Young Optics Beneish M-Score Historical Data
The historical data trend for Young Optics'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.
Young Optics Beneish M-Score Chart
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Young Optics Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.83 |
-3.31 |
-1.97 |
-3.13 |
-2.69 |
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Young Optics 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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-3.44 |
-3.37 |
-3.39 |
-2.69 |
-3.00 |
Competitive Comparison of Young Optics's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Young Optics'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.
Young Optics's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Young Optics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Young Optics's Beneish M-Score falls into.
Young Optics 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 Young Optics 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 * 1.1918 | + | 0.528 * 1.5815 | + | 0.404 * 1.2408 | + | 0.892 * 0.6746 | + | 0.115 * 0.8893 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2801 | + | 4.679 * -0.169114 | - | 0.327 * 0.8832 |
| = | -3.00 |
* 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$449 Mil.
Revenue was 560.13 + 717.049 + 746.587 + 817.141 = NT$2,841 Mil.
Gross Profit was 31.106 + 89.9 + 70.445 + 88.871 = NT$280 Mil.
Total Current Assets was NT$1,851 Mil.
Total Assets was NT$4,220 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,052 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$332 Mil.
Selling, General, & Admin. Expense(SGA) was NT$285 Mil.
Total Current Liabilities was NT$968 Mil.
Long-Term Debt & Capital Lease Obligation was NT$419 Mil.
Net Income was -229.407 + -67.089 + -67.467 + -67.156 = NT$-431 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 49.192 + 51.94 + 60.972 + 120.434 = NT$283 Mil.
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Total Receivables was NT$558 Mil.
Revenue was 729.592 + 883.944 + 1338.894 + 1258.698 = NT$4,211 Mil.
Gross Profit was 67.406 + 102.735 + 234.134 + 252.874 = NT$657 Mil.
Total Current Assets was NT$2,499 Mil.
Total Assets was NT$5,193 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,379 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$336 Mil.
Selling, General, & Admin. Expense(SGA) was NT$330 Mil.
Total Current Liabilities was NT$1,280 Mil.
Long-Term Debt & Capital Lease Obligation was NT$654 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) |
| = | (448.612 / 2840.907) | / | (557.992 / 4211.128) |
| = | 0.157912 | / | 0.132504 |
| | = | 1.1918 |
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) |
| = | (657.149 / 4211.128) | / | (280.322 / 2840.907) |
| = | 0.156051 | / | 0.098673 |
| | = | 1.5815 |
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 - (1850.705 + 2051.755) / 4219.968) | / | (1 - (2499.036 + 2379.023) / 5192.938) |
| = | 0.075239 | / | 0.060636 |
| | = | 1.2408 |
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 |
| = | 2840.907 | / | 4211.128 |
| | = | 0.6746 |
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)) |
| = | (336.246 / (336.246 + 2379.023)) | / | (331.929 / (331.929 + 2051.755)) |
| = | 0.123835 | / | 0.13925 |
| | = | 0.8893 |
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) |
| = | (284.548 / 2840.907) | / | (329.504 / 4211.128) |
| = | 0.100161 | / | 0.078246 |
| | = | 1.2801 |
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) |
| = | ((419.207 + 968.425) / 4219.968) | / | ((653.565 + 1279.798) / 5192.938) |
| = | 0.328825 | / | 0.372306 |
| | = | 0.8832 |
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 |
| = | (-431.119 - 0 | - | 282.538) | / | 4219.968 |
| | = | -0.169114 |
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.
Young Optics has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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