Silergy (TPE:6415) Beneish M-Score : -2.79 (As of Apr. 03, 2025)

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What is Silergy 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:6415' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79 Med: -2.26 Max: -1.66
Current: -2.79

During the past 13 years, the highest Beneish M-Score of Silergy was -1.66. The lowest was -2.79. And the median was -2.26.

Silergy Beneish M-Score Historical Data

The historical data trend for Silergy'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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Silergy Beneish M-Score Chart

Silergy Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.75

-2.01

-2.68

-2.17

-2.79

Silergy 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															-2.17	-2.21	-2.52	-2.70	-2.79

Competitive Comparison of Silergy's Beneish M-Score

For the Semiconductors subindustry, Silergy'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.

Silergy's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Silergy's Beneish M-Score distribution charts can be found below:

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

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Silergy 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 Silergy 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 * 0.9252

0.528 * 0.7921

0.404 * 0.8615

0.892 * 1.1962

0.115 * 1.4999

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9578

4.679 * -0.006324

0.327 * 1.8634

-2.79

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$2,562 Mil.
Revenue was 5108.168 + 4889.809 + 4615.27 + 3841.6 = NT$18,455 Mil.
Gross Profit was 2829.125 + 2634.325 + 2481.241 + 1991.483 = NT$9,936 Mil.
Total Current Assets was NT$26,952 Mil.
Total Assets was NT$40,522 Mil.
Property, Plant and Equipment(Net PPE) was NT$5,070 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$713 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,530 Mil.
Total Current Liabilities was NT$3,430 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,298 Mil.
Net Income was 894.928 + 752.639 + 560.604 + 78.007 = NT$2,286 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 1097.047 + 490.985 + 614.228 + 340.195 = NT$2,542 Mil.

Total Receivables was NT$2,315 Mil.
Revenue was 4283.604 + 4111.329 + 3597.738 + 3434.664 = NT$15,427 Mil.
Gross Profit was 1811.919 + 1773.78 + 1463.83 + 1529.91 = NT$6,579 Mil.
Total Current Assets was NT$22,853 Mil.
Total Assets was NT$34,422 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,188 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$724 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,209 Mil.
Total Current Liabilities was NT$1,950 Mil.
Long-Term Debt & Capital Lease Obligation was NT$205 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)
	=	(2562.082 / 18454.847)	/	(2315.031 / 15427.335)
	=	0.13883	/	0.15006
	=	0.9252

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)
	=	(6579.439 / 15427.335)	/	(9936.174 / 18454.847)
	=	0.426479	/	0.538405
	=	0.7921

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 - (26952.462 + 5069.696) / 40521.71)	/	(1 - (22852.988 + 3187.977) / 34422.012)
	=	0.209753	/	0.243479
	=	0.8615

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
	=	18454.847	/	15427.335
	=	1.1962

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))
	=	(723.902 / (723.902 + 3187.977))	/	(713.498 / (713.498 + 5069.696))
	=	0.185052	/	0.123374
	=	1.4999

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)
	=	(2530.412 / 18454.847)	/	(2208.599 / 15427.335)
	=	0.137114	/	0.143161
	=	0.9578

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)
	=	((1298.381 + 3429.792) / 40521.71)	/	((205.476 + 1949.999) / 34422.012)
	=	0.116682	/	0.062619
	=	1.8634

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
	=	(2286.178 - 0	-	2542.455)	/	40521.71
	=	-0.006324

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.

Silergy has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

Silergy Beneish M-Score Related Terms

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Silergy Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Silergy Corp (TPE:6415) » Definitions » Beneish M-Score

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Address

No. 653, Bannan Road, 10th Floor, Zhonghe District, New Taipei, TWN, 23557

Website

https://www.silergy.com

Silergy Corporation designs analog integrated circuits (IC) for industrial, consumer, computing, and communication devices, which is also the major source of revenue. Product offerings include regulators, power management ICs, protection switches, and several other items. Customers utilize Silergy's products for efficiency improvements and energy conservation. The company also aims to cut time-to-market for customers by offering hassle-free integrations that help increase the speed at which products are adopted into the market. Traditionally, products are used in automobiles, computers, televisions, and other devices.

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