Sunko Ink Co Beneish M-Score Historical Data
The historical data trend for Sunko Ink Co'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.
Sunko Ink Co Beneish M-Score Chart
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Sunko Ink Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.93 |
-2.22 |
-1.74 |
-3.26 |
-5.31 |
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Sunko Ink Co 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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-3.44 |
1.85 |
-5.84 |
-5.31 |
-4.42 |
Competitive Comparison of Sunko Ink Co's Beneish M-Score
For the Chemicals subindustry, Sunko Ink Co'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.
Sunko Ink Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Sunko Ink Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sunko Ink Co's Beneish M-Score falls into.
Sunko Ink Co 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 Sunko Ink Co 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 * 1.186 | + | 0.528 * -1.5768 | + | 0.404 * 0.9159 | + | 0.892 * 0.7716 | + | 0.115 * 0.9669 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1519 | + | 4.679 * -0.093045 | - | 0.327 * 1.1456 |
| = | -4.42 |
* 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$408 Mil.
Revenue was 540.283 + 587.98 + 522.521 + 499.699 = NT$2,150 Mil.
Gross Profit was -27.871 + 37.644 + -41.238 + -55.664 = NT$-87 Mil.
Total Current Assets was NT$1,873 Mil.
Total Assets was NT$3,673 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,600 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$259 Mil.
Selling, General, & Admin. Expense(SGA) was NT$149 Mil.
Total Current Liabilities was NT$745 Mil.
Long-Term Debt & Capital Lease Obligation was NT$826 Mil.
Net Income was -81.076 + -65.391 + -77.469 + -80.133 = NT$-304 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 47.561 + -36.128 + -43.506 + 69.714 = NT$38 Mil.
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Total Receivables was NT$446 Mil.
Revenue was 575.471 + 704.753 + 651.973 + 854.979 = NT$2,787 Mil.
Gross Profit was -3.012 + 32.632 + 44.456 + 103.989 = NT$178 Mil.
Total Current Assets was NT$1,939 Mil.
Total Assets was NT$3,867 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,698 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$265 Mil.
Selling, General, & Admin. Expense(SGA) was NT$168 Mil.
Total Current Liabilities was NT$873 Mil.
Long-Term Debt & Capital Lease Obligation was NT$572 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) |
| = | (408.032 / 2150.483) | / | (445.884 / 2787.176) |
| = | 0.18974 | / | 0.159977 |
| | = | 1.186 |
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) |
| = | (178.065 / 2787.176) | / | (-87.129 / 2150.483) |
| = | 0.063887 | / | -0.040516 |
| | = | -1.5768 |
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 - (1872.537 + 1599.693) / 3672.53) | / | (1 - (1939.191 + 1697.795) / 3867.262) |
| = | 0.05454 | / | 0.059545 |
| | = | 0.9159 |
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 |
| = | 2150.483 | / | 2787.176 |
| | = | 0.7716 |
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)) |
| = | (264.687 / (264.687 + 1697.795)) | / | (259.307 / (259.307 + 1599.693)) |
| = | 0.134874 | / | 0.139487 |
| | = | 0.9669 |
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) |
| = | (149.48 / 2150.483) | / | (168.195 / 2787.176) |
| = | 0.06951 | / | 0.060346 |
| | = | 1.1519 |
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) |
| = | ((826.228 + 745.187) / 3672.53) | / | ((571.86 + 872.602) / 3867.262) |
| = | 0.427884 | / | 0.37351 |
| | = | 1.1456 |
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 |
| = | (-304.069 - 0 | - | 37.641) | / | 3672.53 |
| | = | -0.093045 |
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.
Sunko Ink Co has a M-score of -4.42 suggests that the company is unlikely to be a manipulator.
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