Getac Holdings (TPE:3005) Beneish M-Score : -2.69 (As of May. 25, 2024)

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What is Getac Holdings 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TPE:3005' s Beneish M-Score Range Over the Past 10 Years
Min: -2.97 Med: -2.62 Max: -1.91
Current: -2.69

During the past 13 years, the highest Beneish M-Score of Getac Holdings was -1.91. The lowest was -2.97. And the median was -2.62.

Getac Holdings Beneish M-Score Historical Data

The historical data trend for Getac Holdings'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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Getac Holdings Beneish M-Score Chart

Getac Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.64

-2.49

-1.99

-2.87

-2.62

Getac Holdings 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															-2.97	-2.86	-2.82	-2.62	-2.69

Competitive Comparison of Getac Holdings's Beneish M-Score

For the Computer Hardware subindustry, Getac Holdings'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.

Getac Holdings's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Getac Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Getac Holdings's Beneish M-Score falls into.

Getac Holdings 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 Getac Holdings 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 * 1.0633

0.528 * 0.8857

0.404 * 0.9294

0.892 * 1.0686

0.115 * 0.9824

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0431

4.679 * -0.045959

0.327 * 1.0509

-2.69

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$8,220 Mil.
Revenue was 8705.374 + 8973.574 + 9036.279 + 8627.589 = NT$35,343 Mil.
Gross Profit was 2653.843 + 2633.745 + 2656.698 + 2378.222 = NT$10,323 Mil.
Total Current Assets was NT$28,453 Mil.
Total Assets was NT$43,277 Mil.
Property, Plant and Equipment(Net PPE) was NT$9,646 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,330 Mil.
Selling, General, & Admin. Expense(SGA) was NT$4,177 Mil.
Total Current Liabilities was NT$16,718 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,718 Mil.
Net Income was 1103.824 + 856.614 + 1101.069 + 1020.439 = NT$4,082 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 909.307 + 1996.055 + 2109.155 + 1056.374 = NT$6,071 Mil.

Total Receivables was NT$7,234 Mil.
Revenue was 8155.115 + 8392.401 + 9040.462 + 7486.275 = NT$33,074 Mil.
Gross Profit was 2066.764 + 2354.401 + 2265.021 + 1869.258 = NT$8,555 Mil.
Total Current Assets was NT$22,994 Mil.
Total Assets was NT$37,427 Mil.
Property, Plant and Equipment(Net PPE) was NT$9,615 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,299 Mil.
Selling, General, & Admin. Expense(SGA) was NT$3,747 Mil.
Total Current Liabilities was NT$13,484 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,688 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)
	=	(8220.266 / 35342.816)	/	(7234.457 / 33074.253)
	=	0.232587	/	0.218734
	=	1.0633

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)
	=	(8555.444 / 33074.253)	/	(10322.508 / 35342.816)
	=	0.258674	/	0.292068
	=	0.8857

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 - (28452.79 + 9646.351) / 43276.503)	/	(1 - (22994.141 + 9615.391) / 37427.209)
	=	0.119634	/	0.128721
	=	0.9294

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
	=	35342.816	/	33074.253
	=	1.0686

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))
	=	(1299.158 / (1299.158 + 9615.391))	/	(1329.946 / (1329.946 + 9646.351))
	=	0.11903	/	0.121165
	=	0.9824

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)
	=	(4176.989 / 35342.816)	/	(3747.338 / 33074.253)
	=	0.118185	/	0.113301
	=	1.0431

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)
	=	((1717.783 + 16718.273) / 43276.503)	/	((1687.953 + 13483.855) / 37427.209)
	=	0.426006	/	0.405368
	=	1.0509

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
	=	(4081.946 - 0	-	6070.891)	/	43276.503
	=	-0.045959

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.

Getac Holdings has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.

Getac Holdings Beneish M-Score Related Terms

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Getac Holdings (TPE:3005) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Getac Holdings Corp (TPE:3005) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 209, Building A, Nangang Road, Section 1, 5th Floor, Taipei, TWN, 11568

Website

https://www.getacgroup.com

Getac Holdings Corp is a manufacturer of rugged notebooks, tablets, and personal computers. Its products can be used in extreme environments such as sandstorms and blizzards and can withstand a wide range of temperatures. Their functionality includes modularity and flexibility of military interfaces and readability in pitch darkness with night vision goggles. The firm offers bespoke hardware solutions to meet specific client requirements as well. The firm has operations in North America, Asia, and Europe. The reportable segments of the company are Electronic parts, Structure parts and Aerospace fastener. Majority of revenue is generated from the electronic parts segment.

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