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Sapien Semiconductors (XKRX:452430) Beneish M-Score : 4.64 (As of Apr. 17, 2025)


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What is Sapien Semiconductors 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.

Warning Sign:

Beneish M-Score 4.64 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKRX:452430' s Beneish M-Score Range Over the Past 10 Years
Min: 4.64   Med: 4.64   Max: 4.64
Current: 4.64

During the past 4 years, the highest Beneish M-Score of Sapien Semiconductors was 4.64. The lowest was 4.64. And the median was 4.64.


Sapien Semiconductors Beneish M-Score Historical Data

The historical data trend for Sapien Semiconductors'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.

Sapien Semiconductors Beneish M-Score Chart

Sapien Semiconductors Annual Data
Trend Dec21 Dec22 Dec23 Dec24
Beneish M-Score
- - - 4.64

Sapien Semiconductors Quarterly Data
Dec21 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - - 4.64

Competitive Comparison of Sapien Semiconductors's Beneish M-Score

For the Semiconductor Equipment & Materials subindustry, Sapien Semiconductors'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.


Sapien Semiconductors's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Sapien Semiconductors's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sapien Semiconductors's Beneish M-Score falls into.


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Sapien Semiconductors 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 Sapien Semiconductors 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 * 9.5863+0.528 * 0.2409+0.404 * 1.8617+0.892 * 2.4896+0.115 * 0.7551
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4798+4.679 * -0.454845-0.327 * 0.9504
=4.64

* 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 (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was ₩5,979 Mil.
Revenue was 6687.212 + 1050.612 + 172.432 + 81.916 = ₩7,992 Mil.
Gross Profit was 1156.524 + 244.48 + 40.492 + 41.82 = ₩1,483 Mil.
Total Current Assets was ₩14,782 Mil.
Total Assets was ₩31,243 Mil.
Property, Plant and Equipment(Net PPE) was ₩15,162 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩934 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,314 Mil.
Total Current Liabilities was ₩4,954 Mil.
Long-Term Debt & Capital Lease Obligation was ₩9,367 Mil.
Net Income was 589.242 + -827.85 + -1598.969 + -16371.187 = ₩-18,209 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -686.883 + -644.035 + 4025.31 + -6692.358 = ₩-3,998 Mil.
Total Receivables was ₩251 Mil.
Revenue was 344.367 + 50.347 + 1513.813 + 1301.755 = ₩3,210 Mil.
Gross Profit was 185.007 + 12.909 + -436.691 + 382.286 = ₩144 Mil.
Total Current Assets was ₩5,576 Mil.
Total Assets was ₩21,564 Mil.
Property, Plant and Equipment(Net PPE) was ₩15,506 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩711 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,100 Mil.
Total Current Liabilities was ₩882 Mil.
Long-Term Debt & Capital Lease Obligation was ₩9,518 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)
=(5979.067 / 7992.172) / (250.532 / 3210.282)
=0.748115 / 0.07804
=9.5863

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)
=(143.511 / 3210.282) / (1483.316 / 7992.172)
=0.044704 / 0.185596
=0.2409

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 - (14781.71 + 15162.216) / 31243.152) / (1 - (5575.803 + 15506.151) / 21563.601)
=0.041584 / 0.022336
=1.8617

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
=7992.172 / 3210.282
=2.4896

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))
=(710.572 / (710.572 + 15506.151)) / (934.042 / (934.042 + 15162.216))
=0.043817 / 0.058029
=0.7551

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)
=(1314.138 / 7992.172) / (1100.23 / 3210.282)
=0.164428 / 0.342721
=0.4798

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)
=((9367.444 + 4953.754) / 31243.152) / ((9518.44 + 882.102) / 21563.601)
=0.458379 / 0.482319
=0.9504

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
=(-18208.764 - 0 - -3997.966) / 31243.152
=-0.454845

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.

Sapien Semiconductors has a M-score of 4.64 signals that the company is likely to be a manipulator.


Sapien Semiconductors Beneish M-Score Related Terms

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Sapien Semiconductors Business Description

Traded in Other Exchanges
N/A
Address
Pangyo Global Biz Center, 601-613, Building A, Changchang-ro, Sujeong-gu, Seongnam-si, KOR, 13449
Sapien Semiconductors Inc is a company fabless company specializing in display drive system semiconductor design technology. In particular, it specializes in researching and developing display driver IC products optimized for driving Micro-/Mini-LED displays, which are attracting attention as the next-generation flat display industry, and supply them to markets around the world.

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