Hanatour Service Beneish M-Score Historical Data
The historical data trend for Hanatour Service'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.
Hanatour Service Beneish M-Score Chart
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Hanatour Service Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.74 |
-3.41 |
-0.70 |
-1.46 |
-1.16 |
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Hanatour Service 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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-0.55 |
-0.22 |
-0.67 |
-1.16 |
-1.84 |
Competitive Comparison of Hanatour Service's Beneish M-Score
For the Travel Services subindustry, Hanatour Service'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.
Hanatour Service's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Hanatour Service's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hanatour Service's Beneish M-Score falls into.
Hanatour Service 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 Hanatour Service 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 * 0.5506 | + | 0.528 * 1.1807 | + | 0.404 * 0.6942 | + | 0.892 * 2.7213 | + | 0.115 * 1.0647 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6402 | + | 4.679 * -0.105833 | - | 0.327 * 1.0998 |
| = | -1.84 |
* 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 ₩61,206 Mil.
Revenue was 183336.056 + 119535.549 + 126696.888 + 82403.077 = ₩511,972 Mil.
Gross Profit was 121365.63 + 65504.349 + 126696.888 + 82403.077 = ₩395,970 Mil.
Total Current Assets was ₩487,166 Mil.
Total Assets was ₩675,285 Mil.
Property, Plant and Equipment(Net PPE) was ₩99,064 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩27,700 Mil.
Selling, General, & Admin. Expense(SGA) was ₩186,431 Mil.
Total Current Liabilities was ₩460,923 Mil.
Long-Term Debt & Capital Lease Obligation was ₩104,256 Mil.
Net Income was 21362.517 + 11166.027 + 14183.875 + 13688.137 = ₩60,401 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 49776.479 + 40876.213 + 47476.12 + -6260.452 = ₩131,868 Mil.
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Total Receivables was ₩40,850 Mil.
Revenue was 82976.096 + 46148.641 + 37445.782 + 21565.9 = ₩188,136 Mil.
Gross Profit was 74336.926 + 38459.414 + 37445.782 + 21565.9 = ₩171,808 Mil.
Total Current Assets was ₩301,606 Mil.
Total Assets was ₩496,246 Mil.
Property, Plant and Equipment(Net PPE) was ₩100,370 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩30,433 Mil.
Selling, General, & Admin. Expense(SGA) was ₩107,017 Mil.
Total Current Liabilities was ₩252,994 Mil.
Long-Term Debt & Capital Lease Obligation was ₩124,647 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) |
| = | (61205.602 / 511971.57) | / | (40849.967 / 188136.419) |
| = | 0.119549 | / | 0.21713 |
| | = | 0.5506 |
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) |
| = | (171808.022 / 188136.419) | / | (395969.944 / 511971.57) |
| = | 0.91321 | / | 0.773422 |
| | = | 1.1807 |
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 - (487166.106 + 99063.979) / 675285.38) | / | (1 - (301606.003 + 100370.363) / 496245.548) |
| = | 0.131878 | / | 0.189965 |
| | = | 0.6942 |
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 |
| = | 511971.57 | / | 188136.419 |
| | = | 2.7213 |
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)) |
| = | (30432.794 / (30432.794 + 100370.363)) | / | (27700.141 / (27700.141 + 99063.979)) |
| = | 0.232661 | / | 0.218517 |
| | = | 1.0647 |
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) |
| = | (186431.414 / 511971.57) | / | (107017.016 / 188136.419) |
| = | 0.364144 | / | 0.568827 |
| | = | 0.6402 |
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) |
| = | ((104256.081 + 460922.674) / 675285.38) | / | ((124646.648 + 252994.352) / 496245.548) |
| = | 0.836948 | / | 0.760996 |
| | = | 1.0998 |
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 |
| = | (60400.556 - 0 | - | 131868.36) | / | 675285.38 |
| | = | -0.105833 |
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.
Hanatour Service has a M-score of -1.84 suggests that the company is unlikely to be a manipulator.
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