TMP Steel Beneish M-Score Historical Data
The historical data trend for TMP Steel'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.
TMP Steel Beneish M-Score Chart
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TMP Steel Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.66 |
-2.08 |
-1.27 |
-2.76 |
-0.09 |
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TMP Steel 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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-1.76 |
-1.62 |
-2.36 |
-0.09 |
-0.96 |
Competitive Comparison of TMP Steel's Beneish M-Score
For the Steel subindustry, TMP Steel'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.
TMP Steel's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, TMP Steel's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TMP Steel's Beneish M-Score falls into.
TMP Steel 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 TMP Steel 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 * 0.9314 | + | 0.528 * 1.0549 | + | 0.404 * 4.5367 | + | 0.892 * 1.0827 | + | 0.115 * 0.7564 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1414 | + | 4.679 * 0.028267 | - | 0.327 * 1.0806 |
| = | -0.96 |
* 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$1,176 Mil.
Revenue was 2200.59 + 2056.026 + 1650.094 + 1943.302 = NT$7,850 Mil.
Gross Profit was 123.51 + 130.162 + 102.612 + 118.693 = NT$475 Mil.
Total Current Assets was NT$2,533 Mil.
Total Assets was NT$3,470 Mil.
Property, Plant and Equipment(Net PPE) was NT$778 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$51 Mil.
Selling, General, & Admin. Expense(SGA) was NT$250 Mil.
Total Current Liabilities was NT$1,730 Mil.
Long-Term Debt & Capital Lease Obligation was NT$362 Mil.
Net Income was 48.402 + 126.651 + 35.966 + 50.133 = NT$261 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 24.87 + -35.076 + 113.905 + 59.379 = NT$163 Mil.
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Total Receivables was NT$1,167 Mil.
Revenue was 2176.238 + 1650.73 + 1941.541 + 1481.89 = NT$7,250 Mil.
Gross Profit was 129.716 + 120.369 + 104.579 + 108.137 = NT$463 Mil.
Total Current Assets was NT$1,844 Mil.
Total Assets was NT$2,481 Mil.
Property, Plant and Equipment(Net PPE) was NT$612 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$30 Mil.
Selling, General, & Admin. Expense(SGA) was NT$202 Mil.
Total Current Liabilities was NT$855 Mil.
Long-Term Debt & Capital Lease Obligation was NT$530 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) |
| = | (1176.477 / 7850.012) | / | (1166.663 / 7250.399) |
| = | 0.149869 | / | 0.16091 |
| | = | 0.9314 |
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) |
| = | (462.801 / 7250.399) | / | (474.977 / 7850.012) |
| = | 0.063831 | / | 0.060507 |
| | = | 1.0549 |
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 - (2533.285 + 778.109) / 3469.536) | / | (1 - (1843.895 + 612.12) / 2480.941) |
| = | 0.04558 | / | 0.010047 |
| | = | 4.5367 |
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 |
| = | 7850.012 | / | 7250.399 |
| | = | 1.0827 |
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)) |
| = | (29.999 / (29.999 + 612.12)) | / | (51.22 / (51.22 + 778.109)) |
| = | 0.046719 | / | 0.061761 |
| | = | 0.7564 |
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) |
| = | (249.733 / 7850.012) | / | (202.089 / 7250.399) |
| = | 0.031813 | / | 0.027873 |
| | = | 1.1414 |
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) |
| = | ((362.003 + 1730.038) / 3469.536) | / | ((529.763 + 854.573) / 2480.941) |
| = | 0.602974 | / | 0.557988 |
| | = | 1.0806 |
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 |
| = | (261.152 - 0 | - | 163.078) | / | 3469.536 |
| | = | 0.028267 |
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.
TMP Steel has a M-score of -0.96 signals that the company is likely to be a manipulator.
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