Prosperity Dielectrics Co Beneish M-Score Historical Data
The historical data trend for Prosperity Dielectrics 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.
Prosperity Dielectrics Co Beneish M-Score Chart
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Prosperity Dielectrics Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.52 |
-2.14 |
-3.05 |
-2.47 |
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Prosperity Dielectrics Co 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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-2.66 |
-2.56 |
-2.36 |
-2.47 |
-2.63 |
Competitive Comparison of Prosperity Dielectrics Co's Beneish M-Score
For the Semiconductors subindustry, Prosperity Dielectrics 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.
Prosperity Dielectrics Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Prosperity Dielectrics Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Prosperity Dielectrics Co's Beneish M-Score falls into.
Prosperity Dielectrics 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 Prosperity Dielectrics 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 * 1.022 | + | 0.528 * 1.0707 | + | 0.404 * 1.251 | + | 0.892 * 0.9728 | + | 0.115 * 0.8811 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0953 | + | 4.679 * -0.071635 | - | 0.327 * 0.7392 |
| = | -2.63 |
* 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$885 Mil.
Revenue was 872.57 + 858.883 + 949.164 + 966.119 = NT$3,647 Mil.
Gross Profit was 193.888 + 163.646 + 150.754 + 213.783 = NT$722 Mil.
Total Current Assets was NT$3,068 Mil.
Total Assets was NT$8,691 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,821 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$442 Mil.
Selling, General, & Admin. Expense(SGA) was NT$246 Mil.
Total Current Liabilities was NT$1,237 Mil.
Long-Term Debt & Capital Lease Obligation was NT$144 Mil.
Net Income was 145.974 + 41.012 + 112.407 + 148.34 = NT$448 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 158.304 + 234.181 + 298.768 + 379.048 = NT$1,070 Mil.
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Total Receivables was NT$890 Mil.
Revenue was 879.673 + 821.887 + 874.626 + 1172.467 = NT$3,749 Mil.
Gross Profit was 173.563 + 128.436 + 174.953 + 317.782 = NT$795 Mil.
Total Current Assets was NT$3,458 Mil.
Total Assets was NT$8,767 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,244 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$466 Mil.
Selling, General, & Admin. Expense(SGA) was NT$231 Mil.
Total Current Liabilities was NT$1,372 Mil.
Long-Term Debt & Capital Lease Obligation was NT$513 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) |
| = | (884.942 / 3646.736) | / | (890.107 / 3748.653) |
| = | 0.242667 | / | 0.237447 |
| | = | 1.022 |
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) |
| = | (794.734 / 3748.653) | / | (722.071 / 3646.736) |
| = | 0.212005 | / | 0.198005 |
| | = | 1.0707 |
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 - (3068.176 + 1821.344) / 8690.798) | / | (1 - (3458.173 + 2243.692) / 8767.287) |
| = | 0.437391 | / | 0.349643 |
| | = | 1.251 |
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 |
| = | 3646.736 | / | 3748.653 |
| | = | 0.9728 |
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)) |
| = | (465.986 / (465.986 + 2243.692)) | / | (441.693 / (441.693 + 1821.344)) |
| = | 0.171971 | / | 0.195177 |
| | = | 0.8811 |
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) |
| = | (246.189 / 3646.736) | / | (231.055 / 3748.653) |
| = | 0.067509 | / | 0.061637 |
| | = | 1.0953 |
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) |
| = | ((144.004 + 1237.174) / 8690.798) | / | ((512.623 + 1372.245) / 8767.287) |
| = | 0.158924 | / | 0.214989 |
| | = | 0.7392 |
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 |
| = | (447.733 - 0 | - | 1070.301) | / | 8690.798 |
| | = | -0.071635 |
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.
Prosperity Dielectrics Co has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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