Hwaseung R&A Co Beneish M-Score Historical Data
The historical data trend for Hwaseung R&A 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.
Hwaseung R&A Co Beneish M-Score Chart
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Hwaseung R&A Co Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.89 |
-1.87 |
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Hwaseung R&A Co Quarterly Data
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Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.89 |
-2.49 |
-2.61 |
-2.42 |
-1.87 |
Competitive Comparison of Hwaseung R&A Co's Beneish M-Score
For the Auto Parts subindustry, Hwaseung R&A 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.
Hwaseung R&A Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Hwaseung R&A Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hwaseung R&A Co's Beneish M-Score falls into.
Hwaseung R&A 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 Hwaseung R&A 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 * 1.1713 | + | 0.528 * 0.9913 | + | 0.404 * 0.9498 | + | 0.892 * 1.0389 | + | 0.115 * 1.0745 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9722 | + | 4.679 * 0.085698 | - | 0.327 * 0.9215 |
| = | -1.87 |
* 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 ₩162,392 Mil.
Revenue was 185590.612 + 162239.198 + 189462.92 + 169837.821 = ₩707,131 Mil.
Gross Profit was 32197.785 + 30122.578 + 36467.42 + 32029.261 = ₩130,817 Mil.
Total Current Assets was ₩219,373 Mil.
Total Assets was ₩469,868 Mil.
Property, Plant and Equipment(Net PPE) was ₩171,842 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩18,676 Mil.
Selling, General, & Admin. Expense(SGA) was ₩33,565 Mil.
Total Current Liabilities was ₩265,140 Mil.
Long-Term Debt & Capital Lease Obligation was ₩33,424 Mil.
Net Income was 14598.486 + -1307.439 + 10257.367 + 8874.665 = ₩32,423 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 9280.815 + -13966.191 + 8127.005 + -11285.129 = ₩-7,844 Mil.
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Total Receivables was ₩133,455 Mil.
Revenue was 145705.031 + 172877.473 + 187616.448 + 174452.714 = ₩680,652 Mil.
Gross Profit was 29458.868 + 32823.649 + 32965.009 + 29578.727 = ₩124,826 Mil.
Total Current Assets was ₩196,679 Mil.
Total Assets was ₩430,774 Mil.
Property, Plant and Equipment(Net PPE) was ₩158,172 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩18,623 Mil.
Selling, General, & Admin. Expense(SGA) was ₩33,231 Mil.
Total Current Liabilities was ₩263,498 Mil.
Long-Term Debt & Capital Lease Obligation was ₩33,555 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) |
| = | (162391.628 / 707130.551) | / | (133455.228 / 680651.666) |
| = | 0.229649 | / | 0.19607 |
| | = | 1.1713 |
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) |
| = | (124826.253 / 680651.666) | / | (130817.044 / 707130.551) |
| = | 0.183392 | / | 0.184997 |
| | = | 0.9913 |
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 - (219373.367 + 171841.673) / 469867.846) | / | (1 - (196679.197 + 158172.286) / 430773.74) |
| = | 0.167393 | / | 0.176246 |
| | = | 0.9498 |
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 |
| = | 707130.551 | / | 680651.666 |
| | = | 1.0389 |
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)) |
| = | (18623.047 / (18623.047 + 158172.286)) | / | (18676.467 / (18676.467 + 171841.673)) |
| = | 0.105337 | / | 0.09803 |
| | = | 1.0745 |
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) |
| = | (33564.802 / 707130.551) | / | (33230.847 / 680651.666) |
| = | 0.047466 | / | 0.048822 |
| | = | 0.9722 |
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) |
| = | ((33424.039 + 265139.588) / 469867.846) | / | ((33554.524 + 263497.531) / 430773.74) |
| = | 0.63542 | / | 0.689578 |
| | = | 0.9215 |
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 |
| = | (32423.079 - 0 | - | -7843.5) | / | 469867.846 |
| | = | 0.085698 |
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.
Hwaseung R&A Co has a M-score of -1.87 suggests that the company is unlikely to be a manipulator.
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