UTECHZONE Co Beneish M-Score Historical Data
The historical data trend for UTECHZONE 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.
UTECHZONE Co Beneish M-Score Chart
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UTECHZONE 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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-1.77 |
-2.95 |
-2.46 |
-2.41 |
-2.80 |
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UTECHZONE 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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-2.47 |
-2.95 |
-3.05 |
-2.80 |
-2.54 |
Competitive Comparison of UTECHZONE Co's Beneish M-Score
For the Electronic Components subindustry, UTECHZONE 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.
UTECHZONE Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, UTECHZONE Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UTECHZONE Co's Beneish M-Score falls into.
UTECHZONE 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 UTECHZONE 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 * 1.4491 | + | 0.528 * 1.0061 | + | 0.404 * 0.986 | + | 0.892 * 0.6248 | + | 0.115 * 0.9386 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4362 | + | 4.679 * -0.020586 | - | 0.327 * 0.871 |
| = | -2.54 |
* 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$1,187 Mil.
Revenue was 331.678 + 820.81 + 414.927 + 376.856 = NT$1,944 Mil.
Gross Profit was 151.734 + 470.902 + 257.931 + 221.434 = NT$1,102 Mil.
Total Current Assets was NT$2,706 Mil.
Total Assets was NT$4,365 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,245 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$57 Mil.
Selling, General, & Admin. Expense(SGA) was NT$600 Mil.
Total Current Liabilities was NT$1,326 Mil.
Long-Term Debt & Capital Lease Obligation was NT$573 Mil.
Net Income was 41.836 + 172.865 + 111.411 + 10.693 = NT$337 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was -10.071 + 187.499 + 72.222 + 177.003 = NT$427 Mil.
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Total Receivables was NT$1,311 Mil.
Revenue was 397.217 + 1002.221 + 937.665 + 774.699 = NT$3,112 Mil.
Gross Profit was 220.497 + 585.708 + 519.78 + 448.583 = NT$1,775 Mil.
Total Current Assets was NT$3,106 Mil.
Total Assets was NT$4,804 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,237 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$53 Mil.
Selling, General, & Admin. Expense(SGA) was NT$668 Mil.
Total Current Liabilities was NT$1,784 Mil.
Long-Term Debt & Capital Lease Obligation was NT$617 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) |
| = | (1187.153 / 1944.271) | / | (1311.158 / 3111.802) |
| = | 0.61059 | / | 0.42135 |
| | = | 1.4491 |
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) |
| = | (1774.568 / 3111.802) | / | (1102.001 / 1944.271) |
| = | 0.57027 | / | 0.566794 |
| | = | 1.0061 |
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 - (2705.937 + 1245.326) / 4364.514) | / | (1 - (3105.644 + 1237.058) / 4804.007) |
| = | 0.094684 | / | 0.096025 |
| | = | 0.986 |
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 |
| = | 1944.271 | / | 3111.802 |
| | = | 0.6248 |
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)) |
| = | (53.357 / (53.357 + 1237.058)) | / | (57.392 / (57.392 + 1245.326)) |
| = | 0.041349 | / | 0.044056 |
| | = | 0.9386 |
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) |
| = | (599.836 / 1944.271) | / | (668.468 / 3111.802) |
| = | 0.308515 | / | 0.214817 |
| | = | 1.4362 |
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) |
| = | ((573.459 + 1325.991) / 4364.514) | / | ((616.504 + 1783.794) / 4804.007) |
| = | 0.435203 | / | 0.499645 |
| | = | 0.871 |
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 |
| = | (336.805 - 0 | - | 426.653) | / | 4364.514 |
| | = | -0.020586 |
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.
UTECHZONE Co has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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