104 Beneish M-Score Historical Data
The historical data trend for 104'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.
104 Beneish M-Score Chart
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104 Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.02 |
-2.73 |
-2.58 |
-2.87 |
-2.44 |
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104 Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.76 |
-2.09 |
-2.44 |
-2.43 |
-2.47 |
Competitive Comparison of 104's Beneish M-Score
For the Staffing & Employment Services subindustry, 104'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.
104's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, 104's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where 104's Beneish M-Score falls into.
104 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 104 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 * 0.9118 | + | 0.528 * 1.0105 | + | 0.404 * 1.6763 | + | 0.892 * 1.0784 | + | 0.115 * 1.0465 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9409 | + | 4.679 * -0.057094 | - | 0.327 * 1.0297 |
| = | -2.47 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was NT$103 Mil.
Revenue was 651.819 + 562.751 + 569.704 + 628.779 = NT$2,413 Mil.
Gross Profit was 574.08 + 485.792 + 489.412 + 551.203 = NT$2,100 Mil.
Total Current Assets was NT$3,299 Mil.
Total Assets was NT$3,793 Mil.
Property, Plant and Equipment(Net PPE) was NT$399 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$89 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,263 Mil.
Total Current Liabilities was NT$2,239 Mil.
Long-Term Debt & Capital Lease Obligation was NT$100 Mil.
Net Income was 149.031 + 90.13 + 78.323 + 150.54 = NT$468 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 238.205 + 55.445 + 277.013 + 113.934 = NT$685 Mil.
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Total Receivables was NT$105 Mil.
Revenue was 600.362 + 530.561 + 525.215 + 581.533 = NT$2,238 Mil.
Gross Profit was 520.703 + 462.305 + 466.998 + 518.311 = NT$1,968 Mil.
Total Current Assets was NT$3,242 Mil.
Total Assets was NT$3,594 Mil.
Property, Plant and Equipment(Net PPE) was NT$298 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$70 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,245 Mil.
Total Current Liabilities was NT$2,100 Mil.
Long-Term Debt & Capital Lease Obligation was NT$53 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) |
| = | (103.326 / 2413.053) | / | (105.08 / 2237.671) |
| = | 0.04282 | / | 0.04696 |
| | = | 0.9118 |
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) |
| = | (1968.317 / 2237.671) | / | (2100.487 / 2413.053) |
| = | 0.879628 | / | 0.870469 |
| | = | 1.0105 |
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 - (3298.954 + 398.691) / 3793.287) | / | (1 - (3242.399 + 297.928) / 3594.389) |
| = | 0.025213 | / | 0.015041 |
| | = | 1.6763 |
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 |
| = | 2413.053 | / | 2237.671 |
| | = | 1.0784 |
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)) |
| = | (70.484 / (70.484 + 297.928)) | / | (89.19 / (89.19 + 398.691)) |
| = | 0.191318 | / | 0.182811 |
| | = | 1.0465 |
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) |
| = | (1262.789 / 2413.053) | / | (1244.534 / 2237.671) |
| = | 0.523316 | / | 0.556174 |
| | = | 0.9409 |
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) |
| = | ((100.443 + 2238.562) / 3793.287) | / | ((52.757 + 2099.687) / 3594.389) |
| = | 0.616617 | / | 0.598834 |
| | = | 1.0297 |
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 |
| = | (468.024 - 0 | - | 684.597) | / | 3793.287 |
| | = | -0.057094 |
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.
104 has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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