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 |
| Beneish M-Score |
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- |
- |
-2.89 |
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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 |
| Beneish M-Score |
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-2.47 |
-2.58 |
-2.98 |
-2.89 |
-2.49 |
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 * 1.0206 | + | 0.528 * 0.8691 | + | 0.404 * 0.967 | + | 0.892 * 0.9856 | + | 0.115 * 1.0618 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0171 | + | 4.679 * 0.009283 | - | 0.327 * 0.9411 |
| = | -2.49 |
* 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 ₩151,409 Mil.
Revenue was 169837.821 + 145705.031 + 172877.473 + 187616.448 = ₩676,037 Mil.
Gross Profit was 32029.261 + 29458.868 + 32823.649 + 32965.009 = ₩127,277 Mil.
Total Current Assets was ₩209,128 Mil.
Total Assets was ₩445,490 Mil.
Property, Plant and Equipment(Net PPE) was ₩156,654 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩18,502 Mil.
Selling, General, & Admin. Expense(SGA) was ₩33,816 Mil.
Total Current Liabilities was ₩272,402 Mil.
Long-Term Debt & Capital Lease Obligation was ₩32,959 Mil.
Net Income was 8874.665 + 3720.87 + 8352.632 + 5424.233 = ₩26,372 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -11285.129 + 18414.68 + 33457.455 + -18350.123 = ₩22,237 Mil.
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Total Receivables was ₩150,519 Mil.
Revenue was 174452.714 + 182791.47 + 165662.701 + 162980.925 = ₩685,888 Mil.
Gross Profit was 29578.727 + 29919.193 + 26286.37 + 26442.155 = ₩112,226 Mil.
Total Current Assets was ₩201,085 Mil.
Total Assets was ₩441,674 Mil.
Property, Plant and Equipment(Net PPE) was ₩158,866 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩20,069 Mil.
Selling, General, & Admin. Expense(SGA) was ₩33,734 Mil.
Total Current Liabilities was ₩308,377 Mil.
Long-Term Debt & Capital Lease Obligation was ₩13,319 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) |
| = | (151408.608 / 676036.773) | / | (150518.79 / 685887.81) |
| = | 0.223965 | / | 0.219451 |
| | = | 1.0206 |
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) |
| = | (112226.445 / 685887.81) | / | (127276.787 / 676036.773) |
| = | 0.163622 | / | 0.188269 |
| | = | 0.8691 |
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 - (209128.204 + 156654.323) / 445489.518) | / | (1 - (201085.469 + 158866.251) / 441674.049) |
| = | 0.17892 | / | 0.185029 |
| | = | 0.967 |
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 |
| = | 676036.773 | / | 685887.81 |
| | = | 0.9856 |
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)) |
| = | (20068.766 / (20068.766 + 158866.251)) | / | (18501.985 / (18501.985 + 156654.323)) |
| = | 0.112157 | / | 0.105631 |
| | = | 1.0618 |
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) |
| = | (33816.434 / 676036.773) | / | (33733.689 / 685887.81) |
| = | 0.050022 | / | 0.049183 |
| | = | 1.0171 |
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) |
| = | ((32959.17 + 272402.279) / 445489.518) | / | ((13318.857 + 308376.634) / 441674.049) |
| = | 0.685451 | / | 0.728355 |
| | = | 0.9411 |
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 |
| = | (26372.4 - 0 | - | 22236.883) | / | 445489.518 |
| | = | 0.009283 |
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 -2.49 suggests that the company is unlikely to be a manipulator.
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