AMAX Holding Co Beneish M-Score Historical Data
The historical data trend for AMAX Holding 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.
AMAX Holding Co Beneish M-Score Chart
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AMAX Holding Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-1.91 |
-3.07 |
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AMAX Holding Co Quarterly Data
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Dec20 |
Dec21 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-1.91 |
- |
-3.16 |
-3.50 |
-3.07 |
Competitive Comparison of AMAX Holding Co's Beneish M-Score
For the Electronic Components subindustry, AMAX Holding 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.
AMAX Holding Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, AMAX Holding Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AMAX Holding Co's Beneish M-Score falls into.
AMAX Holding 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 AMAX Holding 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 * 1.5385 | + | 0.528 * 1.2095 | + | 0.404 * 0.8581 | + | 0.892 * 0.9038 | + | 0.115 * 0.8101 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9933 | + | 4.679 * -0.216815 | - | 0.327 * 1.0496 |
| = | -3.07 |
* 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$1,174 Mil.
Revenue was 1654.066 + 1095.049 + 1470.171 + 1273.102 = NT$5,492 Mil.
Gross Profit was 222.036 + 141.285 + 151.452 + 225.123 = NT$740 Mil.
Total Current Assets was NT$3,842 Mil.
Total Assets was NT$4,236 Mil.
Property, Plant and Equipment(Net PPE) was NT$271 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$80 Mil.
Selling, General, & Admin. Expense(SGA) was NT$476 Mil.
Total Current Liabilities was NT$1,824 Mil.
Long-Term Debt & Capital Lease Obligation was NT$156 Mil.
Net Income was 81.497 + 3.745 + 13.526 + 65.138 = NT$164 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 265.698 + -143.558 + 1225.932 + -265.834 = NT$1,082 Mil.
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Total Receivables was NT$844 Mil.
Revenue was 1542.035 + 1436.542 + 1511.369 + 1587.351 = NT$6,077 Mil.
Gross Profit was 216.887 + 204.839 + 287.555 + 280.937 = NT$990 Mil.
Total Current Assets was NT$3,181 Mil.
Total Assets was NT$3,618 Mil.
Property, Plant and Equipment(Net PPE) was NT$315 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$71 Mil.
Selling, General, & Admin. Expense(SGA) was NT$531 Mil.
Total Current Liabilities was NT$1,408 Mil.
Long-Term Debt & Capital Lease Obligation was NT$204 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) |
| = | (1174.235 / 5492.388) | / | (844.488 / 6077.297) |
| = | 0.213793 | / | 0.138958 |
| | = | 1.5385 |
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) |
| = | (990.218 / 6077.297) | / | (739.896 / 5492.388) |
| = | 0.162937 | / | 0.134713 |
| | = | 1.2095 |
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 - (3841.678 + 271.345) / 4235.55) | / | (1 - (3181.068 + 314.814) / 3617.842) |
| = | 0.028928 | / | 0.033711 |
| | = | 0.8581 |
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 |
| = | 5492.388 | / | 6077.297 |
| | = | 0.9038 |
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)) |
| = | (71.003 / (71.003 + 314.814)) | / | (79.764 / (79.764 + 271.345)) |
| = | 0.184033 | / | 0.227177 |
| | = | 0.8101 |
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) |
| = | (476.317 / 5492.388) | / | (530.591 / 6077.297) |
| = | 0.086723 | / | 0.087307 |
| | = | 0.9933 |
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) |
| = | ((155.982 + 1824.208) / 4235.55) | / | ((203.796 + 1407.616) / 3617.842) |
| = | 0.467517 | / | 0.445407 |
| | = | 1.0496 |
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 |
| = | (163.906 - 0 | - | 1082.238) | / | 4235.55 |
| | = | -0.216815 |
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.
AMAX Holding Co has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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