The Hour Glass Beneish M-Score Historical Data
The historical data trend for The Hour Glass'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.
The Hour Glass Beneish M-Score Chart
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The Hour Glass Annual Data
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Trend |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-2.98 |
-3.11 |
-2.54 |
-2.49 |
-1.60 |
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The Hour Glass Semi-Annual Data
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Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
Mar24 |
Sep24 |
| Beneish M-Score |
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-2.49 |
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-1.60 |
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Competitive Comparison of The Hour Glass's Beneish M-Score
For the Luxury Goods subindustry, The Hour Glass'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.
The Hour Glass's Beneish M-Score Distribution in the Retail - Cyclical Industry
For the Retail - Cyclical industry and Consumer Cyclical sector, The Hour Glass's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where The Hour Glass's Beneish M-Score falls into.
The Hour Glass 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 The Hour Glass 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 * 1.7466 | + | 0.528 * 1.0454 | + | 0.404 * 1.1441 | + | 0.892 * 1.006 | + | 0.115 * 0.8963 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0807 | + | 4.679 * 0.02195 | - | 0.327 * 0.916 |
| = | -1.60 |
* 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 S$28 Mil.
Revenue was S$1,130 Mil.
Gross Profit was S$363 Mil.
Total Current Assets was S$587 Mil.
Total Assets was S$1,132 Mil.
Property, Plant and Equipment(Net PPE) was S$291 Mil.
Depreciation, Depletion and Amortization(DDA) was S$44 Mil.
Selling, General, & Admin. Expense(SGA) was S$51 Mil.
Total Current Liabilities was S$195 Mil.
Long-Term Debt & Capital Lease Obligation was S$62 Mil.
Net Income was S$156 Mil.
Gross Profit was S$0 Mil.
Cash Flow from Operations was S$132 Mil.
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Total Receivables was S$16 Mil.
Revenue was S$1,123 Mil.
Gross Profit was S$377 Mil.
Total Current Assets was S$548 Mil.
Total Assets was S$1,056 Mil.
Property, Plant and Equipment(Net PPE) was S$301 Mil.
Depreciation, Depletion and Amortization(DDA) was S$41 Mil.
Selling, General, & Admin. Expense(SGA) was S$47 Mil.
Total Current Liabilities was S$217 Mil.
Long-Term Debt & Capital Lease Obligation was S$45 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) |
| = | (27.645 / 1129.7) | / | (15.733 / 1122.941) |
| = | 0.024471 | / | 0.014011 |
| | = | 1.7466 |
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) |
| = | (377.422 / 1122.941) | / | (363.216 / 1129.7) |
| = | 0.336101 | / | 0.321515 |
| | = | 1.0454 |
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 - (587.477 + 290.594) / 1132.345) | / | (1 - (547.554 + 301.139) / 1055.949) |
| = | 0.224555 | / | 0.196275 |
| | = | 1.1441 |
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 |
| = | 1129.7 | / | 1122.941 |
| | = | 1.006 |
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)) |
| = | (40.631 / (40.631 + 301.139)) | / | (44.438 / (44.438 + 290.594)) |
| = | 0.118884 | / | 0.132638 |
| | = | 0.8963 |
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) |
| = | (51.068 / 1129.7) | / | (46.974 / 1122.941) |
| = | 0.045205 | / | 0.041831 |
| | = | 1.0807 |
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) |
| = | ((62.056 + 195.441) / 1132.345) | / | ((44.858 + 217.293) / 1055.949) |
| = | 0.227402 | / | 0.248261 |
| | = | 0.916 |
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 |
| = | (156.485 - 0 | - | 131.63) | / | 1132.345 |
| | = | 0.02195 |
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 Hour Glass has a M-score of -1.60 signals that the company is likely to be a manipulator.
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