Hyundai Wia Beneish M-Score Historical Data
The historical data trend for Hyundai Wia'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.
Hyundai Wia Beneish M-Score Chart
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Hyundai Wia Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.04 |
-2.61 |
-2.84 |
-2.61 |
-2.65 |
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Hyundai Wia 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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-2.62 |
-2.74 |
-2.78 |
-2.65 |
-2.64 |
Competitive Comparison of Hyundai Wia's Beneish M-Score
For the Auto Parts subindustry, Hyundai Wia'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.
Hyundai Wia's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Hyundai Wia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hyundai Wia's Beneish M-Score falls into.
Hyundai Wia 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 Hyundai Wia 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 * 0.9968 | + | 0.528 * 0.984 | + | 0.404 * 0.979 | + | 0.892 * 1.0287 | + | 0.115 * 1.0316 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.842 | + | 4.679 * -0.046827 | - | 0.327 * 0.9249 |
| = | -2.64 |
* 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 ₩1,739,660 Mil.
Revenue was 2141584 + 2111213 + 2099012 + 2285069 = ₩8,636,878 Mil.
Gross Profit was 155368 + 142105 + 153939 + 157981 = ₩609,393 Mil.
Total Current Assets was ₩3,936,172 Mil.
Total Assets was ₩6,962,462 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,626,516 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩281,766 Mil.
Selling, General, & Admin. Expense(SGA) was ₩169,985 Mil.
Total Current Liabilities was ₩2,478,804 Mil.
Long-Term Debt & Capital Lease Obligation was ₩525,643 Mil.
Net Income was 35659 + 46745 + 21575 + 7563 = ₩111,542 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 218031 + -108240 + 278396 + 49389 = ₩437,576 Mil.
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Total Receivables was ₩1,696,601 Mil.
Revenue was 2095022 + 2248723 + 2080301 + 1971761 = ₩8,395,807 Mil.
Gross Profit was 130235 + 158302 + 155811 + 138572 = ₩582,920 Mil.
Total Current Assets was ₩4,139,111 Mil.
Total Assets was ₩7,393,031 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,820,316 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩313,194 Mil.
Selling, General, & Admin. Expense(SGA) was ₩196,250 Mil.
Total Current Liabilities was ₩2,242,981 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,206,466 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) |
| = | (1739660 / 8636878) | / | (1696601 / 8395807) |
| = | 0.201422 | / | 0.202077 |
| | = | 0.9968 |
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) |
| = | (582920 / 8395807) | / | (609393 / 8636878) |
| = | 0.06943 | / | 0.070557 |
| | = | 0.984 |
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 - (3936172 + 2626516) / 6962462) | / | (1 - (4139111 + 2820316) / 7393031) |
| = | 0.057418 | / | 0.05865 |
| | = | 0.979 |
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 |
| = | 8636878 | / | 8395807 |
| | = | 1.0287 |
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)) |
| = | (313194 / (313194 + 2820316)) | / | (281766 / (281766 + 2626516)) |
| = | 0.09995 | / | 0.096884 |
| | = | 1.0316 |
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) |
| = | (169985 / 8636878) | / | (196250 / 8395807) |
| = | 0.019681 | / | 0.023375 |
| | = | 0.842 |
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) |
| = | ((525643 + 2478804) / 6962462) | / | ((1206466 + 2242981) / 7393031) |
| = | 0.431521 | / | 0.466581 |
| | = | 0.9249 |
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 |
| = | (111542 - 0 | - | 437576) | / | 6962462 |
| | = | -0.046827 |
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.
Hyundai Wia has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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