HANSAE Co Beneish M-Score Historical Data
The historical data trend for HANSAE 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.
HANSAE Co Beneish M-Score Chart
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HANSAE Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.57 |
-0.91 |
-3.06 |
-2.66 |
-2.24 |
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HANSAE Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.66 |
-2.65 |
-1.43 |
-0.44 |
-2.24 |
Competitive Comparison of HANSAE Co's Beneish M-Score
For the Apparel Manufacturing subindustry, HANSAE 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.
HANSAE Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, HANSAE Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HANSAE Co's Beneish M-Score falls into.
HANSAE 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 HANSAE 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 * 1.1024 | + | 0.528 * 1.0941 | + | 0.404 * 1.1758 | + | 0.892 * 1.0521 | + | 0.115 * 1.1675 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2177 | + | 4.679 * 0.001226 | - | 0.327 * 1.0325 |
| = | -2.24 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₩212,207 Mil.
Revenue was 404112.438 + 533949.662 + 447979.278 + 411754.369 = ₩1,797,796 Mil.
Gross Profit was 58729.713 + 90281.873 + 81793.803 + 77689.838 = ₩308,495 Mil.
Total Current Assets was ₩688,476 Mil.
Total Assets was ₩1,424,527 Mil.
Property, Plant and Equipment(Net PPE) was ₩357,192 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩34,281 Mil.
Selling, General, & Admin. Expense(SGA) was ₩73,915 Mil.
Total Current Liabilities was ₩567,944 Mil.
Long-Term Debt & Capital Lease Obligation was ₩103,046 Mil.
Net Income was -17801.862 + 35698.036 + 22076.814 + 18063.522 = ₩58,037 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 5233.635 + 88086.54 + -77344.172 + 40314.508 = ₩56,291 Mil.
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Total Receivables was ₩182,967 Mil.
Revenue was 355687.503 + 512048.914 + 430183.849 + 410836.162 = ₩1,708,756 Mil.
Gross Profit was 65738.913 + 99176.315 + 84020.256 + 71863.377 = ₩320,799 Mil.
Total Current Assets was ₩679,073 Mil.
Total Assets was ₩1,237,248 Mil.
Property, Plant and Equipment(Net PPE) was ₩278,313 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩31,693 Mil.
Selling, General, & Admin. Expense(SGA) was ₩57,694 Mil.
Total Current Liabilities was ₩500,472 Mil.
Long-Term Debt & Capital Lease Obligation was ₩63,970 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) |
| = | (212207.363 / 1797795.747) | / | (182966.717 / 1708756.428) |
| = | 0.118038 | / | 0.107076 |
| | = | 1.1024 |
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) |
| = | (320798.861 / 1708756.428) | / | (308495.227 / 1797795.747) |
| = | 0.187738 | / | 0.171596 |
| | = | 1.0941 |
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 - (688476.047 + 357192.102) / 1424527.346) | / | (1 - (679072.96 + 278312.605) / 1237247.611) |
| = | 0.265954 | / | 0.226197 |
| | = | 1.1758 |
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 |
| = | 1797795.747 | / | 1708756.428 |
| | = | 1.0521 |
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)) |
| = | (31693.353 / (31693.353 + 278312.605)) | / | (34281.183 / (34281.183 + 357192.102)) |
| = | 0.102235 | / | 0.08757 |
| | = | 1.1675 |
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) |
| = | (73914.68 / 1797795.747) | / | (57693.914 / 1708756.428) |
| = | 0.041114 | / | 0.033764 |
| | = | 1.2177 |
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) |
| = | ((103045.647 + 567944.204) / 1424527.346) | / | ((63970.185 + 500471.62) / 1237247.611) |
| = | 0.471026 | / | 0.456208 |
| | = | 1.0325 |
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 |
| = | (58036.51 - 0 | - | 56290.511) | / | 1424527.346 |
| | = | 0.001226 |
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.
HANSAE Co has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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