Thunder Tiger Beneish M-Score Historical Data
The historical data trend for Thunder Tiger'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.
Thunder Tiger Beneish M-Score Chart
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Thunder Tiger Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.77 |
-2.78 |
-2.41 |
-2.30 |
-2.27 |
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Thunder Tiger Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.66 |
-2.42 |
-2.64 |
-2.27 |
-2.42 |
Competitive Comparison of Thunder Tiger's Beneish M-Score
For the Leisure subindustry, Thunder Tiger'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.
Thunder Tiger's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Thunder Tiger's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Thunder Tiger's Beneish M-Score falls into.
Thunder Tiger 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 Thunder Tiger 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 * 0.9725 | + | 0.528 * 0.958 | + | 0.404 * 1.0812 | + | 0.892 * 0.9231 | + | 0.115 * 1.5499 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1904 | + | 4.679 * 0.025685 | - | 0.327 * 1.0314 |
| = | -2.42 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$148 Mil.
Revenue was 286.426 + 245.616 + 233.16 + 251.754 = NT$1,017 Mil.
Gross Profit was 128.101 + 106.977 + 82.925 + 95.493 = NT$413 Mil.
Total Current Assets was NT$1,216 Mil.
Total Assets was NT$2,189 Mil.
Property, Plant and Equipment(Net PPE) was NT$409 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$87 Mil.
Selling, General, & Admin. Expense(SGA) was NT$358 Mil.
Total Current Liabilities was NT$548 Mil.
Long-Term Debt & Capital Lease Obligation was NT$244 Mil.
Net Income was 24.04 + -3.188 + -10.267 + 0.598 = NT$11 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 56.303 + -44.816 + -14.487 + -42.053 = NT$-45 Mil.
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Total Receivables was NT$165 Mil.
Revenue was 254.605 + 290.192 + 289.637 + 267.242 = NT$1,102 Mil.
Gross Profit was 105.611 + 110.686 + 108.103 + 104.747 = NT$429 Mil.
Total Current Assets was NT$1,400 Mil.
Total Assets was NT$2,120 Mil.
Property, Plant and Equipment(Net PPE) was NT$215 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$81 Mil.
Selling, General, & Admin. Expense(SGA) was NT$325 Mil.
Total Current Liabilities was NT$618 Mil.
Long-Term Debt & Capital Lease Obligation was NT$126 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) |
| = | (147.836 / 1016.956) | / | (164.685 / 1101.676) |
| = | 0.145371 | / | 0.149486 |
| | = | 0.9725 |
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) |
| = | (429.147 / 1101.676) | / | (413.496 / 1016.956) |
| = | 0.38954 | / | 0.406602 |
| | = | 0.958 |
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 - (1216.024 + 409.126) / 2189.469) | / | (1 - (1399.642 + 214.691) / 2119.641) |
| = | 0.257742 | / | 0.238393 |
| | = | 1.0812 |
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 |
| = | 1016.956 | / | 1101.676 |
| | = | 0.9231 |
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)) |
| = | (80.538 / (80.538 + 214.691)) | / | (87.389 / (87.389 + 409.126)) |
| = | 0.272798 | / | 0.176005 |
| | = | 1.5499 |
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) |
| = | (357.592 / 1016.956) | / | (325.431 / 1101.676) |
| = | 0.35163 | / | 0.295396 |
| | = | 1.1904 |
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) |
| = | ((244.223 + 547.851) / 2189.469) | / | ((125.515 + 617.968) / 2119.641) |
| = | 0.361765 | / | 0.350759 |
| | = | 1.0314 |
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 |
| = | (11.183 - 0 | - | -45.053) | / | 2189.469 |
| | = | 0.025685 |
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.
Thunder Tiger has a M-score of -2.42 suggests that the company is unlikely to be a manipulator.
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