U-Tech Media Beneish M-Score Historical Data
The historical data trend for U-Tech Media'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.
U-Tech Media Beneish M-Score Chart
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U-Tech Media Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.10 |
-2.33 |
-2.58 |
-2.71 |
-2.96 |
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U-Tech Media Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.70 |
-2.71 |
-2.56 |
-2.96 |
-2.54 |
Competitive Comparison of U-Tech Media's Beneish M-Score
For the Consumer Electronics subindustry, U-Tech Media'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.
U-Tech Media's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, U-Tech Media's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where U-Tech Media's Beneish M-Score falls into.
U-Tech Media 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 U-Tech Media 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 * 1.0745 | + | 0.528 * 0.9688 | + | 0.404 * 1.0695 | + | 0.892 * 1.052 | + | 0.115 * 1.0219 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1936 | + | 4.679 * -0.035528 | - | 0.327 * 0.9749 |
| = | -2.54 |
* 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$166 Mil.
Revenue was 305.731 + 264.922 + 328.162 + 275.385 = NT$1,174 Mil.
Gross Profit was 107.147 + 101.936 + 128.207 + 113.269 = NT$451 Mil.
Total Current Assets was NT$1,559 Mil.
Total Assets was NT$5,381 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,884 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$212 Mil.
Selling, General, & Admin. Expense(SGA) was NT$358 Mil.
Total Current Liabilities was NT$967 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,386 Mil.
Net Income was 63.55 + -13.681 + 36.532 + 20.179 = NT$107 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 17.44 + 100.865 + 69.403 + 110.041 = NT$298 Mil.
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Total Receivables was NT$147 Mil.
Revenue was 267.966 + 290.067 + 301.685 + 256.411 = NT$1,116 Mil.
Gross Profit was 98.915 + 104.867 + 120.992 + 90.14 = NT$415 Mil.
Total Current Assets was NT$1,504 Mil.
Total Assets was NT$5,087 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,754 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$207 Mil.
Selling, General, & Admin. Expense(SGA) was NT$285 Mil.
Total Current Liabilities was NT$733 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,550 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) |
| = | (166.223 / 1174.2) | / | (147.048 / 1116.129) |
| = | 0.141563 | / | 0.131748 |
| | = | 1.0745 |
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) |
| = | (414.914 / 1116.129) | / | (450.559 / 1174.2) |
| = | 0.371744 | / | 0.383716 |
| | = | 0.9688 |
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 - (1559.173 + 2883.673) / 5380.832) | / | (1 - (1503.872 + 2753.935) / 5086.898) |
| = | 0.17432 | / | 0.162986 |
| | = | 1.0695 |
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 |
| = | 1174.2 | / | 1116.129 |
| | = | 1.052 |
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)) |
| = | (206.884 / (206.884 + 2753.935)) | / | (211.65 / (211.65 + 2883.673)) |
| = | 0.069874 | / | 0.068377 |
| | = | 1.0219 |
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) |
| = | (357.789 / 1174.2) | / | (284.938 / 1116.129) |
| = | 0.304709 | / | 0.255291 |
| | = | 1.1936 |
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) |
| = | ((1386.226 + 967.351) / 5380.832) | / | ((1549.867 + 732.507) / 5086.898) |
| = | 0.4374 | / | 0.448677 |
| | = | 0.9749 |
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 |
| = | (106.58 - 0 | - | 297.749) | / | 5380.832 |
| | = | -0.035528 |
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.
U-Tech Media has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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