ShunSin Technology Holdings Beneish M-Score Historical Data
The historical data trend for ShunSin Technology Holdings'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.
ShunSin Technology Holdings Beneish M-Score Chart
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ShunSin Technology Holdings Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.27 |
-2.33 |
-1.81 |
-3.52 |
-1.99 |
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ShunSin Technology Holdings Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar22 |
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Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.52 |
-3.44 |
-2.80 |
-3.08 |
-1.99 |
Competitive Comparison of ShunSin Technology Holdings's Beneish M-Score
For the Semiconductors subindustry, ShunSin Technology Holdings'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.
ShunSin Technology Holdings's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, ShunSin Technology Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ShunSin Technology Holdings's Beneish M-Score falls into.
ShunSin Technology Holdings 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 ShunSin Technology Holdings 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 * 1.1435 | + | 0.528 * 1.7781 | + | 0.404 * 1.1891 | + | 0.892 * 0.9954 | + | 0.115 * 0.9572 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9958 | + | 4.679 * -0.02097 | - | 0.327 * 1.0649 |
| = | -1.99 |
* 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$1,280 Mil.
Revenue was 1694.18 + 1362.551 + 1205.841 + 925.428 = NT$5,188 Mil.
Gross Profit was 186.765 + 108.698 + 243.417 + 144.718 = NT$684 Mil.
Total Current Assets was NT$10,512 Mil.
Total Assets was NT$16,785 Mil.
Property, Plant and Equipment(Net PPE) was NT$5,607 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$637 Mil.
Selling, General, & Admin. Expense(SGA) was NT$545 Mil.
Total Current Liabilities was NT$6,046 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2,626 Mil.
Net Income was 30.851 + 8.506 + 88.819 + -85.52 = NT$43 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 298.104 + 73.839 + -142.476 + 165.153 = NT$395 Mil.
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Total Receivables was NT$1,125 Mil.
Revenue was 1335.827 + 1354.788 + 1196.421 + 1325.186 = NT$5,212 Mil.
Gross Profit was 350.879 + 407.355 + 237.156 + 225.797 = NT$1,221 Mil.
Total Current Assets was NT$9,693 Mil.
Total Assets was NT$14,751 Mil.
Property, Plant and Equipment(Net PPE) was NT$4,566 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$494 Mil.
Selling, General, & Admin. Expense(SGA) was NT$550 Mil.
Total Current Liabilities was NT$7,106 Mil.
Long-Term Debt & Capital Lease Obligation was NT$51 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) |
| = | (1280.084 / 5188) | / | (1124.651 / 5212.222) |
| = | 0.246739 | / | 0.215772 |
| | = | 1.1435 |
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) |
| = | (1221.187 / 5212.222) | / | (683.598 / 5188) |
| = | 0.234293 | / | 0.131765 |
| | = | 1.7781 |
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 - (10511.846 + 5607.144) / 16784.513) | / | (1 - (9693.425 + 4565.791) / 14751.111) |
| = | 0.039651 | / | 0.033346 |
| | = | 1.1891 |
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 |
| = | 5188 | / | 5212.222 |
| | = | 0.9954 |
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)) |
| = | (493.72 / (493.72 + 4565.791)) | / | (636.543 / (636.543 + 5607.144)) |
| = | 0.097583 | / | 0.10195 |
| | = | 0.9572 |
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) |
| = | (545.432 / 5188) | / | (550.267 / 5212.222) |
| = | 0.105133 | / | 0.105572 |
| | = | 0.9958 |
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) |
| = | ((2625.868 + 6046.131) / 16784.513) | / | ((50.814 + 7106.046) / 14751.111) |
| = | 0.516667 | / | 0.485174 |
| | = | 1.0649 |
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 |
| = | (42.656 - 0 | - | 394.62) | / | 16784.513 |
| | = | -0.02097 |
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.
ShunSin Technology Holdings has a M-score of -1.99 suggests that the company is unlikely to be a manipulator.
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