Advanced Digital Chips Beneish M-Score Historical Data
The historical data trend for Advanced Digital Chips'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.
Advanced Digital Chips Beneish M-Score Chart
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Advanced Digital Chips Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.77 |
-2.93 |
-2.60 |
-3.80 |
3.38 |
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Advanced Digital Chips Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.80 |
-3.31 |
-3.06 |
-2.97 |
3.38 |
Competitive Comparison of Advanced Digital Chips's Beneish M-Score
For the Semiconductors subindustry, Advanced Digital Chips'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.
Advanced Digital Chips's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Advanced Digital Chips's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Advanced Digital Chips's Beneish M-Score falls into.
Advanced Digital Chips 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 Advanced Digital Chips 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 * 1.127 | + | 0.528 * 12.9136 | + | 0.404 * 0.2857 | + | 0.892 * 0.6798 | + | 0.115 * 0.3903 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6998 | + | 4.679 * 0.057177 | - | 0.327 * 1.1494 |
| = | 3.38 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₩5,193 Mil.
Revenue was 3359.665 + 3608.614 + 4514.845 + 4672.281 = ₩16,155 Mil.
Gross Profit was -1120.868 + 79.681 + 265.207 + 1018.193 = ₩242 Mil.
Total Current Assets was ₩81,028 Mil.
Total Assets was ₩81,654 Mil.
Property, Plant and Equipment(Net PPE) was ₩363 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,115 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,023 Mil.
Total Current Liabilities was ₩61,426 Mil.
Long-Term Debt & Capital Lease Obligation was ₩160 Mil.
Net Income was -4949.686 + -1829.958 + -758.006 + -1796.451 = ₩-9,334 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 590.547 + -2289.471 + -1748.575 + -10555.344 = ₩-14,003 Mil.
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Total Receivables was ₩6,779 Mil.
Revenue was 5815.192 + 6762.819 + 6020.628 + 5167.875 = ₩23,767 Mil.
Gross Profit was 841.515 + 2414.974 + -86.574 + 1431.588 = ₩4,602 Mil.
Total Current Assets was ₩83,474 Mil.
Total Assets was ₩85,886 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,442 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩602 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,751 Mil.
Total Current Liabilities was ₩50,903 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,453 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) |
| = | (5193.265 / 16155.405) | / | (6778.892 / 23766.514) |
| = | 0.321457 | / | 0.285229 |
| | = | 1.127 |
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) |
| = | (4601.503 / 23766.514) | / | (242.213 / 16155.405) |
| = | 0.193613 | / | 0.014993 |
| | = | 12.9136 |
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 - (81028.37 + 362.618) / 81654.435) | / | (1 - (83473.719 + 1442.342) / 85885.744) |
| = | 0.003226 | / | 0.01129 |
| | = | 0.2857 |
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 |
| = | 16155.405 | / | 23766.514 |
| | = | 0.6798 |
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)) |
| = | (602.191 / (602.191 + 1442.342)) | / | (1114.829 / (1114.829 + 362.618)) |
| = | 0.294537 | / | 0.754564 |
| | = | 0.3903 |
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) |
| = | (2023.337 / 16155.405) | / | (1751.103 / 23766.514) |
| = | 0.125242 | / | 0.073679 |
| | = | 1.6998 |
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) |
| = | ((159.923 + 61425.808) / 81654.435) | / | ((5452.696 + 50903.006) / 85885.744) |
| = | 0.754224 | / | 0.656171 |
| | = | 1.1494 |
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 |
| = | (-9334.101 - 0 | - | -14002.843) | / | 81654.435 |
| | = | 0.057177 |
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.
Advanced Digital Chips has a M-score of 3.38 signals that the company is likely to be a manipulator.
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