Hundsun Technologies Beneish M-Score Historical Data
The historical data trend for Hundsun 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.
Hundsun Technologies Beneish M-Score Chart
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Hundsun Technologies Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.94 |
-2.12 |
-2.28 |
-2.16 |
-2.45 |
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Hundsun Technologies Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Dec21 |
Mar22 |
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Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.16 |
-2.18 |
-2.29 |
-2.24 |
-2.45 |
Competitive Comparison of Hundsun Technologies's Beneish M-Score
For the Software - Application subindustry, Hundsun 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.
Hundsun Technologies's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Hundsun Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hundsun Technologies's Beneish M-Score falls into.
Hundsun 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 Hundsun 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 * 0.9818 | + | 0.528 * 1.0392 | + | 0.404 * 1.0395 | + | 0.892 * 0.9038 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8636 | + | 4.679 * 0.011904 | - | 0.327 * 0.9371 |
| = | -2.45 |
* 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 (Dec23) TTM: |
Total Receivables was ¥1,085 Mil.
Revenue was 2393.319 + 1351.907 + 1648.279 + 1187.57 = ¥6,581 Mil.
Gross Profit was 1837.255 + 880.033 + 1205.414 + 817.055 = ¥4,740 Mil.
Total Current Assets was ¥5,819 Mil.
Total Assets was ¥14,729 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,117 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥314 Mil.
Total Current Liabilities was ¥4,992 Mil.
Long-Term Debt & Capital Lease Obligation was ¥189 Mil.
Net Income was 597.745 + 415.629 + 66.033 + -36.142 = ¥1,043 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1858.546 + 185.644 + -29.794 + -1146.467 = ¥868 Mil.
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Total Receivables was ¥1,223 Mil.
Revenue was 2913.597 + 1540.893 + 1697.082 + 1129.631 = ¥7,281 Mil.
Gross Profit was 2309.79 + 1104.656 + 1263.084 + 772.024 = ¥5,450 Mil.
Total Current Assets was ¥6,070 Mil.
Total Assets was ¥14,354 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,916 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥402 Mil.
Total Current Liabilities was ¥5,222 Mil.
Long-Term Debt & Capital Lease Obligation was ¥165 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) |
| = | (1084.896 / 6581.075) | / | (1222.56 / 7281.203) |
| = | 0.164851 | / | 0.167906 |
| | = | 0.9818 |
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) |
| = | (5449.554 / 7281.203) | / | (4739.757 / 6581.075) |
| = | 0.748441 | / | 0.72021 |
| | = | 1.0392 |
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 - (5818.918 + 2117.46) / 14728.812) | / | (1 - (6070.01 + 1915.643) / 14353.73) |
| = | 0.461166 | / | 0.443653 |
| | = | 1.0395 |
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 |
| = | 6581.075 | / | 7281.203 |
| | = | 0.9038 |
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 / (0 + 1915.643)) | / | (0 / (0 + 2117.46)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (313.825 / 6581.075) | / | (402.032 / 7281.203) |
| = | 0.047686 | / | 0.055215 |
| | = | 0.8636 |
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) |
| = | ((188.632 + 4991.645) / 14728.812) | / | ((165.171 + 5222.322) / 14353.73) |
| = | 0.35171 | / | 0.375337 |
| | = | 0.9371 |
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 |
| = | (1043.265 - 0 | - | 867.929) | / | 14728.812 |
| | = | 0.011904 |
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.
Hundsun Technologies has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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