HH Galaxy Co Beneish M-Score Historical Data
The historical data trend for HH Galaxy 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.
HH Galaxy Co Beneish M-Score Chart
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HH Galaxy Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-1.88 |
-2.08 |
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HH Galaxy Co Quarterly Data
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Dec19 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
-1.88 |
-1.68 |
-1.72 |
-2.08 |
Competitive Comparison of HH Galaxy Co's Beneish M-Score
For the Internet Retail subindustry, HH Galaxy 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.
HH Galaxy Co's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, HH Galaxy Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HH Galaxy Co's Beneish M-Score falls into.
HH Galaxy 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 HH Galaxy 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 * 1.3744 | + | 0.528 * 1.0417 | + | 0.404 * 1.183 | + | 0.892 * 0.8214 | + | 0.115 * 1.1262 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1365 | + | 4.679 * 0.019522 | - | 0.327 * 0.8776 |
| = | -2.08 |
* 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 (Dec24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was NT$913 Mil.
Revenue was 1558.15 + 1064.857 + 1113.187 + 1317.737 = NT$5,054 Mil.
Gross Profit was 172.716 + 94.212 + 110.004 + 160.187 = NT$537 Mil.
Total Current Assets was NT$2,277 Mil.
Total Assets was NT$2,574 Mil.
Property, Plant and Equipment(Net PPE) was NT$21 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$31 Mil.
Selling, General, & Admin. Expense(SGA) was NT$361 Mil.
Total Current Liabilities was NT$1,210 Mil.
Long-Term Debt & Capital Lease Obligation was NT$221 Mil.
Net Income was 36.494 + 3.291 + 22.406 + 48.776 = NT$111 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 187.928 + -247.623 + -25.778 + 146.198 = NT$61 Mil.
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Total Receivables was NT$808 Mil.
Revenue was 1041.792 + 1059.319 + 2215.984 + 1835.856 = NT$6,153 Mil.
Gross Profit was 112.746 + 117.555 + 247.862 + 203.037 = NT$681 Mil.
Total Current Assets was NT$2,072 Mil.
Total Assets was NT$2,300 Mil.
Property, Plant and Equipment(Net PPE) was NT$20 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$38 Mil.
Selling, General, & Admin. Expense(SGA) was NT$387 Mil.
Total Current Liabilities was NT$1,450 Mil.
Long-Term Debt & Capital Lease Obligation was NT$8 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) |
| = | (912.518 / 5053.931) | / | (808.308 / 6152.951) |
| = | 0.180556 | / | 0.131369 |
| | = | 1.3744 |
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) |
| = | (681.2 / 6152.951) | / | (537.119 / 5053.931) |
| = | 0.110711 | / | 0.106277 |
| | = | 1.0417 |
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 - (2276.678 + 21.478) / 2573.585) | / | (1 - (2072.079 + 19.668) / 2299.805) |
| = | 0.107022 | / | 0.090468 |
| | = | 1.183 |
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 |
| = | 5053.931 | / | 6152.951 |
| | = | 0.8214 |
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)) |
| = | (38.339 / (38.339 + 19.668)) | / | (30.512 / (30.512 + 21.478)) |
| = | 0.660937 | / | 0.586882 |
| | = | 1.1262 |
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) |
| = | (360.909 / 5053.931) | / | (386.629 / 6152.951) |
| = | 0.071412 | / | 0.062836 |
| | = | 1.1365 |
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) |
| = | ((220.872 + 1210.493) / 2573.585) | / | ((7.773 + 1449.749) / 2299.805) |
| = | 0.556176 | / | 0.633759 |
| | = | 0.8776 |
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 |
| = | (110.967 - 0 | - | 60.725) | / | 2573.585 |
| | = | 0.019522 |
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.
HH Galaxy Co has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.
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