M3 Technology Beneish M-Score Historical Data
The historical data trend for M3 Technology'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.
M3 Technology Beneish M-Score Chart
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M3 Technology Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.46 |
-2.38 |
-2.70 |
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M3 Technology Quarterly Data
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Dec17 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Sep20 |
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Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.83 |
-3.09 |
-2.78 |
-2.70 |
-2.44 |
Competitive Comparison of M3 Technology's Beneish M-Score
For the Semiconductors subindustry, M3 Technology'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.
M3 Technology's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, M3 Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where M3 Technology's Beneish M-Score falls into.
M3 Technology 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 M3 Technology 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 * 1.1942 | + | 0.528 * 1.0399 | + | 0.404 * 0.489 | + | 0.892 * 0.951 | + | 0.115 * 2.4458 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9543 | + | 4.679 * -0.027859 | - | 0.327 * 0.8646 |
| = | -2.44 |
* 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$153 Mil.
Revenue was 222.219 + 264.199 + 282.711 + 257.004 = NT$1,026 Mil.
Gross Profit was 96.973 + 131.6 + 122.001 + 117.16 = NT$468 Mil.
Total Current Assets was NT$1,448 Mil.
Total Assets was NT$1,636 Mil.
Property, Plant and Equipment(Net PPE) was NT$166 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$43 Mil.
Selling, General, & Admin. Expense(SGA) was NT$94 Mil.
Total Current Liabilities was NT$319 Mil.
Long-Term Debt & Capital Lease Obligation was NT$3 Mil.
Net Income was 39.527 + 59.376 + 60.864 + 59.434 = NT$219 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 97.564 + 118.733 + 45.171 + 3.306 = NT$265 Mil.
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Total Receivables was NT$134 Mil.
Revenue was 218.65 + 255.643 + 281.053 + 323.641 = NT$1,079 Mil.
Gross Profit was 100.429 + 118.943 + 132.738 + 159.348 = NT$511 Mil.
Total Current Assets was NT$1,460 Mil.
Total Assets was NT$1,540 Mil.
Property, Plant and Equipment(Net PPE) was NT$37 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$38 Mil.
Selling, General, & Admin. Expense(SGA) was NT$104 Mil.
Total Current Liabilities was NT$351 Mil.
Long-Term Debt & Capital Lease Obligation was NT$0 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) |
| = | (152.533 / 1026.133) | / | (134.311 / 1078.987) |
| = | 0.148648 | / | 0.124479 |
| | = | 1.1942 |
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) |
| = | (511.458 / 1078.987) | / | (467.734 / 1026.133) |
| = | 0.474017 | / | 0.455822 |
| | = | 1.0399 |
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 - (1447.532 + 166.134) / 1635.816) | / | (1 - (1460.209 + 36.717) / 1539.562) |
| = | 0.013541 | / | 0.027694 |
| | = | 0.489 |
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 |
| = | 1026.133 | / | 1078.987 |
| | = | 0.951 |
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)) |
| = | (37.703 / (37.703 + 36.717)) | / | (43.404 / (43.404 + 166.134)) |
| = | 0.506625 | / | 0.207141 |
| | = | 2.4458 |
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) |
| = | (94.193 / 1026.133) | / | (103.785 / 1078.987) |
| = | 0.091794 | / | 0.096187 |
| | = | 0.9543 |
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) |
| = | ((3.345 + 319.15) / 1635.816) | / | ((0 + 351.067) / 1539.562) |
| = | 0.197146 | / | 0.22803 |
| | = | 0.8646 |
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 |
| = | (219.201 - 0 | - | 264.774) | / | 1635.816 |
| | = | -0.027859 |
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.
M3 Technology has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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