Nak Sealing Technologies (TPE:9942) Beneish M-Score : -2.40 (As of Mar. 30, 2025)

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What is Nak Sealing Technologies 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:9942' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: -2.49 Max: -2.3
Current: -2.4

During the past 13 years, the highest Beneish M-Score of Nak Sealing Technologies was -2.30. The lowest was -3.05. And the median was -2.49.

Nak Sealing Technologies Beneish M-Score Historical Data

The historical data trend for Nak Sealing Technologies'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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Nak Sealing Technologies Beneish M-Score Chart

Nak Sealing Technologies Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.49

-2.36

-2.30

-3.05

-2.40

Nak Sealing Technologies 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															-3.05	-2.81	-2.76	-2.62	-2.40

Competitive Comparison of Nak Sealing Technologies's Beneish M-Score

For the Auto Parts subindustry, Nak Sealing Technologies'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.

Nak Sealing Technologies's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Nak Sealing Technologies's Beneish M-Score distribution charts can be found below:

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

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Nak Sealing Technologies 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 Nak Sealing Technologies 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 * 1.243

0.528 * 1.0243

0.404 * 1.0996

0.892 * 0.8197

0.115 * 0.9776

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0661

4.679 * -0.020263

0.327 * 0.7743

-2.40

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$1,467 Mil.
Revenue was 998.672 + 980.868 + 987.425 + 956.491 = NT$3,923 Mil.
Gross Profit was 395.648 + 403.165 + 402.356 + 380.237 = NT$1,581 Mil.
Total Current Assets was NT$3,168 Mil.
Total Assets was NT$5,316 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,966 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$197 Mil.
Selling, General, & Admin. Expense(SGA) was NT$512 Mil.
Total Current Liabilities was NT$665 Mil.
Long-Term Debt & Capital Lease Obligation was NT$57 Mil.
Net Income was 195.092 + 170.537 + 166.226 + 188.959 = NT$721 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 359.311 + 202.313 + 44.637 + 222.277 = NT$829 Mil.

Total Receivables was NT$1,440 Mil.
Revenue was 1129.454 + 1237.973 + 1289.616 + 1129.483 = NT$4,787 Mil.
Gross Profit was 459.025 + 539.627 + 529.164 + 448.439 = NT$1,976 Mil.
Total Current Assets was NT$3,232 Mil.
Total Assets was NT$5,292 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,895 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$185 Mil.
Selling, General, & Admin. Expense(SGA) was NT$586 Mil.
Total Current Liabilities was NT$859 Mil.
Long-Term Debt & Capital Lease Obligation was NT$69 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)
	=	(1466.895 / 3923.456)	/	(1439.701 / 4786.526)
	=	0.373878	/	0.300782
	=	1.243

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)
	=	(1976.255 / 4786.526)	/	(1581.406 / 3923.456)
	=	0.412879	/	0.403065
	=	1.0243

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 - (3167.915 + 1965.918) / 5316.184)	/	(1 - (3232.21 + 1894.96) / 5292.254)
	=	0.034301	/	0.031194
	=	1.0996

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
	=	3923.456	/	4786.526
	=	0.8197

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))
	=	(184.796 / (184.796 + 1894.96))	/	(196.542 / (196.542 + 1965.918))
	=	0.088855	/	0.090888
	=	0.9776

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)
	=	(511.95 / 3923.456)	/	(585.816 / 4786.526)
	=	0.130484	/	0.122389
	=	1.0661

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)
	=	((56.6 + 665.182) / 5316.184)	/	((68.842 + 859.161) / 5292.254)
	=	0.135771	/	0.175351
	=	0.7743

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
	=	(720.814 - 0	-	828.538)	/	5316.184
	=	-0.020263

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.

Nak Sealing Technologies has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.

Nak Sealing Technologies Beneish M-Score Related Terms

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Nak Sealing Technologies Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Nak Sealing Technologies Corp (TPE:9942) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No 336 Industrial Road, Nankang Industrial Zone, Nantou, TWN

Website

https://www.nak.com.tw

Nak Sealing Technologies Corp manufactures and sells oil seals and technical sealing products for various applications around the world. It is involved in the production and sale of oil seals, rubber compounds, manufacturing of automobiles, motorcycles, transportation equipment, and machinery. Geographically the company caters its products within domestic markets and to overseas markets, including the Americas, Europe, the rest of Asia, and others.

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