HB Investment Beneish M-Score Historical Data
The historical data trend for HB Investment'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.
HB Investment Beneish M-Score Chart
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HB Investment Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.01 |
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HB Investment Quarterly Data
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Dec20 |
Dec21 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-3.33 |
-2.01 |
Competitive Comparison of HB Investment's Beneish M-Score
For the Asset Management subindustry, HB Investment'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.
HB Investment's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, HB Investment's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HB Investment's Beneish M-Score falls into.
HB Investment 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 HB Investment 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 * 1.193 | + | 0.528 * 1.0385 | + | 0.404 * 0.816 | + | 0.892 * 0.7386 | + | 0.115 * 0.9631 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5677 | + | 4.679 * 0.103714 | - | 0.327 * 0.3904 |
| = | -2.01 |
* 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 ₩4,354 Mil.
Revenue was 4695.184 + 3539.328 + 1997.43 + 4922.298 = ₩15,154 Mil.
Gross Profit was 3036.245 + 4206.838 + 1729.681 + 4214.319 = ₩13,187 Mil.
Total Current Assets was ₩32,700 Mil.
Total Assets was ₩91,912 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,015 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩350 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,400 Mil.
Total Current Liabilities was ₩2,256 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 1522.789 + 2670.445 + -24.705 + 1868.042 = ₩6,037 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -3414.903 + -3004.721 + -5288.264 + 8211.926 = ₩-3,496 Mil.
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Total Receivables was ₩4,941 Mil.
Revenue was 2804.742 + 4110.824 + 8544.484 + 5056.585 = ₩20,517 Mil.
Gross Profit was 1227.646 + 4046.152 + 8763.187 + 4503.181 = ₩18,540 Mil.
Total Current Assets was ₩13,375 Mil.
Total Assets was ₩65,338 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,134 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩355 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,209 Mil.
Total Current Liabilities was ₩4,108 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 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) |
| = | (4353.813 / 15154.24) | / | (4940.871 / 20516.635) |
| = | 0.2873 | / | 0.240823 |
| | = | 1.193 |
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) |
| = | (18540.166 / 20516.635) | / | (13187.083 / 15154.24) |
| = | 0.903665 | / | 0.870191 |
| | = | 1.0385 |
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 - (32699.709 + 2014.855) / 91911.538) | / | (1 - (13375.17 + 2133.551) / 65337.63) |
| = | 0.622305 | / | 0.762637 |
| | = | 0.816 |
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 |
| = | 15154.24 | / | 20516.635 |
| | = | 0.7386 |
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)) |
| = | (354.618 / (354.618 + 2133.551)) | / | (349.968 / (349.968 + 2014.855)) |
| = | 0.142522 | / | 0.147989 |
| | = | 0.9631 |
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) |
| = | (1399.68 / 15154.24) | / | (1208.712 / 20516.635) |
| = | 0.092362 | / | 0.058914 |
| | = | 1.5677 |
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 + 2255.982) / 91911.538) | / | ((0 + 4108.115) / 65337.63) |
| = | 0.024545 | / | 0.062875 |
| | = | 0.3904 |
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 |
| = | (6036.571 - 0 | - | -3495.962) | / | 91911.538 |
| | = | 0.103714 |
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.
HB Investment has a M-score of -2.01 suggests that the company is unlikely to be a manipulator.
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