Hiyes International Co Beneish M-Score Historical Data
The historical data trend for Hiyes International 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.
Hiyes International Co Beneish M-Score Chart
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Hiyes International 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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-0.14 |
-0.61 |
-0.02 |
-1.97 |
-2.12 |
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Hiyes International Co 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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-1.94 |
-1.58 |
-1.76 |
-2.12 |
-1.86 |
Competitive Comparison of Hiyes International Co's Beneish M-Score
For the Real Estate Services subindustry, Hiyes International 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.
Hiyes International Co's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, Hiyes International Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hiyes International Co's Beneish M-Score falls into.
Hiyes International 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 Hiyes International 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 * 0.7008 | + | 0.528 * 1.0309 | + | 0.404 * 1.1624 | + | 0.892 * 2.0375 | + | 0.115 * 0.8725 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6229 | + | 4.679 * -0.04129 | - | 0.327 * 0.9018 |
| = | -1.86 |
* 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$2,396 Mil.
Revenue was 2279.6 + 4145.444 + 1569.638 + 1393.272 = NT$9,388 Mil.
Gross Profit was 1138.275 + 1156.335 + 687.39 + 654.793 = NT$3,637 Mil.
Total Current Assets was NT$22,079 Mil.
Total Assets was NT$31,081 Mil.
Property, Plant and Equipment(Net PPE) was NT$46 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$16 Mil.
Selling, General, & Admin. Expense(SGA) was NT$840 Mil.
Total Current Liabilities was NT$9,217 Mil.
Long-Term Debt & Capital Lease Obligation was NT$9,881 Mil.
Net Income was 919.113 + 891.908 + 366.007 + 367.042 = NT$2,544 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 628.727 + 2812.834 + 120.546 + 265.299 = NT$3,827 Mil.
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Total Receivables was NT$1,678 Mil.
Revenue was 646.23 + 1560.371 + 1161.039 + 1240.036 = NT$4,608 Mil.
Gross Profit was 184.253 + 653.322 + 513.346 + 489.208 = NT$1,840 Mil.
Total Current Assets was NT$19,997 Mil.
Total Assets was NT$26,662 Mil.
Property, Plant and Equipment(Net PPE) was NT$56 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$16 Mil.
Selling, General, & Admin. Expense(SGA) was NT$662 Mil.
Total Current Liabilities was NT$7,603 Mil.
Long-Term Debt & Capital Lease Obligation was NT$10,564 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) |
| = | (2396.1 / 9387.954) | / | (1678.039 / 4607.676) |
| = | 0.255231 | / | 0.364183 |
| | = | 0.7008 |
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) |
| = | (1840.129 / 4607.676) | / | (3636.793 / 9387.954) |
| = | 0.399362 | / | 0.387389 |
| | = | 1.0309 |
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 - (22079.283 + 46.382) / 31081.339) | / | (1 - (19997.098 + 55.821) / 26662.266) |
| = | 0.288137 | / | 0.247891 |
| | = | 1.1624 |
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 |
| = | 9387.954 | / | 4607.676 |
| | = | 2.0375 |
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)) |
| = | (16.235 / (16.235 + 55.821)) | / | (16.147 / (16.147 + 46.382)) |
| = | 0.225311 | / | 0.258232 |
| | = | 0.8725 |
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) |
| = | (840.488 / 9387.954) | / | (662.217 / 4607.676) |
| = | 0.089528 | / | 0.14372 |
| | = | 0.6229 |
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) |
| = | ((9880.529 + 9217.308) / 31081.339) | / | ((10563.847 + 7603.351) / 26662.266) |
| = | 0.614447 | / | 0.681382 |
| | = | 0.9018 |
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 |
| = | (2544.07 - 0 | - | 3827.406) | / | 31081.339 |
| | = | -0.04129 |
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.
Hiyes International Co has a M-score of -1.86 suggests that the company is unlikely to be a manipulator.
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