Amazing Microelectronic Beneish M-Score Historical Data
The historical data trend for Amazing Microelectronic'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.
Amazing Microelectronic Beneish M-Score Chart
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Amazing Microelectronic Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.20 |
-2.24 |
-2.78 |
-1.67 |
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Amazing Microelectronic Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Sep21 |
Dec21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.21 |
-1.89 |
-2.11 |
-1.67 |
-3.00 |
Competitive Comparison of Amazing Microelectronic's Beneish M-Score
For the Semiconductors subindustry, Amazing Microelectronic'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.
Amazing Microelectronic's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Amazing Microelectronic's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Amazing Microelectronic's Beneish M-Score falls into.
Amazing Microelectronic 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 Amazing Microelectronic 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 * 0.9047 | + | 0.528 * 0.9139 | + | 0.404 * 0.8808 | + | 0.892 * 1.0302 | + | 0.115 * 0.7151 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0556 | + | 4.679 * -0.062071 | - | 0.327 * 1.088 |
| = | -3.00 |
* 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$469 Mil.
Revenue was 570.502 + 604.456 + 673.575 + 755.412 = NT$2,604 Mil.
Gross Profit was 255.096 + 242.321 + 290.452 + 360.453 = NT$1,148 Mil.
Total Current Assets was NT$3,941 Mil.
Total Assets was NT$6,357 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,259 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$91 Mil.
Selling, General, & Admin. Expense(SGA) was NT$362 Mil.
Total Current Liabilities was NT$1,690 Mil.
Long-Term Debt & Capital Lease Obligation was NT$5 Mil.
Net Income was 98.028 + 31.573 + 115.908 + 162.726 = NT$408 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 101.732 + 170.066 + 305.479 + 225.554 = NT$803 Mil.
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Total Receivables was NT$503 Mil.
Revenue was 604.265 + 386.578 + 537.182 + 999.686 = NT$2,528 Mil.
Gross Profit was 303.543 + 47.213 + 201.183 + 466.793 = NT$1,019 Mil.
Total Current Assets was NT$2,989 Mil.
Total Assets was NT$5,765 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,585 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$81 Mil.
Selling, General, & Admin. Expense(SGA) was NT$333 Mil.
Total Current Liabilities was NT$1,406 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8 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) |
| = | (468.646 / 2603.945) | / | (502.853 / 2527.711) |
| = | 0.179975 | / | 0.198936 |
| | = | 0.9047 |
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) |
| = | (1018.732 / 2527.711) | / | (1148.322 / 2603.945) |
| = | 0.403026 | / | 0.440993 |
| | = | 0.9139 |
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 - (3940.568 + 1259.068) / 6357.178) | / | (1 - (2988.524 + 1584.505) / 5764.809) |
| = | 0.182084 | / | 0.206734 |
| | = | 0.8808 |
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 |
| = | 2603.945 | / | 2527.711 |
| | = | 1.0302 |
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)) |
| = | (80.574 / (80.574 + 1584.505)) | / | (91.387 / (91.387 + 1259.068)) |
| = | 0.04839 | / | 0.067671 |
| | = | 0.7151 |
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) |
| = | (362.361 / 2603.945) | / | (333.211 / 2527.711) |
| = | 0.139158 | / | 0.131823 |
| | = | 1.0556 |
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) |
| = | ((5.424 + 1690.003) / 6357.178) | / | ((7.5 + 1405.553) / 5764.809) |
| = | 0.266695 | / | 0.245117 |
| | = | 1.088 |
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 |
| = | (408.235 - 0 | - | 802.831) | / | 6357.178 |
| | = | -0.062071 |
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.
Amazing Microelectronic has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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