Hycon Technology Beneish M-Score Historical Data
The historical data trend for Hycon Technology'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.
Hycon Technology Beneish M-Score Chart
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Hycon Technology Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.99 |
-2.21 |
-1.56 |
-1.86 |
-3.53 |
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Hycon Technology 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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-2.48 |
-2.79 |
-2.79 |
-3.53 |
-3.35 |
Competitive Comparison of Hycon Technology's Beneish M-Score
For the Semiconductors subindustry, Hycon Technology'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.
Hycon Technology's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Hycon Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hycon Technology's Beneish M-Score falls into.
Hycon Technology 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 Hycon Technology 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 * 1.0605 | + | 0.528 * 1.2992 | + | 0.404 * 1.2175 | + | 0.892 * 1.137 | + | 0.115 * 0.9741 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9546 | + | 4.679 * -0.285131 | - | 0.327 * 0.8881 |
| = | -3.35 |
* 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 NT$149.4 Mil.
Revenue was 199.655 + 213.917 + 211.325 + 173.135 = NT$798.0 Mil.
Gross Profit was 39.025 + 58.093 + 51.963 + 32.303 = NT$181.4 Mil.
Total Current Assets was NT$738.3 Mil.
Total Assets was NT$1,033.1 Mil.
Property, Plant and Equipment(Net PPE) was NT$217.5 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$48.9 Mil.
Selling, General, & Admin. Expense(SGA) was NT$171.7 Mil.
Total Current Liabilities was NT$133.9 Mil.
Long-Term Debt & Capital Lease Obligation was NT$38.7 Mil.
Net Income was -17.848 + -31.142 + -3.05 + -29.53 = NT$-81.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0.0 Mil.
Cash Flow from Operations was 30.226 + 62.249 + 66.392 + 54.118 = NT$213.0 Mil.
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Total Receivables was NT$123.9 Mil.
Revenue was 140.684 + 152.191 + 172.833 + 236.179 = NT$701.9 Mil.
Gross Profit was 22.038 + 27.762 + 51.422 + 106.043 = NT$207.3 Mil.
Total Current Assets was NT$884.7 Mil.
Total Assets was NT$1,179.0 Mil.
Property, Plant and Equipment(Net PPE) was NT$221.9 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$48.3 Mil.
Selling, General, & Admin. Expense(SGA) was NT$158.2 Mil.
Total Current Liabilities was NT$219.3 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2.6 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) |
| = | (149.375 / 798.032) | / | (123.884 / 701.887) |
| = | 0.187179 | / | 0.176501 |
| | = | 1.0605 |
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) |
| = | (207.265 / 701.887) | / | (181.384 / 798.032) |
| = | 0.295297 | / | 0.227289 |
| | = | 1.2992 |
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 - (738.332 + 217.467) / 1033.052) | / | (1 - (884.657 + 221.93) / 1179.004) |
| = | 0.074781 | / | 0.061422 |
| | = | 1.2175 |
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 |
| = | 798.032 | / | 701.887 |
| | = | 1.137 |
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)) |
| = | (48.286 / (48.286 + 221.93)) | / | (48.856 / (48.856 + 217.467)) |
| = | 0.178694 | / | 0.183446 |
| | = | 0.9741 |
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) |
| = | (171.699 / 798.032) | / | (158.19 / 701.887) |
| = | 0.215153 | / | 0.225378 |
| | = | 0.9546 |
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) |
| = | ((38.73 + 133.911) / 1033.052) | / | ((2.576 + 219.291) / 1179.004) |
| = | 0.167117 | / | 0.188182 |
| | = | 0.8881 |
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 |
| = | (-81.57 - 0 | - | 212.985) | / | 1033.052 |
| | = | -0.285131 |
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.
Hycon Technology has a M-score of -3.35 suggests that the company is unlikely to be a manipulator.
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