TCL Technology Group Beneish M-Score Historical Data
The historical data trend for TCL Technology Group'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.
TCL Technology Group Beneish M-Score Chart
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TCL Technology Group Annual Data
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Trend |
Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
-2.10 |
-2.37 |
-2.28 |
-2.59 |
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TCL Technology Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar23 |
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Mar24 |
| Beneish M-Score |
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-2.29 |
-2.50 |
-2.54 |
-2.59 |
-2.75 |
Competitive Comparison of TCL Technology Group's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, TCL Technology Group'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.
TCL Technology Group's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, TCL Technology Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TCL Technology Group's Beneish M-Score falls into.
TCL Technology Group 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 TCL Technology Group 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 * 1.2716 | + | 0.528 * 0.5566 | + | 0.404 * 0.9732 | + | 0.892 * 1.057 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2133 | + | 4.679 * -0.062316 | - | 0.327 * 0.9948 |
| = | -2.75 |
* 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 ¥31,254 Mil.
Revenue was 39946.383 + 41280.175 + 47975.808 + 45724.458 = ¥174,927 Mil.
Gross Profit was 4633.004 + 6150.836 + 8595.763 + 6809.758 = ¥26,189 Mil.
Total Current Assets was ¥111,141 Mil.
Total Assets was ¥391,747 Mil.
Property, Plant and Equipment(Net PPE) was ¥198,034 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥4,604 Mil.
Total Current Liabilities was ¥104,092 Mil.
Long-Term Debt & Capital Lease Obligation was ¥135,955 Mil.
Net Income was 239.97 + 603.522 + 1270.919 + 889.492 = ¥3,004 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 6596.506 + 9170.743 + 5727.845 + 5920.811 = ¥27,416 Mil.
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Total Receivables was ¥23,254 Mil.
Revenue was 39465.731 + 40056.476 + 42014.91 + 43963.225 = ¥165,500 Mil.
Gross Profit was 4102.856 + 3076.45 + 3583.153 + 3030.076 = ¥13,793 Mil.
Total Current Assets was ¥100,564 Mil.
Total Assets was ¥379,397 Mil.
Property, Plant and Equipment(Net PPE) was ¥196,659 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥3,590 Mil.
Total Current Liabilities was ¥86,610 Mil.
Long-Term Debt & Capital Lease Obligation was ¥147,090 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) |
| = | (31253.858 / 174926.824) | / | (23254.317 / 165500.342) |
| = | 0.178668 | / | 0.140509 |
| | = | 1.2716 |
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) |
| = | (13792.535 / 165500.342) | / | (26189.361 / 174926.824) |
| = | 0.083338 | / | 0.149716 |
| | = | 0.5566 |
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 - (111140.99 + 198034.216) / 391746.725) | / | (1 - (100563.53 + 196659.154) / 379396.714) |
| = | 0.210778 | / | 0.216591 |
| | = | 0.9732 |
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 |
| = | 174926.824 | / | 165500.342 |
| | = | 1.057 |
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)) |
| = | (0 / (0 + 196659.154)) | / | (0 / (0 + 198034.216)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (4603.792 / 174926.824) | / | (3590.023 / 165500.342) |
| = | 0.026318 | / | 0.021692 |
| | = | 1.2133 |
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) |
| = | ((135954.552 + 104091.648) / 391746.725) | / | ((147090.097 + 86610.113) / 379396.714) |
| = | 0.612759 | / | 0.615978 |
| | = | 0.9948 |
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 |
| = | (3003.903 - 0 | - | 27415.905) | / | 391746.725 |
| | = | -0.062316 |
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.
TCL Technology Group has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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