International Games System Co (ROCO:3293) Beneish M-Score : -2.39 (As of May. 16, 2024)

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What is International Games System Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for International Games System Co's Beneish M-Score or its related term are showing as below:

ROCO:3293' s Beneish M-Score Range Over the Past 10 Years
Min: -2.97 Med: -2.39 Max: -0.66
Current: -2.39

During the past 13 years, the highest Beneish M-Score of International Games System Co was -0.66. The lowest was -2.97. And the median was -2.39.

International Games System Co Beneish M-Score Historical Data

The historical data trend for International Games System 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.

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International Games System Co Beneish M-Score Chart

International Games System Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.43

-2.52

-2.09

-2.79

-1.24

International Games System Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.32	-1.35	-0.66	-1.24	-2.39

Competitive Comparison of International Games System Co's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, International Games System 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.

International Games System Co's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, International Games System Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where International Games System Co's Beneish M-Score falls into.

International Games System 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 International Games System Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0057

0.528 * 1.0019

0.404 * 2.0284

0.892 * 1.2166

0.115 * 0.75

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8725

4.679 * -0.023092

0.327 * 2.244

-2.39

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$2,241 Mil.
Revenue was 4177.265 + 3790.431 + 3582.616 + 3478.897 = NT$15,029 Mil.
Gross Profit was 4049.24 + 3625.521 + 3434.416 + 3329.115 = NT$14,438 Mil.
Total Current Assets was NT$15,456 Mil.
Total Assets was NT$18,808 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,074 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$125 Mil.
Selling, General, & Admin. Expense(SGA) was NT$3,056 Mil.
Total Current Liabilities was NT$9,555 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1 Mil.
Net Income was 2036.55 + 1573.55 + 1745.43 + 1663.944 = NT$7,019 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 2352.316 + 2469.432 + 244.564 + 2387.476 = NT$7,454 Mil.

Total Receivables was NT$1,832 Mil.
Revenue was 3323.851 + 3167.014 + 2989.271 + 2872.922 = NT$12,353 Mil.
Gross Profit was 3226.963 + 3033.442 + 2867.336 + 2761.896 = NT$11,890 Mil.
Total Current Assets was NT$13,839 Mil.
Total Assets was NT$15,865 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,079 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$92 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,879 Mil.
Total Current Liabilities was NT$3,591 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 Mil.

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)
	=	(2241.123 / 15029.209)	/	(1831.696 / 12353.058)
	=	0.149118	/	0.148279
	=	1.0057

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)
	=	(11889.637 / 12353.058)	/	(14438.292 / 15029.209)
	=	0.962485	/	0.960682
	=	1.0019

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 - (15456.286 + 1074.447) / 18807.956)	/	(1 - (13839 + 1078.709) / 15864.682)
	=	0.121078	/	0.059691
	=	2.0284

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
	=	15029.209	/	12353.058
	=	1.2166

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))
	=	(91.696 / (91.696 + 1078.709))	/	(125.337 / (125.337 + 1074.447))
	=	0.078346	/	0.104466
	=	0.75

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)
	=	(3055.692 / 15029.209)	/	(2878.725 / 12353.058)
	=	0.203317	/	0.233037
	=	0.8725

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)
	=	((0.825 + 9554.655) / 18807.956)	/	((0.463 + 3591.452) / 15864.682)
	=	0.508055	/	0.22641
	=	2.244

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
	=	(7019.474 - 0	-	7453.788)	/	18807.956
	=	-0.023092

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.

International Games System Co has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.

International Games System Co Beneish M-Score Related Terms

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International Games System Co (ROCO:3293) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » International Games System Co Ltd (ROCO:3293) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 130, Wugong Road, Wugu District, New Taipei, TWN, 24886

Website

https://www.igs.com.tw

International Games System Co Ltd plans, designs, researches, develops, manufactures, markets, and services commercial electronic arcade games, related software and hardware products, online games and mobile games. It offers arcade game, online game, mobile game, simulator machine games and online games. All the business activity is primarily operated through Taiwan.

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