King Yuan Electronics Co (TPE:2449) Beneish M-Score : -2.67 (As of May. 16, 2024)

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What is King Yuan Electronics Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for King Yuan Electronics Co's Beneish M-Score or its related term are showing as below:

TPE:2449' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -3.07 Max: -2.62
Current: -2.67

During the past 13 years, the highest Beneish M-Score of King Yuan Electronics Co was -2.62. The lowest was -3.48. And the median was -3.07.

King Yuan Electronics Co Beneish M-Score Historical Data

The historical data trend for King Yuan Electronics 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.

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King Yuan Electronics Co Beneish M-Score Chart

King Yuan Electronics Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.09

-2.91

-2.71

-3.48

-2.76

King Yuan Electronics Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-3.47	-3.20	-2.88	-2.76	-2.67

Competitive Comparison of King Yuan Electronics Co's Beneish M-Score

For the Semiconductors subindustry, King Yuan Electronics 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.

King Yuan Electronics Co's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, King Yuan Electronics Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where King Yuan Electronics Co's Beneish M-Score falls into.

King Yuan Electronics 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 King Yuan Electronics Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.3198

0.528 * 1.0298

0.404 * 1.1314

0.892 * 0.9413

0.115 * 0.986

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0026

4.679 * -0.111116

0.327 * 0.9447

-2.67

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$8,588 Mil.
Revenue was 8214.718 + 8499.839 + 8593.708 + 8167.308 = NT$33,476 Mil.
Gross Profit was 2728.096 + 2839.656 + 3061.871 + 2701.366 = NT$11,331 Mil.
Total Current Assets was NT$24,386 Mil.
Total Assets was NT$77,314 Mil.
Property, Plant and Equipment(Net PPE) was NT$45,621 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$9,171 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,491 Mil.
Total Current Liabilities was NT$8,301 Mil.
Long-Term Debt & Capital Lease Obligation was NT$23,685 Mil.
Net Income was 1368.465 + 1568.34 + 1539.016 + 1543.148 = NT$6,019 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 4168.509 + 3612.705 + 4130.148 + 2698.386 = NT$14,610 Mil.

Total Receivables was NT$6,912 Mil.
Revenue was 7764.452 + 8849.563 + 9020.335 + 9928.261 = NT$35,563 Mil.
Gross Profit was 2538.899 + 3031.268 + 3110.342 + 3715.855 = NT$12,396 Mil.
Total Current Assets was NT$20,964 Mil.
Total Assets was NT$73,692 Mil.
Property, Plant and Equipment(Net PPE) was NT$46,572 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$9,206 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,639 Mil.
Total Current Liabilities was NT$9,471 Mil.
Long-Term Debt & Capital Lease Obligation was NT$22,800 Mil.

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)
	=	(8587.581 / 33475.573)	/	(6912.168 / 35562.611)
	=	0.256533	/	0.194366
	=	1.3198

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)
	=	(12396.364 / 35562.611)	/	(11330.989 / 33475.573)
	=	0.348579	/	0.338485
	=	1.0298

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 - (24385.873 + 45620.86) / 77313.815)	/	(1 - (20964.188 + 46571.767) / 73691.918)
	=	0.094512	/	0.083536
	=	1.1314

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
	=	33475.573	/	35562.611
	=	0.9413

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))
	=	(9205.882 / (9205.882 + 46571.767))	/	(9171.19 / (9171.19 + 45620.86))
	=	0.165046	/	0.167382
	=	0.986

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)
	=	(2490.715 / 33475.573)	/	(2639.18 / 35562.611)
	=	0.074404	/	0.074212
	=	1.0026

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)
	=	((23684.715 + 8301.417) / 77313.815)	/	((22800.409 + 9471.432) / 73691.918)
	=	0.413718	/	0.437929
	=	0.9447

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
	=	(6018.969 - 0	-	14609.748)	/	77313.815
	=	-0.111116

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.

King Yuan Electronics Co has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.

King Yuan Electronics Co Beneish M-Score Related Terms

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King Yuan Electronics Co (TPE:2449) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » King Yuan Electronics Co Ltd (TPE:2449) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 81, Gongdao Road, Section 2, Hsinchu, TWN, 300

Website

https://www.kyec.com.tw

King Yuan Electronics Co Ltd, or KYEC, tests back-end integrated circuit packaging and the semiconductor industry worldwide. It has offices positioned in several regions for immediate packaging and testing of semiconductors for its client base. Testing services encompass wafer probing, final testing, and preassembly services. Alongside an array of testing platforms, KYEC provides a diverse cache of packages for different outlines, sensors, and radio frequencies. The company receives demand from manufacturers in markets such as mobile phones, wireless communication, graphics cards, and integrated circuits for consumer electronics.

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