Hansol Paper Co Beneish M-Score Historical Data
The historical data trend for Hansol Paper 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.
Hansol Paper Co Beneish M-Score Chart
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Hansol Paper Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.29 |
-2.50 |
-2.51 |
-1.96 |
-2.59 |
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Hansol Paper Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.14 |
-2.32 |
-2.23 |
-2.59 |
-2.68 |
Competitive Comparison of Hansol Paper Co's Beneish M-Score
For the Paper & Paper Products subindustry, Hansol Paper 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.
Hansol Paper Co's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Hansol Paper Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hansol Paper Co's Beneish M-Score falls into.
Hansol Paper 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 Hansol Paper Co 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 * 1.1039 | + | 0.528 * 1.153 | + | 0.404 * 1.1822 | + | 0.892 * 0.8769 | + | 0.115 * 1.0468 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7753 | + | 4.679 * -0.085887 | - | 0.327 * 0.9599 |
| = | -2.68 |
* 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 ₩393,400 Mil.
Revenue was 534109.496 + 581494.529 + 523536.378 + 528072.519 = ₩2,167,213 Mil.
Gross Profit was 112848.925 + 110165.439 + 83889.406 + 82220.241 = ₩389,124 Mil.
Total Current Assets was ₩925,448 Mil.
Total Assets was ₩2,122,664 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,052,798 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩79,300 Mil.
Selling, General, & Admin. Expense(SGA) was ₩216,777 Mil.
Total Current Liabilities was ₩927,491 Mil.
Long-Term Debt & Capital Lease Obligation was ₩382,569 Mil.
Net Income was 23694.672 + -852.493 + 3798.888 + 6904.436 = ₩33,546 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -32607.823 + 145160.9 + 74101.291 + 29199.94 = ₩215,854 Mil.
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Total Receivables was ₩406,367 Mil.
Revenue was 560999.126 + 655117.266 + 616492.189 + 638724.44 = ₩2,471,333 Mil.
Gross Profit was 79649.435 + 115498.701 + 153785.869 + 162675.259 = ₩511,609 Mil.
Total Current Assets was ₩974,019 Mil.
Total Assets was ₩2,172,872 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,073,803 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩84,970 Mil.
Selling, General, & Admin. Expense(SGA) was ₩318,854 Mil.
Total Current Liabilities was ₩1,182,360 Mil.
Long-Term Debt & Capital Lease Obligation was ₩214,650 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) |
| = | (393400.01 / 2167212.922) | / | (406366.911 / 2471333.021) |
| = | 0.181523 | / | 0.164432 |
| | = | 1.1039 |
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) |
| = | (511609.264 / 2471333.021) | / | (389124.011 / 2167212.922) |
| = | 0.207018 | / | 0.17955 |
| | = | 1.153 |
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 - (925447.922 + 1052798.259) / 2122663.917) | / | (1 - (974018.824 + 1073802.66) / 2172871.856) |
| = | 0.068036 | / | 0.057551 |
| | = | 1.1822 |
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 |
| = | 2167212.922 | / | 2471333.021 |
| | = | 0.8769 |
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)) |
| = | (84970 / (84970 + 1073802.66)) | / | (79300 / (79300 + 1052798.259)) |
| = | 0.073328 | / | 0.070047 |
| | = | 1.0468 |
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) |
| = | (216776.587 / 2167212.922) | / | (318853.885 / 2471333.021) |
| = | 0.100026 | / | 0.129021 |
| | = | 0.7753 |
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) |
| = | ((382568.843 + 927490.898) / 2122663.917) | / | ((214649.937 + 1182360.306) / 2172871.856) |
| = | 0.617177 | / | 0.642933 |
| | = | 0.9599 |
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 |
| = | (33545.503 - 0 | - | 215854.308) | / | 2122663.917 |
| | = | -0.085887 |
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.
Hansol Paper Co has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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