Inari Amertron Bhd Beneish M-Score Historical Data
The historical data trend for Inari Amertron Bhd'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.
Inari Amertron Bhd Beneish M-Score Chart
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Inari Amertron Bhd Annual Data
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Trend |
Jun15 |
Jun16 |
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Jun19 |
Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.35 |
-2.84 |
-2.71 |
-2.27 |
-2.47 |
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Inari Amertron Bhd Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.35 |
-1.74 |
-2.71 |
-2.47 |
-2.86 |
Competitive Comparison of Inari Amertron Bhd's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Inari Amertron Bhd'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.
Inari Amertron Bhd's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Inari Amertron Bhd's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Inari Amertron Bhd's Beneish M-Score falls into.
Inari Amertron Bhd 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 Inari Amertron Bhd 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 * 0.6438 | + | 0.528 * 1.1686 | + | 0.404 * 1.3752 | + | 0.892 * 1.0896 | + | 0.115 * 1.1533 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4618 | + | 4.679 * -0.07422 | - | 0.327 * 0.8876 |
| = | -2.86 |
* 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 RM275 Mil.
Revenue was 388.01 + 333.112 + 347.629 + 414.076 = RM1,483 Mil.
Gross Profit was 83.44 + 63.644 + 69.81 + 97.901 = RM315 Mil.
Total Current Assets was RM2,604 Mil.
Total Assets was RM3,365 Mil.
Property, Plant and Equipment(Net PPE) was RM732 Mil.
Depreciation, Depletion and Amortization(DDA) was RM129 Mil.
Selling, General, & Admin. Expense(SGA) was RM158 Mil.
Total Current Liabilities was RM298 Mil.
Long-Term Debt & Capital Lease Obligation was RM14 Mil.
Net Income was 24.12 + 54.682 + 73.724 + 86.809 = RM239 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0 Mil.
Cash Flow from Operations was 38.21 + 82.061 + 270.48 + 98.342 = RM489 Mil.
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Total Receivables was RM392 Mil.
Revenue was 383.932 + 298.752 + 275.795 + 402.456 = RM1,361 Mil.
Gross Profit was 92.348 + 53.501 + 62.141 + 129.647 = RM338 Mil.
Total Current Assets was RM2,425 Mil.
Total Assets was RM2,967 Mil.
Property, Plant and Equipment(Net PPE) was RM523 Mil.
Depreciation, Depletion and Amortization(DDA) was RM109 Mil.
Selling, General, & Admin. Expense(SGA) was RM99 Mil.
Total Current Liabilities was RM294 Mil.
Long-Term Debt & Capital Lease Obligation was RM15 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) |
| = | (275.215 / 1482.827) | / | (392.32 / 1360.935) |
| = | 0.185602 | / | 0.288272 |
| | = | 0.6438 |
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) |
| = | (337.637 / 1360.935) | / | (314.795 / 1482.827) |
| = | 0.248092 | / | 0.212294 |
| | = | 1.1686 |
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 - (2603.533 + 732.273) / 3365.112) | / | (1 - (2424.73 + 523.129) / 2966.648) |
| = | 0.008709 | / | 0.006333 |
| | = | 1.3752 |
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 |
| = | 1482.827 | / | 1360.935 |
| | = | 1.0896 |
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)) |
| = | (109.184 / (109.184 + 523.129)) | / | (128.938 / (128.938 + 732.273)) |
| = | 0.172674 | / | 0.149717 |
| | = | 1.1533 |
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) |
| = | (158.38 / 1482.827) | / | (99.439 / 1360.935) |
| = | 0.106809 | / | 0.073067 |
| | = | 1.4618 |
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) |
| = | ((13.512 + 298.409) / 3365.112) | / | ((15.403 + 294.412) / 2966.648) |
| = | 0.092693 | / | 0.104433 |
| | = | 0.8876 |
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 |
| = | (239.335 - 0 | - | 489.093) | / | 3365.112 |
| | = | -0.07422 |
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.
Inari Amertron Bhd has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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