C Sun Manufacturing (TPE:2467) Beneish M-Score : -2.98 (As of May. 13, 2024)

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What is C Sun Manufacturing 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 -2.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for C Sun Manufacturing's Beneish M-Score or its related term are showing as below:

TPE:2467' s Beneish M-Score Range Over the Past 10 Years
Min: -3.56 Med: -2.35 Max: -1.93
Current: -2.98

During the past 13 years, the highest Beneish M-Score of C Sun Manufacturing was -1.93. The lowest was -3.56. And the median was -2.35.

C Sun Manufacturing Beneish M-Score Historical Data

The historical data trend for C Sun Manufacturing'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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C Sun Manufacturing Beneish M-Score Chart

C Sun Manufacturing Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.43

-3.56

-1.93

-2.27

-2.98

C Sun Manufacturing 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															-2.42	-2.59	-2.84	-2.98	-

Competitive Comparison of C Sun Manufacturing's Beneish M-Score

For the Specialty Industrial Machinery subindustry, C Sun Manufacturing'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.

C Sun Manufacturing's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, C Sun Manufacturing's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where C Sun Manufacturing's Beneish M-Score falls into.

C Sun Manufacturing 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 C Sun Manufacturing 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 * 1.1622

0.528 * 0.8456

0.404 * 1.1649

0.892 * 0.734

0.115 * 1.2283

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3323

4.679 * -0.078918

0.327 * 0.9934

-2.98

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$1,852 Mil.
Revenue was 1080.021 + 1025.404 + 904.861 + 728.682 = NT$3,739 Mil.
Gross Profit was 466.606 + 446.368 + 416.936 + 281.68 = NT$1,612 Mil.
Total Current Assets was NT$5,393 Mil.
Total Assets was NT$9,142 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,051 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$78 Mil.
Selling, General, & Admin. Expense(SGA) was NT$813 Mil.
Total Current Liabilities was NT$3,647 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,172 Mil.
Net Income was 172.173 + 109.874 + 168.993 + 77.01 = NT$528 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 184.354 + 216.182 + 412.963 + 435.995 = NT$1,249 Mil.

Total Receivables was NT$2,171 Mil.
Revenue was 966.854 + 1273.313 + 1533.975 + 1320.166 = NT$5,094 Mil.
Gross Profit was 361.174 + 448.877 + 529.801 + 516.848 = NT$1,857 Mil.
Total Current Assets was NT$4,926 Mil.
Total Assets was NT$7,764 Mil.
Property, Plant and Equipment(Net PPE) was NT$872 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$81 Mil.
Selling, General, & Admin. Expense(SGA) was NT$831 Mil.
Total Current Liabilities was NT$3,190 Mil.
Long-Term Debt & Capital Lease Obligation was NT$931 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)
	=	(1851.92 / 3738.968)	/	(2171.083 / 5094.308)
	=	0.495302	/	0.426178
	=	1.1622

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)
	=	(1856.7 / 5094.308)	/	(1611.59 / 3738.968)
	=	0.364466	/	0.431025
	=	0.8456

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 - (5393.389 + 1050.699) / 9141.696)	/	(1 - (4925.598 + 871.683) / 7764.007)
	=	0.295088	/	0.253313
	=	1.1649

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
	=	3738.968	/	5094.308
	=	0.734

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))
	=	(80.941 / (80.941 + 871.683))	/	(78.083 / (78.083 + 1050.699))
	=	0.084966	/	0.069175
	=	1.2283

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)
	=	(812.529 / 3738.968)	/	(830.971 / 5094.308)
	=	0.217314	/	0.163118
	=	1.3323

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)
	=	((1171.837 + 3647.499) / 9141.696)	/	((930.529 + 3189.868) / 7764.007)
	=	0.527182	/	0.530705
	=	0.9934

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
	=	(528.05 - 0	-	1249.494)	/	9141.696
	=	-0.078918

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.

C Sun Manufacturing has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.

C Sun Manufacturing Beneish M-Score Related Terms

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C Sun Manufacturing (TPE:2467) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » C Sun Manufacturing Ltd (TPE:2467) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Number. 2-1 Kung 8 Road, 2nd Industrial Park, Lin Kou, Taipei, TWN

Website

https://www.csun.com.tw

C Sun Manufacturing Ltd is y is engaged in electron, semiconductors, liquid crystal displays(LCD), printed circuit boards, textiles, plastics, rubber, printing, chemical industry, aerospace and other industrial box ovens, tunnel ovens, UV drying equipment, UV exposure equipment, automatic equipment, plasma generator (PRS series), automatic system integration technology, research, development, related parts manufacturing, maintenance, sales, import and export business.

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