Ace Technologies Beneish M-Score Historical Data
The historical data trend for Ace Technologies'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.
Ace Technologies Beneish M-Score Chart
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Ace Technologies Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.92 |
-2.41 |
-1.99 |
-3.11 |
-5.87 |
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Ace Technologies Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.51 |
-3.11 |
0.99 |
-5.87 |
-5.44 |
Competitive Comparison of Ace Technologies's Beneish M-Score
For the Communication Equipment subindustry, Ace Technologies'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.
Ace Technologies's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Ace Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ace Technologies's Beneish M-Score falls into.
Ace Technologies 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 Ace Technologies 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 * 1.117 | + | 0.528 * -0.7328 | + | 0.404 * 1.0608 | + | 0.892 * 0.546 | + | 0.115 * 0.9538 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4966 | + | 4.679 * -0.389266 | - | 0.327 * 1.102 |
| = | -5.44 |
* 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 ₩55,428 Mil.
Revenue was 30601.904 + 27559.215 + 26970.256 + 40950.987 = ₩126,082 Mil.
Gross Profit was 2613.861 + -11966.088 + -4298.112 + -12075.15 = ₩-25,725 Mil.
Total Current Assets was ₩133,699 Mil.
Total Assets was ₩238,223 Mil.
Property, Plant and Equipment(Net PPE) was ₩75,472 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩11,290 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,406 Mil.
Total Current Liabilities was ₩209,701 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,868 Mil.
Net Income was -3048.777 + -20948.714 + -21280.036 + -30051.775 = ₩-75,329 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -6395.41 + 8325.075 + 6669.582 + 8803.469 = ₩17,403 Mil.
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Total Receivables was ₩90,882 Mil.
Revenue was 44566.986 + 67632.746 + 59600.938 + 59117.003 = ₩230,918 Mil.
Gross Profit was 5258.607 + 12692.507 + 7476.616 + 9098.89 = ₩34,527 Mil.
Total Current Assets was ₩223,909 Mil.
Total Assets was ₩367,980 Mil.
Property, Plant and Equipment(Net PPE) was ₩101,765 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩14,421 Mil.
Selling, General, & Admin. Expense(SGA) was ₩16,250 Mil.
Total Current Liabilities was ₩237,632 Mil.
Long-Term Debt & Capital Lease Obligation was ₩67,326 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) |
| = | (55427.724 / 126082.362) | / | (90882.396 / 230917.673) |
| = | 0.439615 | / | 0.393571 |
| | = | 1.117 |
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) |
| = | (34526.62 / 230917.673) | / | (-25725.489 / 126082.362) |
| = | 0.149519 | / | -0.204037 |
| | = | -0.7328 |
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 - (133698.84 + 75471.893) / 238222.587) | / | (1 - (223908.967 + 101764.905) / 367979.526) |
| = | 0.121953 | / | 0.114967 |
| | = | 1.0608 |
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 |
| = | 126082.362 | / | 230917.673 |
| | = | 0.546 |
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)) |
| = | (14421.249 / (14421.249 + 101764.905)) | / | (11290.433 / (11290.433 + 75471.893)) |
| = | 0.124122 | / | 0.130131 |
| | = | 0.9538 |
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) |
| = | (4405.878 / 126082.362) | / | (16249.813 / 230917.673) |
| = | 0.034944 | / | 0.070371 |
| | = | 0.4966 |
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) |
| = | ((7868.005 + 209700.638) / 238222.587) | / | ((67326.157 + 237631.877) / 367979.526) |
| = | 0.9133 | / | 0.828736 |
| | = | 1.102 |
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 |
| = | (-75329.302 - 0 | - | 17402.716) | / | 238222.587 |
| | = | -0.389266 |
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.
Ace Technologies has a M-score of -5.44 suggests that the company is unlikely to be a manipulator.
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