United Alloy-Tech Co Beneish M-Score Historical Data
The historical data trend for United Alloy-Tech 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.
United Alloy-Tech Co Beneish M-Score Chart
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United Alloy-Tech Co Annual Data
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Dec14 |
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Dec20 |
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Dec23 |
| Beneish M-Score |
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-2.13 |
-2.78 |
-1.95 |
0.84 |
-2.40 |
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United Alloy-Tech Co Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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0.48 |
-0.97 |
-1.56 |
-2.40 |
-2.99 |
Competitive Comparison of United Alloy-Tech Co's Beneish M-Score
For the Metal Fabrication subindustry, United Alloy-Tech 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.
United Alloy-Tech Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, United Alloy-Tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where United Alloy-Tech Co's Beneish M-Score falls into.
United Alloy-Tech 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 United Alloy-Tech 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 * 0.6696 | + | 0.528 * 1.2468 | + | 0.404 * 0.5998 | + | 0.892 * 1.1698 | + | 0.115 * 0.4494 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7782 | + | 4.679 * -0.066821 | - | 0.327 * 0.9683 |
| = | -2.99 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was NT$1,457 Mil.
Revenue was 691.949 + 1108.087 + 803.54 + 829.034 = NT$3,433 Mil.
Gross Profit was 38.465 + 148.949 + 40.575 + 93.821 = NT$322 Mil.
Total Current Assets was NT$2,926 Mil.
Total Assets was NT$6,312 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,128 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$277 Mil.
Selling, General, & Admin. Expense(SGA) was NT$354 Mil.
Total Current Liabilities was NT$2,493 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,113 Mil.
Net Income was -83.506 + 32.671 + 78.091 + 29.006 = NT$56 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -54.184 + 148.873 + 57.705 + 325.673 = NT$478 Mil.
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Total Receivables was NT$1,860 Mil.
Revenue was 852.193 + 930.444 + 625.125 + 526.529 = NT$2,934 Mil.
Gross Profit was 111.232 + 104.848 + 62.251 + 64.644 = NT$343 Mil.
Total Current Assets was NT$3,352 Mil.
Total Assets was NT$6,205 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,430 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$92 Mil.
Selling, General, & Admin. Expense(SGA) was NT$389 Mil.
Total Current Liabilities was NT$2,690 Mil.
Long-Term Debt & Capital Lease Obligation was NT$971 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) |
| = | (1457.032 / 3432.61) | / | (1860.127 / 2934.291) |
| = | 0.424468 | / | 0.633927 |
| | = | 0.6696 |
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) |
| = | (342.975 / 2934.291) | / | (321.81 / 3432.61) |
| = | 0.116885 | / | 0.093751 |
| | = | 1.2468 |
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 - (2925.694 + 3128.306) / 6312.494) | / | (1 - (3351.581 + 2429.712) / 6204.892) |
| = | 0.04095 | / | 0.068269 |
| | = | 0.5998 |
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 |
| = | 3432.61 | / | 2934.291 |
| | = | 1.1698 |
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)) |
| = | (92.182 / (92.182 + 2429.712)) | / | (276.947 / (276.947 + 3128.306)) |
| = | 0.036553 | / | 0.081329 |
| | = | 0.4494 |
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) |
| = | (353.988 / 3432.61) | / | (388.851 / 2934.291) |
| = | 0.103125 | / | 0.13252 |
| | = | 0.7782 |
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) |
| = | ((1113.392 + 2492.985) / 6312.494) | / | ((970.773 + 2690.318) / 6204.892) |
| = | 0.571308 | / | 0.590033 |
| | = | 0.9683 |
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 |
| = | (56.262 - 0 | - | 478.067) | / | 6312.494 |
| | = | -0.066821 |
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.
United Alloy-Tech Co has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.
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