Lumax International (TPE:6192) Beneish M-Score : -2.28 (As of Mar. 27, 2025)

View and export this data going back to 2004. Start your Free Trial

What is Lumax International 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:6192' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.46 Max: -1.95
Current: -2.28

During the past 13 years, the highest Beneish M-Score of Lumax International was -1.95. The lowest was -2.81. And the median was -2.46.

Lumax International Beneish M-Score Historical Data

The historical data trend for Lumax International'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.

* Premium members only.

Lumax International Beneish M-Score Chart

Lumax International Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-1.95

-2.49

-2.48

-2.37

-2.28

Lumax International Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.37	-2.51	-2.68	-2.37	-2.28

Competitive Comparison of Lumax International's Beneish M-Score

For the Industrial Distribution subindustry, Lumax International'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.

Lumax International's Beneish M-Score Distribution in the Industrial Distribution Industry

For the Industrial Distribution industry and Industrials sector, Lumax International's Beneish M-Score distribution charts can be found below:

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

Save

Lumax International 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 Lumax International 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 * 0.9728

0.528 * 1.0737

0.404 * 0.8673

0.892 * 1.1634

0.115 * 1.0536

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8882

4.679 * 0.009337

0.327 * 0.9368

-2.28

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$2,296 Mil.
Revenue was 2211.32 + 1992.862 + 1827.009 + 1796.379 = NT$7,828 Mil.
Gross Profit was 680.425 + 521.052 + 566.209 + 562.243 = NT$2,330 Mil.
Total Current Assets was NT$9,658 Mil.
Total Assets was NT$11,436 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,498 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$61 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,000 Mil.
Total Current Liabilities was NT$3,991 Mil.
Long-Term Debt & Capital Lease Obligation was NT$12 Mil.
Net Income was 319.478 + 203.88 + 232.026 + 252.287 = NT$1,008 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 387.818 + 129.795 + 212.739 + 170.542 = NT$901 Mil.

Total Receivables was NT$2,029 Mil.
Revenue was 1761.645 + 1685.529 + 1761.486 + 1519.494 = NT$6,728 Mil.
Gross Profit was 501.887 + 520.975 + 598.231 + 529.234 = NT$2,150 Mil.
Total Current Assets was NT$9,292 Mil.
Total Assets was NT$10,892 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,293 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$56 Mil.
Selling, General, & Admin. Expense(SGA) was NT$968 Mil.
Total Current Liabilities was NT$4,065 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5 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)
	=	(2296.306 / 7827.57)	/	(2028.873 / 6728.154)
	=	0.293361	/	0.30155
	=	0.9728

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)
	=	(2150.327 / 6728.154)	/	(2329.929 / 7827.57)
	=	0.319601	/	0.297657
	=	1.0737

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 - (9658.402 + 1498.077) / 11436.117)	/	(1 - (9291.682 + 1293.274) / 10892.043)
	=	0.024452	/	0.028194
	=	0.8673

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
	=	7827.57	/	6728.154
	=	1.1634

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))
	=	(56.001 / (56.001 + 1293.274))	/	(61.436 / (61.436 + 1498.077))
	=	0.041505	/	0.039394
	=	1.0536

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)
	=	(999.862 / 7827.57)	/	(967.577 / 6728.154)
	=	0.127736	/	0.14381
	=	0.8882

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)
	=	((12.242 + 3991.479) / 11436.117)	/	((5.067 + 4065.46) / 10892.043)
	=	0.350094	/	0.373716
	=	0.9368

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
	=	(1007.671 - 0	-	900.894)	/	11436.117
	=	0.009337

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.

Lumax International has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.

Lumax International Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Lumax International's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Lumax International Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Distribution » Lumax International Corp Ltd (TPE:6192) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No 3-1 Yuanyuan Street, NanKang Software Park, 12th Floor, Nangang District, Taipei, TWN, 11503

Website

https://www.elumax.com

Lumax International Corp Ltd is engaged in the trading of electronic components and process control equipment, integration of process control systems, and providing related maintenance services. It provides goods or services in the reportable segment Process control instrument - department A; Process control system - department B; Telecommunication and linear transmission - department C; Electronics component - department D; and Other process control - department CN. Its revenue from the sale of goods comes from the wholesale of electronic components. It has two principal geographic locations Taiwan and China, in which it generates the majority of its revenue in Taiwan.

Lumax International Headlines

No Headlines