HD Hyundai Electric Beneish M-Score Historical Data
The historical data trend for HD Hyundai Electric'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.
HD Hyundai Electric Beneish M-Score Chart
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HD Hyundai Electric Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.18 |
-3.37 |
-2.39 |
-1.90 |
-2.08 |
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HD Hyundai Electric Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.25 |
-2.08 |
-2.78 |
-2.80 |
-2.90 |
Competitive Comparison of HD Hyundai Electric's Beneish M-Score
For the Electrical Equipment & Parts subindustry, HD Hyundai Electric'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.
HD Hyundai Electric's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, HD Hyundai Electric's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HD Hyundai Electric's Beneish M-Score falls into.
HD Hyundai Electric 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 HD Hyundai Electric 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 * 0.8899 | + | 0.528 * 0.659 | + | 0.404 * 0.739 | + | 0.892 * 1.2791 | + | 0.115 * 1.0276 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3291 | + | 4.679 * -0.059978 | - | 0.327 * 0.8559 |
| = | -2.90 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₩1,050,062 Mil.
Revenue was 788748.822 + 916909.063 + 800977.985 + 797307.336 = ₩3,303,943 Mil.
Gross Profit was 266640.247 + 292724.018 + 200310.051 + 213333.653 = ₩973,008 Mil.
Total Current Assets was ₩2,361,677 Mil.
Total Assets was ₩3,352,469 Mil.
Property, Plant and Equipment(Net PPE) was ₩742,915 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩61,489 Mil.
Selling, General, & Admin. Expense(SGA) was ₩179,748 Mil.
Total Current Liabilities was ₩1,638,301 Mil.
Long-Term Debt & Capital Lease Obligation was ₩249,034 Mil.
Net Income was 116850.968 + 161468.167 + 93985.918 + 138821.848 = ₩511,127 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 92600.473 + 197788.113 + 372086.428 + 49725.674 = ₩712,201 Mil.
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Total Receivables was ₩922,508 Mil.
Revenue was 694418.513 + 642482.077 + 568591.412 + 677510.003 = ₩2,583,002 Mil.
Gross Profit was 166735.262 + 118124.076 + 112224.94 + 104181.225 = ₩501,266 Mil.
Total Current Assets was ₩2,035,378 Mil.
Total Assets was ₩2,930,172 Mil.
Property, Plant and Equipment(Net PPE) was ₩601,639 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩51,287 Mil.
Selling, General, & Admin. Expense(SGA) was ₩105,727 Mil.
Total Current Liabilities was ₩1,612,884 Mil.
Long-Term Debt & Capital Lease Obligation was ₩314,494 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) |
| = | (1050061.514 / 3303943.206) | / | (922508.443 / 2583002.005) |
| = | 0.317821 | / | 0.357146 |
| | = | 0.8899 |
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) |
| = | (501265.503 / 2583002.005) | / | (973007.969 / 3303943.206) |
| = | 0.194063 | / | 0.294499 |
| | = | 0.659 |
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 - (2361677.379 + 742914.731) / 3352468.729) | / | (1 - (2035377.875 + 601638.832) / 2930171.876) |
| = | 0.073939 | / | 0.100047 |
| | = | 0.739 |
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 |
| = | 3303943.206 | / | 2583002.005 |
| | = | 1.2791 |
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)) |
| = | (51287 / (51287 + 601638.832)) | / | (61489 / (61489 + 742914.731)) |
| = | 0.07855 | / | 0.07644 |
| | = | 1.0276 |
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) |
| = | (179747.971 / 3303943.206) | / | (105727.342 / 2583002.005) |
| = | 0.054404 | / | 0.040932 |
| | = | 1.3291 |
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) |
| = | ((249034.465 + 1638301.096) / 3352468.729) | / | ((314494.452 + 1612883.646) / 2930171.876) |
| = | 0.562969 | / | 0.65777 |
| | = | 0.8559 |
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 |
| = | (511126.901 - 0 | - | 712200.688) | / | 3352468.729 |
| | = | -0.059978 |
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.
HD Hyundai Electric has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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