Qisda (TPE:2352) Beneish M-Score : -2.60 (As of May. 13, 2024)

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What is Qisda 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.

Good Sign:

Beneish M-Score -2.6 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:2352' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.52 Max: -1.55
Current: -2.6

During the past 13 years, the highest Beneish M-Score of Qisda was -1.55. The lowest was -3.08. And the median was -2.52.

Qisda Beneish M-Score Historical Data

The historical data trend for Qisda'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.

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Qisda Beneish M-Score Chart

Qisda Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.66

-2.67

-2.39

-2.15

-2.82

Qisda Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.50	-2.82	-3.08	-2.82	-2.60

Competitive Comparison of Qisda's Beneish M-Score

For the Computer Hardware subindustry, Qisda'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.

Qisda's Beneish M-Score Distribution in the Hardware Industry

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

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

Qisda 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 Qisda for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1165

0.528 * 0.928

0.404 * 1.126

0.892 * 0.8721

0.115 * 0.9809

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1271

4.679 * -0.021596

0.327 * 1.0103

-2.60

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$39,491 Mil.
Revenue was 46914.42 + 50667.054 + 50370.349 + 52111.593 = NT$200,063 Mil.
Gross Profit was 7510.614 + 8206.517 + 8377.448 + 8496.886 = NT$32,591 Mil.
Total Current Assets was NT$112,161 Mil.
Total Assets was NT$195,131 Mil.
Property, Plant and Equipment(Net PPE) was NT$47,161 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$5,704 Mil.
Selling, General, & Admin. Expense(SGA) was NT$21,149 Mil.
Total Current Liabilities was NT$91,199 Mil.
Long-Term Debt & Capital Lease Obligation was NT$36,331 Mil.
Net Income was 256.947 + 425.697 + 1202.014 + 1023.983 = NT$2,909 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -1169.981 + 3100.697 + 632.352 + 4559.667 = NT$7,123 Mil.

Total Receivables was NT$40,559 Mil.
Revenue was 50445.785 + 56117.019 + 60060.063 + 62794.095 = NT$229,417 Mil.
Gross Profit was 7995.052 + 8765.608 + 8649.068 + 9273.096 = NT$34,683 Mil.
Total Current Assets was NT$124,530 Mil.
Total Assets was NT$203,893 Mil.
Property, Plant and Equipment(Net PPE) was NT$46,133 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$5,461 Mil.
Selling, General, & Admin. Expense(SGA) was NT$21,517 Mil.
Total Current Liabilities was NT$91,644 Mil.
Long-Term Debt & Capital Lease Obligation was NT$40,259 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)
	=	(39491.43 / 200063.416)	/	(40559.294 / 229416.962)
	=	0.197395	/	0.176793
	=	1.1165

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)
	=	(34682.824 / 229416.962)	/	(32591.465 / 200063.416)
	=	0.151178	/	0.162906
	=	0.928

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 - (112160.691 + 47160.634) / 195130.872)	/	(1 - (124530.288 + 46133.192) / 203892.887)
	=	0.183516	/	0.162975
	=	1.126

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
	=	200063.416	/	229416.962
	=	0.8721

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))
	=	(5460.922 / (5460.922 + 46133.192))	/	(5704.15 / (5704.15 + 47160.634))
	=	0.105844	/	0.107901
	=	0.9809

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)
	=	(21149.272 / 200063.416)	/	(21517.423 / 229416.962)
	=	0.105713	/	0.093792
	=	1.1271

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)
	=	((36330.836 + 91198.66) / 195130.872)	/	((40258.602 + 91644.366) / 203892.887)
	=	0.653559	/	0.646923
	=	1.0103

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
	=	(2908.641 - 0	-	7122.735)	/	195130.872
	=	-0.021596

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.

Qisda has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.

Qisda Beneish M-Score Related Terms

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Qisda (TPE:2352) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Qisda Corp (TPE:2352) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 157, Shan-Ying Road, Gueishan, Taoyuan, TWN, 333

Website

https://www.qisda.com.tw

Qisda Corp is a Taiwan-based original equipment manufacturer of electronic products for use in consumer, commercial, medical, and industrial applications. Its products include LCD monitors, all-in-one PCs, digital signage and professional displays, projectors, scanners, multifunctional printers, smartphones, medical gateways, automobile infotainment devices, and tablets. The company's segment includes DMS; Brand; Material; Medical and Networks. It generates maximum revenue from the DMS segment.

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