Topco Scientific Co Beneish M-Score Historical Data
The historical data trend for Topco Scientific Co'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.
Topco Scientific Co Beneish M-Score Chart
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Topco Scientific Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.35 |
-2.28 |
-2.42 |
-2.26 |
-2.50 |
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Topco Scientific Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.26 |
-2.53 |
-2.49 |
-2.52 |
-2.50 |
Competitive Comparison of Topco Scientific Co's Beneish M-Score
For the Electronics & Computer Distribution subindustry, Topco Scientific Co'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.
Topco Scientific Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Topco Scientific Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Topco Scientific Co's Beneish M-Score falls into.
Topco Scientific Co 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 Topco Scientific Co 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 * 1.0432 | + | 0.528 * 0.962 | + | 0.404 * 0.7349 | + | 0.892 * 1.1568 | + | 0.115 * 2.1246 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0382 | + | 4.679 * -0.042096 | - | 0.327 * 1.0079 |
| = | -2.50 |
* 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$10,114 Mil.
Revenue was 15907.231 + 15366.525 + 13791.78 + 11931.577 = NT$56,997 Mil.
Gross Profit was 2057.74 + 2043.096 + 1931.406 + 1685.728 = NT$7,718 Mil.
Total Current Assets was NT$21,592 Mil.
Total Assets was NT$37,275 Mil.
Property, Plant and Equipment(Net PPE) was NT$9,815 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$481 Mil.
Selling, General, & Admin. Expense(SGA) was NT$3,712 Mil.
Total Current Liabilities was NT$14,954 Mil.
Long-Term Debt & Capital Lease Obligation was NT$3,323 Mil.
Net Income was 923.666 + 936.62 + 1020.612 + 775.037 = NT$3,656 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 2236.353 + 845.226 + 1088.407 + 1055.088 = NT$5,225 Mil.
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Total Receivables was NT$8,381 Mil.
Revenue was 12233.421 + 12492.338 + 12055.351 + 12492.345 = NT$49,273 Mil.
Gross Profit was 1593.449 + 1743.119 + 1581.488 + 1500.744 = NT$6,419 Mil.
Total Current Assets was NT$20,512 Mil.
Total Assets was NT$31,636 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,347 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$479 Mil.
Selling, General, & Admin. Expense(SGA) was NT$3,091 Mil.
Total Current Liabilities was NT$12,727 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2,664 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) |
| = | (10114.111 / 56997.113) | / | (8381.376 / 49273.455) |
| = | 0.17745 | / | 0.170099 |
| | = | 1.0432 |
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) |
| = | (6418.8 / 49273.455) | / | (7717.97 / 56997.113) |
| = | 0.130269 | / | 0.13541 |
| | = | 0.962 |
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 - (21592.174 + 9814.789) / 37274.912) | / | (1 - (20511.759 + 4347.268) / 31635.539) |
| = | 0.157424 | / | 0.214206 |
| | = | 0.7349 |
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 |
| = | 56997.113 | / | 49273.455 |
| | = | 1.1568 |
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)) |
| = | (478.982 / (478.982 + 4347.268)) | / | (480.947 / (480.947 + 9814.789)) |
| = | 0.099245 | / | 0.046713 |
| | = | 2.1246 |
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) |
| = | (3712.188 / 56997.113) | / | (3091.099 / 49273.455) |
| = | 0.065129 | / | 0.062734 |
| | = | 1.0382 |
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) |
| = | ((3323.365 + 14953.877) / 37274.912) | / | ((2663.853 + 12727.225) / 31635.539) |
| = | 0.490336 | / | 0.486512 |
| | = | 1.0079 |
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 |
| = | (3655.935 - 0 | - | 5225.074) | / | 37274.912 |
| | = | -0.042096 |
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.
Topco Scientific Co has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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