HiWave Technologies (LSE:HIW) Beneish M-Score : 0.00 (As of Jun. 16, 2024)

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What is HiWave Technologies 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.

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

During the past 13 years, the highest Beneish M-Score of HiWave Technologies was 0.00. The lowest was 0.00. And the median was 0.00.

HiWave Technologies Beneish M-Score Historical Data

The historical data trend for HiWave Technologies'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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HiWave Technologies Beneish M-Score Chart

HiWave Technologies Annual Data

Trend

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Sep12

Beneish M-Score

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HiWave Technologies Semi-Annual Data
	Dec02	Jun03	Dec03	Jun04	Dec04	Jun05	Dec05	Jun06	Dec06	Jun07	Dec07	Jun08	Dec08	Jun09	Dec09	Jun10	Dec10	Jun11	Mar12	Sep12
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-	-

Competitive Comparison of HiWave Technologies's Beneish M-Score

For the Electronic Components subindustry, HiWave Technologies'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.

HiWave Technologies's Beneish M-Score Distribution in the Hardware Industry

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

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

HiWave Technologies 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 HiWave Technologies 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

0.528 * 1.0598

0.404 * 2.6254

0.892 * 0.6143

0.115 * 1.1181

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.281192

0.327 * 2.3228

-3.87

This Year (Sep12) TTM:

Last Year (Sep11) TTM:

Total Receivables was £0.00 Mil.
Revenue was £1.23 Mil.
Gross Profit was £0.80 Mil.
Total Current Assets was £1.35 Mil.
Total Assets was £2.15 Mil.
Property, Plant and Equipment(Net PPE) was £0.17 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.23 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £0.63 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 Mil.
Net Income was £-3.07 Mil.
Gross Profit was £0.00 Mil.
Cash Flow from Operations was £-2.47 Mil.

Total Receivables was £0.00 Mil.
Revenue was £1.99 Mil.
Gross Profit was £1.39 Mil.
Total Current Assets was £4.53 Mil.
Total Assets was £5.25 Mil.
Property, Plant and Equipment(Net PPE) was £0.14 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.26 Mil.
Selling, General, & Admin. Expense(SGA) was £0.00 Mil.
Total Current Liabilities was £0.66 Mil.
Long-Term Debt & Capital Lease Obligation was £0.00 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)
	=	(0 / 1.225)	/	(0 / 1.994)
	=	0	/	0
	=	1

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)
	=	(1.387 / 1.994)	/	(0.804 / 1.225)
	=	0.695587	/	0.656327
	=	1.0598

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 - (1.352 + 0.17) / 2.148)	/	(1 - (4.529 + 0.14) / 5.252)
	=	0.291434	/	0.111005
	=	2.6254

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
	=	1.225	/	1.994
	=	0.6143

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))
	=	(0.256 / (0.256 + 0.14))	/	(0.233 / (0.233 + 0.17))
	=	0.646465	/	0.578164
	=	1.1181

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 / 1.225)	/	(0 / 1.994)
	=	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)
	=	((0 + 0.627) / 2.148)	/	((0 + 0.66) / 5.252)
	=	0.291899	/	0.125666
	=	2.3228

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
	=	(-3.07 - 0	-	-2.466)	/	2.148
	=	-0.281192

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.

HiWave Technologies has a M-score of -3.87 suggests that the company is unlikely to be a manipulator.

HiWave Technologies Beneish M-Score Related Terms

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