Sun Race Sturmey-Archer Beneish M-Score Historical Data
The historical data trend for Sun Race Sturmey-Archer'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.
Sun Race Sturmey-Archer Beneish M-Score Chart
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Sun Race Sturmey-Archer Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.65 |
-3.49 |
-0.70 |
-2.80 |
-2.95 |
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Sun Race Sturmey-Archer 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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-2.34 |
-2.09 |
-2.47 |
-2.95 |
-2.67 |
Competitive Comparison of Sun Race Sturmey-Archer's Beneish M-Score
For the Auto Parts subindustry, Sun Race Sturmey-Archer'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.
Sun Race Sturmey-Archer's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Sun Race Sturmey-Archer's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sun Race Sturmey-Archer's Beneish M-Score falls into.
Sun Race Sturmey-Archer 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 Sun Race Sturmey-Archer 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 * 1.1411 | + | 0.528 * 1.3092 | + | 0.404 * 1.1387 | + | 0.892 * 0.4027 | + | 0.115 * 1.0991 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.0915 | + | 4.679 * 0.035876 | - | 0.327 * 1 |
| = | -2.67 |
* 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$52.1 Mil.
Revenue was 171.552 + 142.837 + 231.52 + 272.59 = NT$818.5 Mil.
Gross Profit was 48.237 + 33.561 + 68.359 + 71.366 = NT$221.5 Mil.
Total Current Assets was NT$1,702.2 Mil.
Total Assets was NT$2,647.6 Mil.
Property, Plant and Equipment(Net PPE) was NT$872.1 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$81.4 Mil.
Selling, General, & Admin. Expense(SGA) was NT$233.1 Mil.
Total Current Liabilities was NT$437.7 Mil.
Long-Term Debt & Capital Lease Obligation was NT$798.7 Mil.
Net Income was -3.423 + -28.715 + 5.044 + 23.826 = NT$-3.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0.0 Mil.
Cash Flow from Operations was -20.304 + 42.296 + 21.178 + -141.422 = NT$-98.3 Mil.
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Total Receivables was NT$113.3 Mil.
Revenue was 348.215 + 478.684 + 595.396 + 610.485 = NT$2,032.8 Mil.
Gross Profit was 113.842 + 148.179 + 211.892 + 246.385 = NT$720.3 Mil.
Total Current Assets was NT$1,967.2 Mil.
Total Assets was NT$2,807.9 Mil.
Property, Plant and Equipment(Net PPE) was NT$772.4 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$80.0 Mil.
Selling, General, & Admin. Expense(SGA) was NT$276.7 Mil.
Total Current Liabilities was NT$900.1 Mil.
Long-Term Debt & Capital Lease Obligation was NT$411.1 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) |
| = | (52.078 / 818.499) | / | (113.345 / 2032.78) |
| = | 0.063626 | / | 0.055759 |
| | = | 1.1411 |
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) |
| = | (720.298 / 2032.78) | / | (221.523 / 818.499) |
| = | 0.354341 | / | 0.270645 |
| | = | 1.3092 |
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 - (1702.211 + 872.064) / 2647.586) | / | (1 - (1967.241 + 772.359) / 2807.882) |
| = | 0.02769 | / | 0.024318 |
| | = | 1.1387 |
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 |
| = | 818.499 | / | 2032.78 |
| | = | 0.4027 |
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)) |
| = | (79.986 / (79.986 + 772.359)) | / | (81.407 / (81.407 + 872.064)) |
| = | 0.093842 | / | 0.08538 |
| | = | 1.0991 |
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) |
| = | (233.052 / 818.499) | / | (276.736 / 2032.78) |
| = | 0.284731 | / | 0.136137 |
| | = | 2.0915 |
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) |
| = | ((798.672 + 437.736) / 2647.586) | / | ((411.118 + 900.103) / 2807.882) |
| = | 0.466994 | / | 0.466979 |
| | = | 1 |
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 |
| = | (-3.268 - 0 | - | -98.252) | / | 2647.586 |
| | = | 0.035876 |
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.
Sun Race Sturmey-Archer has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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