Hyosung TNC Co Beneish M-Score Historical Data
The historical data trend for Hyosung TNC 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.
Hyosung TNC Co Beneish M-Score Chart
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Hyosung TNC Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-3.34 |
-1.88 |
-1.32 |
-3.27 |
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Hyosung TNC Co 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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-3.21 |
-3.27 |
-3.38 |
-3.00 |
-2.94 |
Competitive Comparison of Hyosung TNC Co's Beneish M-Score
For the Textile Manufacturing subindustry, Hyosung TNC 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.
Hyosung TNC Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Hyosung TNC Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hyosung TNC Co's Beneish M-Score falls into.
Hyosung TNC 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 Hyosung TNC 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 * 0.9815 | + | 0.528 * 0.7606 | + | 0.404 * 1.1898 | + | 0.892 * 0.9993 | + | 0.115 * 0.9132 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.007 | + | 4.679 * -0.082988 | - | 0.327 * 0.9722 |
| = | -2.94 |
* 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 ₩1,064,312 Mil.
Revenue was 1936281.514 + 1982564.664 + 1879562.086 + 1766968.484 = ₩7,565,377 Mil.
Gross Profit was 151601.692 + 171026.401 + 156151.266 + 115721.713 = ₩594,501 Mil.
Total Current Assets was ₩2,023,868 Mil.
Total Assets was ₩4,345,444 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,947,722 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩265,000 Mil.
Selling, General, & Admin. Expense(SGA) was ₩147,009 Mil.
Total Current Liabilities was ₩2,121,893 Mil.
Long-Term Debt & Capital Lease Obligation was ₩358,861 Mil.
Net Income was 22682.22 + 42749.924 + 45637.793 + 31254.516 = ₩142,324 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 101172.206 + 167357.471 + 142547.766 + 91865.93 = ₩502,943 Mil.
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Total Receivables was ₩1,085,138 Mil.
Revenue was 1969572.127 + 1929289.065 + 1861089.148 + 1811053.137 = ₩7,571,003 Mil.
Gross Profit was 129021.57 + 142001.682 + 144510.49 + 36990.139 = ₩452,524 Mil.
Total Current Assets was ₩2,053,087 Mil.
Total Assets was ₩4,341,536 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,974,518 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩242,454 Mil.
Selling, General, & Admin. Expense(SGA) was ₩146,095 Mil.
Total Current Liabilities was ₩2,105,756 Mil.
Long-Term Debt & Capital Lease Obligation was ₩443,760 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) |
| = | (1064312.333 / 7565376.748) | / | (1085137.582 / 7571003.477) |
| = | 0.140682 | / | 0.143328 |
| | = | 0.9815 |
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) |
| = | (452523.881 / 7571003.477) | / | (594501.072 / 7565376.748) |
| = | 0.059771 | / | 0.078582 |
| | = | 0.7606 |
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 - (2023868.016 + 1947722.254) / 4345444.191) | / | (1 - (2053086.959 + 1974517.914) / 4341535.519) |
| = | 0.086034 | / | 0.072309 |
| | = | 1.1898 |
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 |
| = | 7565376.748 | / | 7571003.477 |
| | = | 0.9993 |
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)) |
| = | (242453.694 / (242453.694 + 1974517.914)) | / | (264999.669 / (264999.669 + 1947722.254)) |
| = | 0.109363 | / | 0.119762 |
| | = | 0.9132 |
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) |
| = | (147008.537 / 7565376.748) | / | (146095.405 / 7571003.477) |
| = | 0.019432 | / | 0.019297 |
| | = | 1.007 |
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) |
| = | ((358860.627 + 2121893.318) / 4345444.191) | / | ((443760.288 + 2105756.473) / 4341535.519) |
| = | 0.570886 | / | 0.587238 |
| | = | 0.9722 |
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 |
| = | (142324.453 - 0 | - | 502943.373) | / | 4345444.191 |
| | = | -0.082988 |
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.
Hyosung TNC Co has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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