and Equipment(Net PPE) was NT$564 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$60 Mil.
Selling, General, & Admin. Expense(SGA) was NT$156 Mil.
Total Current Liabilities was NT$415 Mil.
Long-Term Debt & Capital Lease Obligation was NT$92 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) |
| = | (219.237 / 1306.764) | / | (80.789 / 1068.265) |
| = | 0.167771 | / | 0.075626 |
| | = | 2.2184 |
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) |
| = | (581.668 / 1068.265) | / | (716.516 / 1306.764) |
| = | 0.544498 | / | 0.548313 |
| | = | 0.993 |
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 - (1400.751 + 569.657) / 2858.286) | / | (1 - (1409.823 + 563.687) / 2410.29) |
| = | 0.310633 | / | 0.181215 |
| | = | 1.7142 |
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 |
| = | 1306.764 | / | 1068.265 |
| | = | 1.2233 |
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)) |
| = | (60.309 / (60.309 + 563.687)) | / | (73.493 / (73.493 + 569.657)) |
| = | 0.09665 | / | 0.11427 |
| | = | 0.8458 |
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) |
| = | (176.441 / 1306.764) | / | (156.499 / 1068.265) |
| = | 0.135021 | / | 0.146498 |
| | = | 0.9217 |
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) |
| = | ((95.641 + 624.573) / 2858.286) | / | ((92.31 + 415.17) / 2410.29) |
| = | 0.251974 | / | 0.210547 |
| | = | 1.1968 |
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 |
| = | (461.647 - 0 | - | 511.586) | / | 2858.286 |
| | = | -0.017472 |
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.
Transcom has a M-score of -1.03 signals that the company is likely to be a manipulator.
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