Hyvision System Beneish M-Score Historical Data
The historical data trend for Hyvision System'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.
Hyvision System Beneish M-Score Chart
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Hyvision System Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.54 |
-2.22 |
-2.67 |
-0.80 |
-1.67 |
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Hyvision System 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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0.61 |
-1.20 |
-0.90 |
-1.67 |
-2.38 |
Competitive Comparison of Hyvision System's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Hyvision System'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.
Hyvision System's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Hyvision System's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hyvision System's Beneish M-Score falls into.
Hyvision System 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 Hyvision System 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 | + | 0.528 * 1.1049 | + | 0.404 * 2.454 | + | 0.892 * 1.6836 | + | 0.115 * 0.0543 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.8427 | + | 4.679 * -0.008581 | - | 0.327 * 0.8172 |
| = | -2.38 |
* 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 ₩0 Mil.
Revenue was 48226.338 + 123785.68 + 123873.727 + 63559.473 = ₩359,445 Mil.
Gross Profit was 20785.243 + 27320.208 + 52859.57 + 24804.106 = ₩125,769 Mil.
Total Current Assets was ₩300,401 Mil.
Total Assets was ₩392,670 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,447 Mil.
Selling, General, & Admin. Expense(SGA) was ₩23,262 Mil.
Total Current Liabilities was ₩121,839 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 11470.893 + 6267.541 + 28881.507 + 7536.355 = ₩54,156 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 55333.589 + 23732.355 + -21540.137 = ₩57,526 Mil.
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Total Receivables was ₩89,569 Mil.
Revenue was 37062.571 + 101023.47 + 44412.636 + 31005.19 = ₩213,504 Mil.
Gross Profit was 17136.019 + 41265.772 + 13412.792 + 10726.141 = ₩82,541 Mil.
Total Current Assets was ₩284,822 Mil.
Total Assets was ₩371,241 Mil.
Property, Plant and Equipment(Net PPE) was ₩50,871 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,922 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,498 Mil.
Total Current Liabilities was ₩140,166 Mil.
Long-Term Debt & Capital Lease Obligation was ₩786 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) |
| = | (0 / 359445.218) | / | (89569.029 / 213503.867) |
| = | 0 | / | 0.419519 |
| | = | 0 |
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) |
| = | (82540.724 / 213503.867) | / | (125769.127 / 359445.218) |
| = | 0.386601 | / | 0.349898 |
| | = | 1.1049 |
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 - (300400.651 + 0) / 392670.261) | / | (1 - (284821.597 + 50871.384) / 371240.977) |
| = | 0.23498 | / | 0.095755 |
| | = | 2.454 |
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 |
| = | 359445.218 | / | 213503.867 |
| | = | 1.6836 |
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)) |
| = | (2921.721 / (2921.721 + 50871.384)) | / | (2447.091 / (2447.091 + 0)) |
| = | 0.054314 | / | 1 |
| | = | 0.0543 |
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) |
| = | (23262.272 / 359445.218) | / | (7498.28 / 213503.867) |
| = | 0.064717 | / | 0.03512 |
| | = | 1.8427 |
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) |
| = | ((0 + 121838.755) / 392670.261) | / | ((785.51 + 140165.591) / 371240.977) |
| = | 0.310283 | / | 0.379675 |
| | = | 0.8172 |
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 |
| = | (54156.296 - 0 | - | 57525.807) | / | 392670.261 |
| | = | -0.008581 |
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.
Hyvision System has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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