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Merida Industry Co (TPE:9914) Beneish M-Score : 0.00 (As of Mar. 02, 2025)


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What is Merida Industry Co 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.

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

During the past 13 years, the highest Beneish M-Score of Merida Industry Co was 63.81. The lowest was -2.48. And the median was -2.15.


Merida Industry Co Beneish M-Score Historical Data

The historical data trend for Merida Industry 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.

* Premium members only.

Merida Industry Co Beneish M-Score Chart

Merida Industry Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.24 -2.41 -1.88 -1.00 -2.08

Merida Industry Co Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -2.08 - - -

Competitive Comparison of Merida Industry Co's Beneish M-Score

For the Leisure subindustry, Merida Industry 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.


Merida Industry Co's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Merida Industry Co's Beneish M-Score distribution charts can be found below:

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



Merida Industry 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 Merida Industry 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 * +0.528 * +0.404 * +0.892 * +0.115 *
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * +4.679 * -0.327 *
=

* 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 (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was NT$3,489 Mil.
Revenue was 8664.287 + 9322.709 + 5845.495 + -21649.28 = NT$2,183 Mil.
Gross Profit was 1580.102 + 1943.161 + 1074.297 + -3810.914 = NT$787 Mil.
Total Current Assets was NT$18,953 Mil.
Total Assets was NT$41,862 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,621 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$-2 Mil.
Selling, General, & Admin. Expense(SGA) was NT$286 Mil.
Total Current Liabilities was NT$13,673 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,073 Mil.
Net Income was 690.182 + 655.548 + 415.769 + -1919.213 = NT$-158 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 782.821 + 1960.462 + 342.585 + 1056.959 = NT$4,143 Mil.
Total Receivables was NT$3,284 Mil.
Revenue was 6688.372 + 7459.365 + 8386.581 + -25887.74 = NT$-3,353 Mil.
Gross Profit was 1230.388 + 1380.655 + 1435.165 + -4302.666 = NT$-256 Mil.
Total Current Assets was NT$17,419 Mil.
Total Assets was NT$40,929 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,670 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$19 Mil.
Selling, General, & Admin. Expense(SGA) was NT$55 Mil.
Total Current Liabilities was NT$12,533 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,212 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)
=(3488.669 / 2183.211) / (3284.471 / -3353.422)
=1.597953 /
=

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)
=(-256.458 / -3353.422) / (786.646 / 2183.211)
= / 0.360316
=

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 - (18953.419 + 2620.59) / 41862.101) / (1 - (17418.628 + 2670.139) / 40929.051)
=0.484641 / 0.509181
=

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
=2183.211 / -3353.422
=

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))
=(18.591 / (18.591 + 2670.139)) / (-1.725 / (-1.725 + 2620.59))
=0.006914 / -0.000659
=

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)
=(285.868 / 2183.211) / (54.808 / -3353.422)
=0.130939 /
=

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)
=((1073.315 + 13673.187) / 41862.101) / ((1211.685 + 12533.203) / 40929.051)
=0.352264 / 0.335822
=

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
=(-157.714 - 0 - 4142.827) / 41862.101
=-0.102731

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.


Merida Industry Co Beneish M-Score Related Terms

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Merida Industry Co Business Description

Traded in Other Exchanges
N/A
Address
No. 116, Meigang Road, Dacun Township, Changhua County, Yuanlin, TWN
Merida Industry Co Ltd is a manufacturer and distributor of bicycles and bicycle-related components, domiciled in Taiwan. The company produces bicycles for both recreational and professional use. Products include mountain bicycles, road and racing bicycles, bicycle motocross, or BMX, folding bicycles, children and youth bicycles, electric bicycles, helmets, components, and related parts and accessories. Merida distributes bicycles and components both domestically and internationally, and products are largely sold under the Merida brand name.

Merida Industry Co Headlines

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