Zen Voce Beneish M-Score Historical Data
The historical data trend for Zen Voce'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.
Zen Voce Beneish M-Score Chart
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Zen Voce Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.46 |
-1.91 |
-2.77 |
-2.45 |
-2.85 |
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Zen Voce Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.79 |
-2.63 |
-2.76 |
-2.85 |
-2.67 |
Competitive Comparison of Zen Voce's Beneish M-Score
For the Semiconductors subindustry, Zen Voce'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.
Zen Voce's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Zen Voce's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zen Voce's Beneish M-Score falls into.
Zen Voce 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 Zen Voce 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 * 0.8968 | + | 0.528 * 1.234 | + | 0.404 * 1.0404 | + | 0.892 * 0.9097 | + | 0.115 * 1.0937 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.931 | + | 4.679 * -0.04078 | - | 0.327 * 0.9537 |
| = | -2.67 |
* 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$260 Mil.
Revenue was 326.331 + 362.028 + 372.447 + 341.35 = NT$1,402 Mil.
Gross Profit was 100.399 + 95.566 + 123.19 + 87.522 = NT$407 Mil.
Total Current Assets was NT$1,634 Mil.
Total Assets was NT$2,004 Mil.
Property, Plant and Equipment(Net PPE) was NT$149 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$26 Mil.
Selling, General, & Admin. Expense(SGA) was NT$274 Mil.
Total Current Liabilities was NT$953 Mil.
Long-Term Debt & Capital Lease Obligation was NT$20 Mil.
Net Income was 1.838 + 1.268 + 11.165 + 1.099 = NT$15 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -17.904 + 69.347 + 104.27 + -58.618 = NT$97 Mil.
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Total Receivables was NT$318 Mil.
Revenue was 384.926 + 425.95 + 370.174 + 360.25 = NT$1,541 Mil.
Gross Profit was 128.342 + 147.512 + 139.891 + 135.882 = NT$552 Mil.
Total Current Assets was NT$1,728 Mil.
Total Assets was NT$2,103 Mil.
Property, Plant and Equipment(Net PPE) was NT$151 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$30 Mil.
Selling, General, & Admin. Expense(SGA) was NT$324 Mil.
Total Current Liabilities was NT$1,041 Mil.
Long-Term Debt & Capital Lease Obligation was NT$29 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) |
| = | (259.629 / 1402.156) | / | (318.236 / 1541.3) |
| = | 0.185164 | / | 0.206472 |
| | = | 0.8968 |
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) |
| = | (551.627 / 1541.3) | / | (406.677 / 1402.156) |
| = | 0.357897 | / | 0.290037 |
| | = | 1.234 |
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 - (1634.017 + 148.53) / 2004.022) | / | (1 - (1728.113 + 151.22) / 2102.682) |
| = | 0.110515 | / | 0.106221 |
| | = | 1.0404 |
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 |
| = | 1402.156 | / | 1541.3 |
| | = | 0.9097 |
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)) |
| = | (29.671 / (29.671 + 151.22)) | / | (26.207 / (26.207 + 148.53)) |
| = | 0.164027 | / | 0.14998 |
| | = | 1.0937 |
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) |
| = | (273.989 / 1402.156) | / | (323.513 / 1541.3) |
| = | 0.195406 | / | 0.209896 |
| | = | 0.931 |
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) |
| = | ((20.082 + 952.723) / 2004.022) | / | ((29.064 + 1041.161) / 2102.682) |
| = | 0.485426 | / | 0.508981 |
| | = | 0.9537 |
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 |
| = | (15.37 - 0 | - | 97.095) | / | 2004.022 |
| | = | -0.04078 |
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.
Zen Voce has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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