Asia Tech Image Beneish M-Score Historical Data
The historical data trend for Asia Tech Image'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.
Asia Tech Image Beneish M-Score Chart
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Asia Tech Image Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.16 |
-3.01 |
-2.47 |
-2.27 |
-2.92 |
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Asia Tech Image 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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-3.02 |
-2.70 |
-2.86 |
-2.92 |
-2.73 |
Competitive Comparison of Asia Tech Image's Beneish M-Score
For the Electronic Components subindustry, Asia Tech Image'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.
Asia Tech Image's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Asia Tech Image's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asia Tech Image's Beneish M-Score falls into.
Asia Tech Image 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 Asia Tech Image 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 * 0.9532 | + | 0.528 * 1.1015 | + | 0.404 * 1.0103 | + | 0.892 * 0.8453 | + | 0.115 * 0.8912 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.02 | + | 4.679 * -0.033708 | - | 0.327 * 0.8579 |
| = | -2.73 |
* 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$473 Mil.
Revenue was 855.208 + 811.771 + 841.446 + 1007.347 = NT$3,516 Mil.
Gross Profit was 142.916 + 106.909 + 146.808 + 179.984 = NT$577 Mil.
Total Current Assets was NT$4,024 Mil.
Total Assets was NT$4,279 Mil.
Property, Plant and Equipment(Net PPE) was NT$245 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$106 Mil.
Selling, General, & Admin. Expense(SGA) was NT$123 Mil.
Total Current Liabilities was NT$1,250 Mil.
Long-Term Debt & Capital Lease Obligation was NT$14 Mil.
Net Income was 114.611 + 58.893 + 109.721 + 153.918 = NT$437 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 333.709 + 141.948 + -1.462 + 107.194 = NT$581 Mil.
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Total Receivables was NT$587 Mil.
Revenue was 878.52 + 1157.098 + 1078.927 + 1044.796 = NT$4,159 Mil.
Gross Profit was 143.573 + 212.674 + 200.829 + 194.357 = NT$751 Mil.
Total Current Assets was NT$4,011 Mil.
Total Assets was NT$4,312 Mil.
Property, Plant and Equipment(Net PPE) was NT$292 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$107 Mil.
Selling, General, & Admin. Expense(SGA) was NT$143 Mil.
Total Current Liabilities was NT$1,482 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2 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) |
| = | (472.953 / 3515.772) | / | (587.019 / 4159.341) |
| = | 0.134523 | / | 0.141133 |
| | = | 0.9532 |
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) |
| = | (751.433 / 4159.341) | / | (576.617 / 3515.772) |
| = | 0.180662 | / | 0.164009 |
| | = | 1.1015 |
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 - (4024.459 + 245.111) / 4279.237) | / | (1 - (4010.678 + 291.789) / 4312.108) |
| = | 0.002259 | / | 0.002236 |
| | = | 1.0103 |
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 |
| = | 3515.772 | / | 4159.341 |
| | = | 0.8453 |
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)) |
| = | (107.416 / (107.416 + 291.789)) | / | (106.009 / (106.009 + 245.111)) |
| = | 0.269075 | / | 0.301917 |
| | = | 0.8912 |
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) |
| = | (122.997 / 3515.772) | / | (142.661 / 4159.341) |
| = | 0.034984 | / | 0.034299 |
| | = | 1.02 |
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) |
| = | ((14 + 1249.971) / 4279.237) | / | ((2.199 + 1482.431) / 4312.108) |
| = | 0.295373 | / | 0.344293 |
| | = | 0.8579 |
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 |
| = | (437.143 - 0 | - | 581.389) | / | 4279.237 |
| | = | -0.033708 |
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.
Asia Tech Image has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.
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