Hollysys Automation Technologies Beneish M-Score Historical Data
The historical data trend for Hollysys Automation 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.
Hollysys Automation Technologies Beneish M-Score Chart
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Hollysys Automation Technologies Annual Data
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| Beneish M-Score |
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-2.28 |
-2.95 |
-2.40 |
-2.23 |
-2.18 |
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Hollysys Automation Technologies Quarterly Data
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Mar24 |
| Beneish M-Score |
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-2.25 |
-2.18 |
-2.25 |
-2.47 |
-2.50 |
Competitive Comparison of Hollysys Automation Technologies's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Hollysys Automation 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.
Hollysys Automation Technologies's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Hollysys Automation Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hollysys Automation Technologies's Beneish M-Score falls into.
Hollysys Automation 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 Hollysys Automation Technologies 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 * 0.998 | + | 0.528 * 1.0777 | + | 0.404 * 0.9294 | + | 0.892 * 1.036 | + | 0.115 * 0.8553 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0388 | + | 4.679 * -0.000251 | - | 0.327 * 1.1043 |
| = | -2.50 |
* 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 $642.8 Mil.
Revenue was 173.466 + 223.723 + 199.9 + 194.963 = $792.1 Mil.
Gross Profit was 50.123 + 66.012 + 69.176 + 60.802 = $246.1 Mil.
Total Current Assets was $1,515.8 Mil.
Total Assets was $1,801.2 Mil.
Property, Plant and Equipment(Net PPE) was $165.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $11.0 Mil.
Selling, General, & Admin. Expense(SGA) was $131.5 Mil.
Total Current Liabilities was $501.6 Mil.
Long-Term Debt & Capital Lease Obligation was $51.5 Mil.
Net Income was 3.909 + 14.139 + 31.639 + 25.72 = $75.4 Mil.
Non Operating Income was 0.434 + -0.49 + -0.638 + 5.705 = $5.0 Mil.
Cash Flow from Operations was -37.414 + 60.099 + 28.199 + 19.965 = $70.8 Mil.
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Total Receivables was $621.7 Mil.
Revenue was 167.636 + 244.731 + 170.041 + 182.116 = $764.5 Mil.
Gross Profit was 44.995 + 96.839 + 52.847 + 61.335 = $256.0 Mil.
Total Current Assets was $1,459.5 Mil.
Total Assets was $1,723.9 Mil.
Property, Plant and Equipment(Net PPE) was $140.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $8.0 Mil.
Selling, General, & Admin. Expense(SGA) was $122.2 Mil.
Total Current Liabilities was $445.3 Mil.
Long-Term Debt & Capital Lease Obligation was $34.1 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) |
| = | (642.799 / 792.052) | / | (621.688 / 764.524) |
| = | 0.811562 | / | 0.81317 |
| | = | 0.998 |
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) |
| = | (256.016 / 764.524) | / | (246.113 / 792.052) |
| = | 0.33487 | / | 0.310728 |
| | = | 1.0777 |
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 - (1515.752 + 165.21) / 1801.205) | / | (1 - (1459.498 + 140.588) / 1723.917) |
| = | 0.066757 | / | 0.071831 |
| | = | 0.9294 |
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 |
| = | 792.052 | / | 764.524 |
| | = | 1.036 |
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)) |
| = | (7.963 / (7.963 + 140.588)) | / | (11.047 / (11.047 + 165.21)) |
| = | 0.053604 | / | 0.062676 |
| | = | 0.8553 |
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) |
| = | (131.503 / 792.052) | / | (122.196 / 764.524) |
| = | 0.166028 | / | 0.159833 |
| | = | 1.0388 |
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) |
| = | ((51.459 + 501.604) / 1801.205) | / | ((34.083 + 445.259) / 1723.917) |
| = | 0.307052 | / | 0.278054 |
| | = | 1.1043 |
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 |
| = | (75.407 - 5.011 | - | 70.849) | / | 1801.205 |
| | = | -0.000251 |
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.
Hollysys Automation Technologies has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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