Fsp Technology Beneish M-Score Historical Data
The historical data trend for Fsp Technology'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.
Fsp Technology Beneish M-Score Chart
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Fsp Technology Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.58 |
-2.40 |
-2.19 |
-2.84 |
-2.76 |
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Fsp Technology 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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-2.81 |
-2.73 |
-2.74 |
-2.76 |
-2.63 |
Competitive Comparison of Fsp Technology's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Fsp Technology'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.
Fsp Technology's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Fsp Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Fsp Technology's Beneish M-Score falls into.
Fsp Technology 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 Fsp Technology 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 * 0.9718 | + | 0.528 * 0.8764 | + | 0.404 * 1.0839 | + | 0.892 * 0.8916 | + | 0.115 * 0.9178 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1909 | + | 4.679 * -0.002459 | - | 0.327 * 0.8159 |
| = | -2.63 |
* 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$3,441 Mil.
Revenue was 2706.526 + 2895.075 + 3456.543 + 3598.621 = NT$12,657 Mil.
Gross Profit was 461.305 + 516.978 + 712.397 + 649.118 = NT$2,340 Mil.
Total Current Assets was NT$10,511 Mil.
Total Assets was NT$20,197 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,866 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$391 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,366 Mil.
Total Current Liabilities was NT$5,251 Mil.
Long-Term Debt & Capital Lease Obligation was NT$264 Mil.
Net Income was 113.993 + 18.726 + 371.616 + 141.437 = NT$646 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -135.677 + 356.943 + 256.074 + 218.091 = NT$695 Mil.
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Total Receivables was NT$3,971 Mil.
Revenue was 3434.859 + 3219.696 + 3774.356 + 3766.192 = NT$14,195 Mil.
Gross Profit was 550.306 + 547.757 + 647.665 + 554.055 = NT$2,300 Mil.
Total Current Assets was NT$11,544 Mil.
Total Assets was NT$21,062 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,994 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$377 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,286 Mil.
Total Current Liabilities was NT$6,586 Mil.
Long-Term Debt & Capital Lease Obligation was NT$463 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) |
| = | (3440.817 / 12656.765) | / | (3971.102 / 14195.103) |
| = | 0.271856 | / | 0.279752 |
| | = | 0.9718 |
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) |
| = | (2299.783 / 14195.103) | / | (2339.798 / 12656.765) |
| = | 0.162012 | / | 0.184865 |
| | = | 0.8764 |
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 - (10511.248 + 1866.053) / 20197.283) | / | (1 - (11544.411 + 1993.799) / 21062.025) |
| = | 0.38718 | / | 0.357222 |
| | = | 1.0839 |
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 |
| = | 12656.765 | / | 14195.103 |
| | = | 0.8916 |
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)) |
| = | (376.677 / (376.677 + 1993.799)) | / | (390.725 / (390.725 + 1866.053)) |
| = | 0.158904 | / | 0.173134 |
| | = | 0.9178 |
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) |
| = | (1365.854 / 12656.765) | / | (1286.288 / 14195.103) |
| = | 0.107915 | / | 0.090615 |
| | = | 1.1909 |
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) |
| = | ((263.503 + 5251.499) / 20197.283) | / | ((463.209 + 6585.653) / 21062.025) |
| = | 0.273057 | / | 0.334672 |
| | = | 0.8159 |
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 |
| = | (645.772 - 0 | - | 695.431) | / | 20197.283 |
| | = | -0.002459 |
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.
Fsp Technology has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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