Largan Precision Co Beneish M-Score Historical Data
The historical data trend for Largan Precision 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.
Largan Precision Co Beneish M-Score Chart
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Largan Precision Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.59 |
-2.58 |
-2.65 |
-3.04 |
-2.16 |
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Largan Precision Co 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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-2.89 |
-2.70 |
-2.43 |
-2.16 |
-2.43 |
Competitive Comparison of Largan Precision Co's Beneish M-Score
For the Electronic Components subindustry, Largan Precision 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.
Largan Precision Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Largan Precision Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Largan Precision Co's Beneish M-Score falls into.
Largan Precision 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 Largan Precision 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 * 0.9777 | + | 0.528 * 1.1118 | + | 0.404 * 1.1915 | + | 0.892 * 1.093 | + | 0.115 * 1.0282 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.172 | + | 4.679 * -0.030921 | - | 0.327 * 0.9415 |
| = | -2.43 |
* 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$7,776 Mil.
Revenue was 11313.191 + 17883.054 + 13628.819 + 8194.353 = NT$51,019 Mil.
Gross Profit was 5560.761 + 9455.822 + 5792.763 + 4003.617 = NT$24,813 Mil.
Total Current Assets was NT$139,365 Mil.
Total Assets was NT$205,784 Mil.
Property, Plant and Equipment(Net PPE) was NT$42,494 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$5,548 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,900 Mil.
Total Current Liabilities was NT$37,257 Mil.
Long-Term Debt & Capital Lease Obligation was NT$46 Mil.
Net Income was 6111.106 + 4964.881 + 5952.52 + 3695.973 = NT$20,724 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 13144.866 + 6205.059 + 3883.176 + 3854.435 = NT$27,088 Mil.
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Total Receivables was NT$7,277 Mil.
Revenue was 9136.021 + 14390.119 + 13477.29 + 9675.073 = NT$46,679 Mil.
Gross Profit was 4553.349 + 8042.898 + 7243.673 + 5400.415 = NT$25,240 Mil.
Total Current Assets was NT$132,610 Mil.
Total Assets was NT$189,576 Mil.
Property, Plant and Equipment(Net PPE) was NT$38,468 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$5,183 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,483 Mil.
Total Current Liabilities was NT$36,439 Mil.
Long-Term Debt & Capital Lease Obligation was NT$61 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) |
| = | (7776.333 / 51019.417) | / | (7276.709 / 46678.503) |
| = | 0.152419 | / | 0.15589 |
| | = | 0.9777 |
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) |
| = | (25240.335 / 46678.503) | / | (24812.963 / 51019.417) |
| = | 0.540727 | / | 0.486344 |
| | = | 1.1118 |
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 - (139364.52 + 42494.219) / 205783.8) | / | (1 - (132610.142 + 38467.938) / 189576.028) |
| = | 0.116263 | / | 0.097575 |
| | = | 1.1915 |
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 |
| = | 51019.417 | / | 46678.503 |
| | = | 1.093 |
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)) |
| = | (5182.507 / (5182.507 + 38467.938)) | / | (5547.553 / (5547.553 + 42494.219)) |
| = | 0.118727 | / | 0.115474 |
| | = | 1.0282 |
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) |
| = | (1899.899 / 51019.417) | / | (1483.145 / 46678.503) |
| = | 0.037239 | / | 0.031774 |
| | = | 1.172 |
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) |
| = | ((45.767 + 37257.193) / 205783.8) | / | ((61.441 + 36438.884) / 189576.028) |
| = | 0.181273 | / | 0.192537 |
| | = | 0.9415 |
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 |
| = | (20724.48 - 0 | - | 27087.536) | / | 205783.8 |
| | = | -0.030921 |
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.
Largan Precision Co has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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