Hotto Link Beneish M-Score Historical Data
The historical data trend for Hotto Link'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.
Hotto Link Beneish M-Score Chart
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Hotto Link Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.43 |
-2.92 |
-1.96 |
-1.99 |
-1.37 |
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Hotto Link Quarterly Data
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Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-2.13 |
-1.77 |
-1.37 |
-2.70 |
-2.06 |
Competitive Comparison of Hotto Link's Beneish M-Score
For the Software - Infrastructure subindustry, Hotto Link'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.
Hotto Link's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Hotto Link's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hotto Link's Beneish M-Score falls into.
Hotto Link 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 Hotto Link 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 * 1.8264 | + | 0.528 * 0.9128 | + | 0.404 * 1.0311 | + | 0.892 * 0.7121 | + | 0.115 * 0.9157 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0998 | + | 4.679 * -0.01273 | - | 0.327 * 0.8802 |
| = | -2.06 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was 円469 Mil.
Revenue was 1119.125 + 1171.986 + 1331.109 + 1182.527 = 円4,805 Mil.
Gross Profit was 336.642 + 350.98 + 432.715 + 401.569 = 円1,522 Mil.
Total Current Assets was 円4,214 Mil.
Total Assets was 円8,953 Mil.
Property, Plant and Equipment(Net PPE) was 円386 Mil.
Depreciation, Depletion and Amortization(DDA) was 円447 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,358 Mil.
Total Current Liabilities was 円918 Mil.
Long-Term Debt & Capital Lease Obligation was 円873 Mil.
Net Income was 131.343 + 87.226 + -19.334 + 97.519 = 円297 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 30.568 + 230.655 + -38.427 + 187.935 = 円411 Mil.
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Total Receivables was 円361 Mil.
Revenue was 1091.716 + 1134.161 + 2358.013 + 2163.21 = 円6,747 Mil.
Gross Profit was 355.277 + 376.777 + 606.84 + 611.878 = 円1,951 Mil.
Total Current Assets was 円4,140 Mil.
Total Assets was 円8,712 Mil.
Property, Plant and Equipment(Net PPE) was 円464 Mil.
Depreciation, Depletion and Amortization(DDA) was 円448 Mil.
Selling, General, & Admin. Expense(SGA) was 円1,733 Mil.
Total Current Liabilities was 円914 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,066 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) |
| = | (469.023 / 4804.747) | / | (360.61 / 6747.1) |
| = | 0.097617 | / | 0.053447 |
| | = | 1.8264 |
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) |
| = | (1950.772 / 6747.1) | / | (1521.906 / 4804.747) |
| = | 0.289127 | / | 0.31675 |
| | = | 0.9128 |
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 - (4214.317 + 386.208) / 8953.15) | / | (1 - (4140.205 + 463.882) / 8711.769) |
| = | 0.486156 | / | 0.47151 |
| | = | 1.0311 |
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 |
| = | 4804.747 | / | 6747.1 |
| | = | 0.7121 |
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)) |
| = | (447.782 / (447.782 + 463.882)) | / | (446.786 / (446.786 + 386.208)) |
| = | 0.49117 | / | 0.536362 |
| | = | 0.9157 |
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) |
| = | (1357.621 / 4804.747) | / | (1733.406 / 6747.1) |
| = | 0.282558 | / | 0.256911 |
| | = | 1.0998 |
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) |
| = | ((873.445 + 917.751) / 8953.15) | / | ((1066.41 + 913.723) / 8711.769) |
| = | 0.200063 | / | 0.227294 |
| | = | 0.8802 |
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 |
| = | (296.754 - 0 | - | 410.731) | / | 8953.15 |
| | = | -0.01273 |
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.
Hotto Link has a M-score of -2.06 suggests that the company is unlikely to be a manipulator.
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