Hanwa Co Beneish M-Score Historical Data
The historical data trend for Hanwa 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.
Hanwa Co Beneish M-Score Chart
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Hanwa Co Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.30 |
-2.35 |
-1.14 |
-3.56 |
-2.36 |
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Hanwa Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
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Mar22 |
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Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.36 |
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Competitive Comparison of Hanwa Co's Beneish M-Score
For the Conglomerates subindustry, Hanwa 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.
Hanwa Co's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Hanwa Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hanwa Co's Beneish M-Score falls into.
Hanwa 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 Hanwa 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 * 1.0894 | + | 0.528 * 0.9776 | + | 0.404 * 1.1248 | + | 0.892 * 0.801 | + | 0.115 * 0.8326 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * 0.017335 | - | 0.327 * 0.9466 |
| = | -2.46 |
* 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 €2,738 Mil.
Revenue was €14,934 Mil.
Gross Profit was €736 Mil.
Total Current Assets was €5,632 Mil.
Total Assets was €7,166 Mil.
Property, Plant and Equipment(Net PPE) was €546 Mil.
Depreciation, Depletion and Amortization(DDA) was €58 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €2,988 Mil.
Long-Term Debt & Capital Lease Obligation was €1,781 Mil.
Net Income was €236 Mil.
Gross Profit was €0 Mil.
Cash Flow from Operations was €112 Mil.
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Total Receivables was €3,137 Mil.
Revenue was €18,645 Mil.
Gross Profit was €898 Mil.
Total Current Assets was €6,490 Mil.
Total Assets was €8,090 Mil.
Property, Plant and Equipment(Net PPE) was €609 Mil.
Depreciation, Depletion and Amortization(DDA) was €53 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €3,906 Mil.
Long-Term Debt & Capital Lease Obligation was €1,781 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) |
| = | (2737.704 / 14934.204) | / | (3137.317 / 18644.656) |
| = | 0.183318 | / | 0.168269 |
| | = | 1.0894 |
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) |
| = | (898.2 / 18644.656) | / | (735.939 / 14934.204) |
| = | 0.048175 | / | 0.049279 |
| | = | 0.9776 |
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 - (5632.108 + 546.19) / 7166.18) | / | (1 - (6489.722 + 608.737) / 8089.936) |
| = | 0.137853 | / | 0.122557 |
| | = | 1.1248 |
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 |
| = | 14934.204 | / | 18644.656 |
| | = | 0.801 |
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)) |
| = | (52.834 / (52.834 + 608.737)) | / | (57.944 / (57.944 + 546.19)) |
| = | 0.079861 | / | 0.095912 |
| | = | 0.8326 |
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) |
| = | (0 / 14934.204) | / | (0 / 18644.656) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((1780.556 + 2987.817) / 7166.18) | / | ((1780.755 + 3906.029) / 8089.936) |
| = | 0.6654 | / | 0.702945 |
| | = | 0.9466 |
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 |
| = | (235.91 - 0 | - | 111.682) | / | 7166.18 |
| | = | 0.017335 |
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.
Hanwa Co has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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