Msscorps Co Beneish M-Score Historical Data
The historical data trend for Msscorps 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.
Msscorps Co Beneish M-Score Chart
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Msscorps Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.52 |
-2.55 |
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Msscorps Co Quarterly Data
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Dec18 |
Dec19 |
Jun20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.59 |
-2.46 |
-2.18 |
-2.55 |
-2.70 |
Competitive Comparison of Msscorps Co's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Msscorps 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.
Msscorps Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Msscorps Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Msscorps Co's Beneish M-Score falls into.
Msscorps 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 Msscorps 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 * 0.9178 | + | 0.528 * 1.114 | + | 0.404 * 1.9527 | + | 0.892 * 1.0843 | + | 0.115 * 1.2817 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0304 | + | 4.679 * -0.114377 | - | 0.327 * 1.4651 |
| = | -2.70 |
* 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$600 Mil.
Revenue was 434.851 + 468.928 + 499.993 + 503.609 = NT$1,907 Mil.
Gross Profit was 109.406 + 169.229 + 201.933 + 194.711 = NT$675 Mil.
Total Current Assets was NT$1,455 Mil.
Total Assets was NT$4,657 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,608 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$517 Mil.
Selling, General, & Admin. Expense(SGA) was NT$277 Mil.
Total Current Liabilities was NT$739 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,260 Mil.
Net Income was -9.563 + 72.036 + 72.203 + 81.16 = NT$216 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 152.6 + 161.58 + 223.039 + 211.324 = NT$749 Mil.
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Total Receivables was NT$603 Mil.
Revenue was 408.045 + 472.442 + 458.492 + 420.05 = NT$1,759 Mil.
Gross Profit was 131.126 + 210.837 + 191.581 + 160.187 = NT$694 Mil.
Total Current Assets was NT$1,766 Mil.
Total Assets was NT$3,774 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,761 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$474 Mil.
Selling, General, & Admin. Expense(SGA) was NT$248 Mil.
Total Current Liabilities was NT$437 Mil.
Long-Term Debt & Capital Lease Obligation was NT$669 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) |
| = | (600.275 / 1907.381) | / | (603.166 / 1759.029) |
| = | 0.314712 | / | 0.342897 |
| | = | 0.9178 |
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) |
| = | (693.731 / 1759.029) | / | (675.279 / 1907.381) |
| = | 0.394383 | / | 0.354035 |
| | = | 1.114 |
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 - (1455.211 + 2607.796) / 4657.461) | / | (1 - (1765.854 + 1761.082) / 3773.585) |
| = | 0.127635 | / | 0.065362 |
| | = | 1.9527 |
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 |
| = | 1907.381 | / | 1759.029 |
| | = | 1.0843 |
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)) |
| = | (473.98 / (473.98 + 1761.082)) | / | (517.015 / (517.015 + 2607.796)) |
| = | 0.212066 | / | 0.165455 |
| | = | 1.2817 |
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) |
| = | (277.352 / 1907.381) | / | (248.227 / 1759.029) |
| = | 0.14541 | / | 0.141116 |
| | = | 1.0304 |
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) |
| = | ((1260.323 + 738.717) / 4657.461) | / | ((668.699 + 436.791) / 3773.585) |
| = | 0.429212 | / | 0.292955 |
| | = | 1.4651 |
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 |
| = | (215.836 - 0 | - | 748.543) | / | 4657.461 |
| | = | -0.114377 |
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.
Msscorps Co has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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