Humax Co Beneish M-Score Historical Data
The historical data trend for Humax 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.
Humax Co Beneish M-Score Chart
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Humax Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.77 |
-2.96 |
-2.43 |
-2.50 |
-3.33 |
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Humax Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.90 |
-3.25 |
-3.05 |
-3.33 |
Competitive Comparison of Humax Co's Beneish M-Score
For the Communication Equipment subindustry, Humax 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.
Humax Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Humax Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Humax Co's Beneish M-Score falls into.
Humax 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 Humax 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 * 0.7054 | + | 0.528 * 0.9658 | + | 0.404 * 1.0508 | + | 0.892 * 0.9466 | + | 0.115 * 1.073 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9713 | + | 4.679 * -0.118063 | - | 0.327 * 0.9962 |
| = | -3.33 |
* 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 ₩141,079 Mil.
Revenue was 162600.433 + 187335.448 + 157665.969 + 145031.853 = ₩652,634 Mil.
Gross Profit was 30025.09 + 35770.758 + 25837.432 + 28219.277 = ₩119,853 Mil.
Total Current Assets was ₩371,325 Mil.
Total Assets was ₩832,438 Mil.
Property, Plant and Equipment(Net PPE) was ₩51,488 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩11,938 Mil.
Selling, General, & Admin. Expense(SGA) was ₩57,475 Mil.
Total Current Liabilities was ₩357,458 Mil.
Long-Term Debt & Capital Lease Obligation was ₩136,165 Mil.
Net Income was -34110.83 + -1749.005 + -14661.581 + -10969.214 = ₩-61,491 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 21502.357 + 12001.971 + -3082.847 + 6367.638 = ₩36,789 Mil.
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Total Receivables was ₩211,293 Mil.
Revenue was 205856.456 + 181233.941 + 143309.917 + 159074.939 = ₩689,475 Mil.
Gross Profit was 35935.423 + 32603.666 + 31056.864 + 22687.15 = ₩122,283 Mil.
Total Current Assets was ₩470,768 Mil.
Total Assets was ₩1,007,567 Mil.
Property, Plant and Equipment(Net PPE) was ₩64,965 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩16,440 Mil.
Selling, General, & Admin. Expense(SGA) was ₩62,511 Mil.
Total Current Liabilities was ₩441,352 Mil.
Long-Term Debt & Capital Lease Obligation was ₩158,375 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) |
| = | (141078.694 / 652633.703) | / | (211293.321 / 689475.253) |
| = | 0.216168 | / | 0.306455 |
| | = | 0.7054 |
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) |
| = | (122283.103 / 689475.253) | / | (119852.557 / 652633.703) |
| = | 0.177357 | / | 0.183644 |
| | = | 0.9658 |
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 - (371324.869 + 51488.305) / 832437.812) | / | (1 - (470767.51 + 64965.275) / 1007566.828) |
| = | 0.492078 | / | 0.468291 |
| | = | 1.0508 |
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 |
| = | 652633.703 | / | 689475.253 |
| | = | 0.9466 |
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)) |
| = | (16440.316 / (16440.316 + 64965.275)) | / | (11938.123 / (11938.123 + 51488.305)) |
| = | 0.201956 | / | 0.18822 |
| | = | 1.073 |
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) |
| = | (57475.473 / 652633.703) | / | (62511.326 / 689475.253) |
| = | 0.088067 | / | 0.090665 |
| | = | 0.9713 |
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) |
| = | ((136165.174 + 357458.344) / 832437.812) | / | ((158375.398 + 441351.704) / 1007566.828) |
| = | 0.592985 | / | 0.595223 |
| | = | 0.9962 |
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 |
| = | (-61490.63 - 0 | - | 36789.119) | / | 832437.812 |
| | = | -0.118063 |
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.
Humax Co has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.
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