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Richard Sloan from the University of Michigan was first to document what is referred to as the "accrual anomaly". His 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones.
Hai Kwang Enterprise's Sloan Ratio for the quarter that ended in Jun. 2026 was -8.74%.
As of Jun. 2026, Hai Kwang Enterprise has a Sloan Ratio of -8.74%, indicating the company is in the safe zone and there is no funny business with accruals.
Hai Kwang Enterprise (TPE:2038) Sloan Ratio % Explanation
A former University of Michigan researcher, Richard Sloan's 1996 paper found that shares of companies with small or negative accruals vastly outperform (+10%) those of companies with large ones. In fact, for the 40-year period between 1962 and 2001, buying the lowest accrual companies and shorting the highest accrual companies resulted in an average annual compounded return of 18%, more than double the S&P 500's 7.4% annual return over the same period.
If the Sloan Ratio is between -10% and 10%, the company is in the safe zone and there is no funny business with accruals.
If the Sloan Ratio is less than between -25% and -10% on the negative side, and between 10% and 25% on the positive side, this is a warning stage of accrual build up.
If the Sloan Ratio is less than -25% or greater than 25%, and this ratio is consistent over several quarters or even years, be careful. Earnings are highly likely to be made up of accruals.
As of Jun. 2026, Hai Kwang Enterprise has a Sloan Ratio of -8.74%, indicating the company is in the safe zone and there is no funny business with accruals.
Hai Kwang Enterprise Sloan Ratio % Related Terms
Hai Kwang Enterprise Sloan Ratio % Historical Data
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The historical data trend for Hai Kwang Enterprise's Sloan Ratio % 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.
TPE:2038 vs NUE, STLD, RS: Sloan Ratio % Comparison
For the Steel subindustry, Hai Kwang Enterprise's Sloan Ratio %, along with its competitors' market caps and Sloan Ratio % 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.
Hai Kwang Enterprise Sloan Ratio % vs Steel Industry
For the Steel industry and Basic Materials sector, Hai Kwang Enterprise's Sloan Ratio % distribution charts can be found below:
* The bar in red indicates where Hai Kwang Enterprise's Sloan Ratio % falls into.
Earnings contain a lot of non cash earnings which is called accruals. The Sloan ratio is a way to identify firms with low non-cash or accrual-derived earnings relative to their cash flow.
Hai Kwang Enterprise's Sloan Ratio for the fiscal year that ended in Dec. 2025 is calculated as
Hai Kwang Enterprise's Net Income for the trailing twelve months (TTM) ended in Jun. 2026 was -67.985 (Sep. 2025 ) + -84.825 (Dec. 2025 ) + 30.209 (Mar. 2026 ) + -26.118 (Jun. 2026 ) = NT$-149 Mil.
Hai Kwang Enterprise's Cash Flow from Operations for the trailing twelve months (TTM) ended in Jun. 2026 was -131.949 (Sep. 2025 ) + 25.912 (Dec. 2025 ) + 750.337 (Mar. 2026 ) + 220.167 (Jun. 2026 ) = NT$864 Mil.
Hai Kwang Enterprise's Cash Flow from Investing for the trailing twelve months (TTM) ended in Jun. 2026 was -49.539 (Sep. 2025 ) + -70.176 (Dec. 2025 ) + -125.312 (Mar. 2026 ) + 25.664 (Jun. 2026 ) = NT$-219 Mil.
* 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.
Hai Kwang Enterprise (TPE:2038) has a Sloan Ratio % of -8.74% as of Jun. 2026. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Hai Kwang Enterprise and its competitors.
Is Hai Kwang Enterprise's Sloan Ratio % too high?
Hai Kwang Enterprise's current Sloan Ratio % is -8.74%. Overall, Hai Kwang Enterprise has a GF Score™ of 69/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Hai Kwang Enterprise's Sloan Ratio % compare to NUE and STLD?
Hai Kwang Enterprise's Sloan Ratio % of -8.74% can be compared against companies in the Steel industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Sloan Ratio % for a Steel company?
A good Sloan Ratio % depends on the Steel industry context. However, Sloan Ratio % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Sloan Ratio % mean?
A high Sloan Ratio % can signal that a stock is expensive relative to its fundamentals. Sloan ratio measures earnings quality based on the amount of accruals. View historical data on Hai Kwang Enterprise and its competitors. Hai Kwang Enterprise's current Sloan Ratio % is -8.74%. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Hai Kwang Enterprise stock overvalued right now?
Based on GuruFocus' analysis, Hai Kwang Enterprise (TPE:2038) is currently considered Fairly Valued. The stock's GF Value™ is NT$13.27, compared to a current price of NT$12.75 — trading 3.9% below its estimated fair value. The current Sloan Ratio % is -8.74%. Hai Kwang Enterprise's overall GF Score™ is 69/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Sloan Ratio % calculated?
Sloan Ratio % is calculated from a company's financial statements. For Hai Kwang Enterprise (TPE:2038), the current Sloan Ratio % is -8.74% as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Hai Kwang Enterprise (TPE:2038) Overvalued in 2026?
Based on GuruFocus' analysis, Hai Kwang Enterprise stock appears to be undervalued.
The current stock price of NT$12.75 is trading 3.9% below its estimated GF Value™ of NT$13.27.
GuruFocus considers Hai Kwang Enterprise to be Fairly Valued.
Key valuation signals for TPE:2038:
Sloan Ratio %: -8.74%
GF Value™: NT$13.27 vs. price of NT$12.75 (3.9% below fair value)
No single metric tells the full story. See the TPE:2038 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Hai Kwang Enterprise Corp is engaged in the manufacture, processing, sale, and trade of billets and reinforcing steel bars. The Company also engages in real estate rental and leasing. It operates through Hai Kwang Enterprise Co., Ltd and Zheng Tung (formerly E Chang), with Hai Kwang Enterprise Co., Ltd generating maximum revenue. The main operating location of the Company and its subsidiaries is Taiwan.
69GF Score
Get the complete analysis for TPE:2038
Sloan Ratio % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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