Haisung Aero-Robotics Co Beneish M-Score Historical Data
The historical data trend for Haisung Aero-Robotics 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.
Haisung Aero-Robotics Co Beneish M-Score Chart
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Haisung Aero-Robotics Co Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.68 |
-2.97 |
-2.72 |
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Haisung Aero-Robotics Co Quarterly Data
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Sep19 |
Dec19 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.97 |
-3.01 |
-2.89 |
-2.87 |
-2.72 |
Competitive Comparison of Haisung Aero-Robotics Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Haisung Aero-Robotics 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.
Haisung Aero-Robotics Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Haisung Aero-Robotics Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Haisung Aero-Robotics Co's Beneish M-Score falls into.
Haisung Aero-Robotics 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 Haisung Aero-Robotics 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 * 0.8325 | + | 0.528 * 1.3186 | + | 0.404 * 0.8538 | + | 0.892 * 0.9834 | + | 0.115 * 0.874 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9046 | + | 4.679 * -0.040857 | - | 0.327 * 0.9693 |
| = | -2.72 |
* 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 ₩1,786 Mil.
Revenue was 3266.247 + 3148.062 + 3838.59 + 3430.123 = ₩13,683 Mil.
Gross Profit was 366.266 + 278.516 + 569.77 + 484.062 = ₩1,699 Mil.
Total Current Assets was ₩19,526 Mil.
Total Assets was ₩43,654 Mil.
Property, Plant and Equipment(Net PPE) was ₩24,083 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,162 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,911 Mil.
Total Current Liabilities was ₩2,262 Mil.
Long-Term Debt & Capital Lease Obligation was ₩21 Mil.
Net Income was -272.155 + -590.865 + -205.645 + 290.378 = ₩-778 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -277.076 + 608.088 + 157.622 + 516.648 = ₩1,005 Mil.
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Total Receivables was ₩2,181 Mil.
Revenue was 3428.317 + 3141.531 + 3788.463 + 3555.621 = ₩13,914 Mil.
Gross Profit was 688.044 + 484.858 + 548.329 + 556.41 = ₩2,278 Mil.
Total Current Assets was ₩19,552 Mil.
Total Assets was ₩44,360 Mil.
Property, Plant and Equipment(Net PPE) was ₩24,754 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,038 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,148 Mil.
Total Current Liabilities was ₩2,394 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 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) |
| = | (1785.732 / 13683.022) | / | (2181.192 / 13913.932) |
| = | 0.130507 | / | 0.156763 |
| | = | 0.8325 |
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) |
| = | (2277.641 / 13913.932) | / | (1698.614 / 13683.022) |
| = | 0.163695 | / | 0.12414 |
| | = | 1.3186 |
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 - (19525.786 + 24083.02) / 43653.934) | / | (1 - (19551.955 + 24754.002) / 44359.665) |
| = | 0.001034 | / | 0.001211 |
| | = | 0.8538 |
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 |
| = | 13683.022 | / | 13913.932 |
| | = | 0.9834 |
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)) |
| = | (1037.605 / (1037.605 + 24754.002)) | / | (1161.98 / (1161.98 + 24083.02)) |
| = | 0.04023 | / | 0.046028 |
| | = | 0.874 |
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) |
| = | (1910.886 / 13683.022) | / | (2147.996 / 13913.932) |
| = | 0.139654 | / | 0.154377 |
| | = | 0.9046 |
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) |
| = | ((21.158 + 2262.302) / 43653.934) | / | ((0 + 2393.911) / 44359.665) |
| = | 0.052308 | / | 0.053966 |
| | = | 0.9693 |
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 |
| = | (-778.287 - 0 | - | 1005.282) | / | 43653.934 |
| | = | -0.040857 |
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.
Haisung Aero-Robotics Co has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.
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