Hon Hai Precision Industry Co Beneish M-Score Historical Data
The historical data trend for Hon Hai Precision Industry 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.
Hon Hai Precision Industry Co Beneish M-Score Chart
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Hon Hai Precision Industry Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
-2.89 |
-2.02 |
-2.48 |
-3.07 |
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Hon Hai Precision Industry Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.70 |
-2.79 |
-2.86 |
-3.07 |
Competitive Comparison of Hon Hai Precision Industry Co's Beneish M-Score
For the Electronic Components subindustry, Hon Hai Precision Industry 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.
Hon Hai Precision Industry Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Hon Hai Precision Industry Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hon Hai Precision Industry Co's Beneish M-Score falls into.
Hon Hai Precision Industry 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 Hon Hai Precision Industry 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 * 0.8714 | + | 0.528 * 0.959 | + | 0.404 * 0.9264 | + | 0.892 * 0.9299 | + | 0.115 * 0.9823 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0693 | + | 4.679 * -0.077023 | - | 0.327 * 0.9481 |
| = | -3.07 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was NT$936,978 Mil.
Revenue was 1852072.177 + 1543163.653 + 1304548.195 + 1462437.334 = NT$6,162,221 Mil.
Gross Profit was 113282.333 + 102753.497 + 83577.184 + 88334.455 = NT$387,947 Mil.
Total Current Assets was NT$3,035,966 Mil.
Total Assets was NT$3,939,789 Mil.
Property, Plant and Equipment(Net PPE) was NT$435,295 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$84,406 Mil.
Selling, General, & Admin. Expense(SGA) was NT$111,399 Mil.
Total Current Liabilities was NT$1,909,335 Mil.
Long-Term Debt & Capital Lease Obligation was NT$288,336 Mil.
Net Income was 53145.12 + 43127.846 + 33000.547 + 12824.695 = NT$142,098 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 159400.145 + 66027.555 + 79805.708 + 140319.309 = NT$445,553 Mil.
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Total Receivables was NT$1,156,412 Mil.
Revenue was 1963028.204 + 1746604.787 + 1509810.592 + 1407553.167 = NT$6,626,997 Mil.
Gross Profit was 111064.039 + 107627.717 + 96627.724 + 84765.678 = NT$400,085 Mil.
Total Current Assets was NT$3,200,506 Mil.
Total Assets was NT$4,133,974 Mil.
Property, Plant and Equipment(Net PPE) was NT$402,810 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$76,460 Mil.
Selling, General, & Admin. Expense(SGA) was NT$112,039 Mil.
Total Current Liabilities was NT$2,113,814 Mil.
Long-Term Debt & Capital Lease Obligation was NT$318,479 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) |
| = | (936977.713 / 6162221.359) | / | (1156412.477 / 6626996.75) |
| = | 0.152052 | / | 0.1745 |
| | = | 0.8714 |
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) |
| = | (400085.158 / 6626996.75) | / | (387947.469 / 6162221.359) |
| = | 0.060372 | / | 0.062956 |
| | = | 0.959 |
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 - (3035965.951 + 435295.317) / 3939788.977) | / | (1 - (3200505.521 + 402810.48) / 4133974.28) |
| = | 0.118922 | / | 0.128365 |
| | = | 0.9264 |
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 |
| = | 6162221.359 | / | 6626996.75 |
| | = | 0.9299 |
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)) |
| = | (76460.308 / (76460.308 + 402810.48)) | / | (84405.761 / (84405.761 + 435295.317)) |
| = | 0.159535 | / | 0.162412 |
| | = | 0.9823 |
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) |
| = | (111399.207 / 6162221.359) | / | (112039.244 / 6626996.75) |
| = | 0.018078 | / | 0.016906 |
| | = | 1.0693 |
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) |
| = | ((288336.417 + 1909334.694) / 3939788.977) | / | ((318478.886 + 2113813.519) / 4133974.28) |
| = | 0.557814 | / | 0.588367 |
| | = | 0.9481 |
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 |
| = | (142098.208 - 0 | - | 445552.717) | / | 3939788.977 |
| | = | -0.077023 |
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.
Hon Hai Precision Industry Co has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.
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