Formosa Chemicals & Fibre Beneish M-Score Historical Data
The historical data trend for Formosa Chemicals & Fibre'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.
Formosa Chemicals & Fibre Beneish M-Score Chart
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Formosa Chemicals & Fibre Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.84 |
-2.96 |
-2.42 |
-1.15 |
-2.49 |
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Formosa Chemicals & Fibre Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.15 |
1.39 |
-15.46 |
-1.66 |
-2.49 |
Competitive Comparison of Formosa Chemicals & Fibre's Beneish M-Score
For the Chemicals subindustry, Formosa Chemicals & Fibre'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.
Formosa Chemicals & Fibre's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Formosa Chemicals & Fibre's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Formosa Chemicals & Fibre's Beneish M-Score falls into.
Formosa Chemicals & Fibre 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 Formosa Chemicals & Fibre 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 * 1.1457 | + | 0.528 * 0.9766 | + | 0.404 * 1.0676 | + | 0.892 * 0.8756 | + | 0.115 * 1.0854 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.917 | + | 4.679 * -0.017345 | - | 0.327 * 0.986 |
| = | -2.49 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was NT$37,086 Mil.
Revenue was 87597.742 + 86824.127 + 75168.838 + 83028.826 = NT$332,620 Mil.
Gross Profit was 3785.052 + 5848.743 + 383.131 + 1407.516 = NT$11,424 Mil.
Total Current Assets was NT$214,906 Mil.
Total Assets was NT$565,870 Mil.
Property, Plant and Equipment(Net PPE) was NT$149,851 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$17,464 Mil.
Selling, General, & Admin. Expense(SGA) was NT$14,475 Mil.
Total Current Liabilities was NT$101,226 Mil.
Long-Term Debt & Capital Lease Obligation was NT$76,511 Mil.
Net Income was 118.308 + 7500.749 + 1697.248 + -767.787 = NT$8,549 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 5193.462 + 15096.745 + 3929.486 + -5856.246 = NT$18,363 Mil.
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Total Receivables was NT$36,972 Mil.
Revenue was 85967.795 + 90738.545 + 107791.185 + 95399.038 = NT$379,897 Mil.
Gross Profit was -1227.52 + -1888.593 + 6671.28 + 9187.194 = NT$12,742 Mil.
Total Current Assets was NT$226,085 Mil.
Total Assets was NT$555,546 Mil.
Property, Plant and Equipment(Net PPE) was NT$144,512 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$18,464 Mil.
Selling, General, & Admin. Expense(SGA) was NT$18,028 Mil.
Total Current Liabilities was NT$116,951 Mil.
Long-Term Debt & Capital Lease Obligation was NT$60,023 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) |
| = | (37086.043 / 332619.533) | / | (36972.081 / 379896.563) |
| = | 0.111497 | / | 0.097321 |
| | = | 1.1457 |
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) |
| = | (12742.361 / 379896.563) | / | (11424.442 / 332619.533) |
| = | 0.033542 | / | 0.034347 |
| | = | 0.9766 |
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 - (214905.674 + 149851.459) / 565870.368) | / | (1 - (226085.09 + 144511.72) / 555546.296) |
| = | 0.355405 | / | 0.332915 |
| | = | 1.0676 |
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 |
| = | 332619.533 | / | 379896.563 |
| | = | 0.8756 |
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)) |
| = | (18464.21 / (18464.21 + 144511.72)) | / | (17463.696 / (17463.696 + 149851.459)) |
| = | 0.113294 | / | 0.104376 |
| | = | 1.0854 |
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) |
| = | (14474.686 / 332619.533) | / | (18028.435 / 379896.563) |
| = | 0.043517 | / | 0.047456 |
| | = | 0.917 |
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) |
| = | ((76511.014 + 101225.762) / 565870.368) | / | ((60022.528 + 116950.946) / 555546.296) |
| = | 0.314095 | / | 0.318558 |
| | = | 0.986 |
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 |
| = | (8548.518 - 0 | - | 18363.447) | / | 565870.368 |
| | = | -0.017345 |
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.
Formosa Chemicals & Fibre has a M-score of -2.49 suggests that the company is unlikely to be a manipulator.
Formosa Chemicals & Fibre (TPE:1326) Business Description
Traded in Other Exchanges
N/A
Address
Dunhua North Road, Number 201, Songshan District, Taipei, TWN, 105
Formosa Chemicals & Fibre Corp manufactures and sells a variety of chemicals, plastics-based products, and textiles. The Company has eight business divisions, namely First Chemical Division, Petrochemicals Division, Third Chemical Division, Plastics Division, Textile Division, First Fiber Division, Second Fiber Division, and Engineering & Construction Division. The Company's businesses are production and sales of petrochemical products, including PTA, PS, AN, Butadiene, SM polymer, SM, benzene, toluene, pxylene (PX) and o-xylene (OX), as well as nylon fiber, and rayon staple fiber. The Company is also engaged in spinning, weaving, dyeing and finishing.
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