Hytera Communications Beneish M-Score Historical Data
The historical data trend for Hytera Communications'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.
Hytera Communications Beneish M-Score Chart
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Hytera Communications Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.78 |
-3.23 |
-2.51 |
-3.09 |
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Hytera Communications Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.65 |
-2.58 |
-2.64 |
-3.09 |
-2.90 |
Competitive Comparison of Hytera Communications's Beneish M-Score
For the Communication Equipment subindustry, Hytera Communications'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.
Hytera Communications's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Hytera Communications's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hytera Communications's Beneish M-Score falls into.
Hytera Communications 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 Hytera Communications 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 * 0.854 | + | 0.528 * 0.9514 | + | 0.404 * 0.9146 | + | 0.892 * 1.1098 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0376 | + | 4.679 * -0.071096 | - | 0.327 * 0.9377 |
| = | -2.90 |
* 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 ¥2,865 Mil.
Revenue was 1265.592 + 2054.158 + 1340.977 + 1400.951 = ¥6,062 Mil.
Gross Profit was 613.916 + 970.561 + 688.752 + 698.866 = ¥2,972 Mil.
Total Current Assets was ¥7,105 Mil.
Total Assets was ¥11,908 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,646 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,125 Mil.
Total Current Liabilities was ¥4,623 Mil.
Long-Term Debt & Capital Lease Obligation was ¥237 Mil.
Net Income was 112.263 + -535.361 + 70.1 + 133.73 = ¥-219 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 21.412 + 451.451 + 122.708 + 31.747 = ¥627 Mil.
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Total Receivables was ¥3,023 Mil.
Revenue was 856.968 + 1942.344 + 1272.374 + 1390.33 = ¥5,462 Mil.
Gross Profit was 421.083 + 861.37 + 630.521 + 635.021 = ¥2,548 Mil.
Total Current Assets was ¥6,559 Mil.
Total Assets was ¥11,647 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,713 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥977 Mil.
Total Current Liabilities was ¥4,507 Mil.
Long-Term Debt & Capital Lease Obligation was ¥564 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) |
| = | (2864.728 / 6061.678) | / | (3022.512 / 5462.016) |
| = | 0.472597 | / | 0.553369 |
| | = | 0.854 |
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) |
| = | (2547.995 / 5462.016) | / | (2972.095 / 6061.678) |
| = | 0.466494 | / | 0.490309 |
| | = | 0.9514 |
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 - (7105.433 + 1646.396) / 11907.583) | / | (1 - (6559.459 + 1712.755) / 11647.221) |
| = | 0.265021 | / | 0.289769 |
| | = | 0.9146 |
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 |
| = | 6061.678 | / | 5462.016 |
| | = | 1.1098 |
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 + 1712.755)) | / | (0 / (0 + 1646.396)) |
| = | 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) |
| = | (1124.902 / 6061.678) | / | (976.876 / 5462.016) |
| = | 0.185576 | / | 0.178849 |
| | = | 1.0376 |
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) |
| = | ((237.479 + 4622.969) / 11907.583) | / | ((563.564 + 4506.635) / 11647.221) |
| = | 0.408181 | / | 0.435314 |
| | = | 0.9377 |
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 |
| = | (-219.268 - 0 | - | 627.318) | / | 11907.583 |
| | = | -0.071096 |
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.
Hytera Communications has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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