Advanced Digital Chips Beneish M-Score Historical Data
The historical data trend for Advanced Digital Chips'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.
Advanced Digital Chips Beneish M-Score Chart
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Advanced Digital Chips Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.77 |
-2.93 |
-2.60 |
-3.80 |
3.38 |
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Advanced Digital Chips 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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-3.31 |
-3.06 |
-2.97 |
3.38 |
-7.33 |
Competitive Comparison of Advanced Digital Chips's Beneish M-Score
For the Semiconductors subindustry, Advanced Digital Chips'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.
Advanced Digital Chips's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Advanced Digital Chips's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Advanced Digital Chips's Beneish M-Score falls into.
Advanced Digital Chips 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 Advanced Digital Chips 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 | + | 0.528 * -3.3175 | + | 0.404 * 0.7243 | + | 0.892 * 0.6218 | + | 0.115 * 0.2636 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.6155 | + | 4.679 * -0.133196 | - | 0.327 * 1.1468 |
| = | -7.33 |
* 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 ₩0 Mil.
Revenue was 2986.735 + 3359.665 + 3608.614 + 4514.845 = ₩14,470 Mil.
Gross Profit was -9.014 + -1120.868 + 79.681 + 265.207 = ₩-785 Mil.
Total Current Assets was ₩76,169 Mil.
Total Assets was ₩76,795 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩866 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,977 Mil.
Total Current Liabilities was ₩60,707 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was -6138.681 + -4949.686 + -1829.958 + -758.006 = ₩-13,676 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 590.547 + -2289.471 + -1748.575 = ₩-3,447 Mil.
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Total Receivables was ₩5,742 Mil.
Revenue was 4672.281 + 5815.192 + 6762.819 + 6020.628 = ₩23,271 Mil.
Gross Profit was 1018.193 + 841.515 + 2414.974 + -86.574 = ₩4,188 Mil.
Total Current Assets was ₩86,100 Mil.
Total Assets was ₩89,271 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,165 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩775 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,659 Mil.
Total Current Liabilities was ₩55,849 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,688 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) |
| = | (0 / 14469.859) | / | (5742.432 / 23270.92) |
| = | 0 | / | 0.246764 |
| | = | 0 |
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) |
| = | (4188.108 / 23270.92) | / | (-784.994 / 14469.859) |
| = | 0.179972 | / | -0.05425 |
| | = | -3.3175 |
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 - (76168.978 + 0) / 76795.412) | / | (1 - (86100.353 + 2165.129) / 89270.886) |
| = | 0.008157 | / | 0.011262 |
| | = | 0.7243 |
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 |
| = | 14469.859 | / | 23270.92 |
| | = | 0.6218 |
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)) |
| = | (774.872 / (774.872 + 2165.129)) | / | (866.342 / (866.342 + 0)) |
| = | 0.263562 | / | 1 |
| | = | 0.2636 |
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) |
| = | (5977.38 / 14469.859) | / | (2658.839 / 23270.92) |
| = | 0.413092 | / | 0.114256 |
| | = | 3.6155 |
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) |
| = | ((0 + 60706.553) / 76795.412) | / | ((5687.981 + 55849.316) / 89270.886) |
| = | 0.790497 | / | 0.689332 |
| | = | 1.1468 |
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 |
| = | (-13676.331 - 0 | - | -3447.499) | / | 76795.412 |
| | = | -0.133196 |
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.
Advanced Digital Chips has a M-score of -7.33 suggests that the company is unlikely to be a manipulator.
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