Advantech Co Beneish M-Score Historical Data
The historical data trend for Advantech 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.
Advantech Co Beneish M-Score Chart
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Advantech 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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-2.30 |
-2.59 |
-2.52 |
-2.32 |
-2.54 |
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Advantech Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
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Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.30 |
-2.41 |
-2.79 |
-2.54 |
-2.77 |
Competitive Comparison of Advantech Co's Beneish M-Score
For the Computer Hardware subindustry, Advantech 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.
Advantech Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Advantech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Advantech Co's Beneish M-Score falls into.
Advantech 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 Advantech 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 * 0.9162 | + | 0.528 * 0.9446 | + | 0.404 * 1.0774 | + | 0.892 * 0.8719 | + | 0.115 * 0.98 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1782 | + | 4.679 * -0.018609 | - | 0.327 * 0.9366 |
| = | -2.77 |
* 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$9,201 Mil.
Revenue was 13879.27 + 15137.606 + 15006.349 + 17028.135 = NT$61,051 Mil.
Gross Profit was 5547.678 + 6219.888 + 6016.645 + 7014.301 = NT$24,799 Mil.
Total Current Assets was NT$43,057 Mil.
Total Assets was NT$71,046 Mil.
Property, Plant and Equipment(Net PPE) was NT$13,641 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,100 Mil.
Selling, General, & Admin. Expense(SGA) was NT$9,247 Mil.
Total Current Liabilities was NT$23,531 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,647 Mil.
Net Income was 1993.057 + 2290.824 + 2583.172 + 3004.331 = NT$9,871 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 508.615 + 417.258 + 8389.85 + 1877.723 = NT$11,193 Mil.
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Total Receivables was NT$11,518 Mil.
Revenue was 17395.607 + 17186.777 + 18613.912 + 16824.495 = NT$70,021 Mil.
Gross Profit was 6910.98 + 6676.856 + 6779.637 + 6499.399 = NT$26,867 Mil.
Total Current Assets was NT$43,073 Mil.
Total Assets was NT$69,575 Mil.
Property, Plant and Equipment(Net PPE) was NT$13,460 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,062 Mil.
Selling, General, & Admin. Expense(SGA) was NT$9,002 Mil.
Total Current Liabilities was NT$24,819 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,506 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) |
| = | (9200.509 / 61051.36) | / | (11517.587 / 70020.791) |
| = | 0.150701 | / | 0.164488 |
| | = | 0.9162 |
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) |
| = | (26866.872 / 70020.791) | / | (24798.512 / 61051.36) |
| = | 0.383698 | / | 0.406191 |
| | = | 0.9446 |
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 - (43056.579 + 13640.938) / 71045.9) | / | (1 - (43073.457 + 13459.52) / 69575.443) |
| = | 0.201959 | / | 0.187458 |
| | = | 1.0774 |
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 |
| = | 61051.36 | / | 70020.791 |
| | = | 0.8719 |
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)) |
| = | (1062.165 / (1062.165 + 13459.52)) | / | (1100.267 / (1100.267 + 13640.938)) |
| = | 0.073143 | / | 0.074639 |
| | = | 0.98 |
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) |
| = | (9247.292 / 61051.36) | / | (9001.574 / 70020.791) |
| = | 0.151467 | / | 0.128556 |
| | = | 1.1782 |
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) |
| = | ((1646.824 + 23530.66) / 71045.9) | / | ((1505.597 + 24819.498) / 69575.443) |
| = | 0.354383 | / | 0.378368 |
| | = | 0.9366 |
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 |
| = | (9871.384 - 0 | - | 11193.446) | / | 71045.9 |
| | = | -0.018609 |
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.
Advantech Co has a M-score of -2.77 suggests that the company is unlikely to be a manipulator.
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