Hla Group Beneish M-Score Historical Data
The historical data trend for Hla Group'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.
Hla Group Beneish M-Score Chart
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Hla Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.38 |
-2.20 |
-2.89 |
-2.69 |
-2.85 |
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Hla Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.67 |
-2.51 |
-2.59 |
-2.85 |
-2.91 |
Competitive Comparison of Hla Group's Beneish M-Score
For the Apparel Manufacturing subindustry, Hla Group'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.
Hla Group's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Hla Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hla Group's Beneish M-Score falls into.
Hla Group 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 Hla Group 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 * 0.6742 | + | 0.528 * 0.9486 | + | 0.404 * 1.0361 | + | 0.892 * 1.1572 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1422 | + | 4.679 * -0.063234 | - | 0.327 * 0.8165 |
| = | -2.91 |
* 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 ¥1,327 Mil.
Revenue was 6177.088 + 5958.437 + 4370.135 + 5517.222 = ¥22,023 Mil.
Gross Profit was 2884.3 + 2602.159 + 1919.564 + 2518.532 = ¥9,925 Mil.
Total Current Assets was ¥25,117 Mil.
Total Assets was ¥33,825 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,316 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥4,928 Mil.
Total Current Liabilities was ¥13,352 Mil.
Long-Term Debt & Capital Lease Obligation was ¥748 Mil.
Net Income was 886.797 + 500.347 + 772.558 + 875.864 = ¥3,036 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1381.289 + 2787.583 + -323.994 + 1329.568 = ¥5,174 Mil.
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Total Receivables was ¥1,701 Mil.
Revenue was 5681.754 + 4886.583 + 4159.413 + 4304.063 = ¥19,032 Mil.
Gross Profit was 2532.888 + 2034.65 + 1748.957 + 1818.947 = ¥8,135 Mil.
Total Current Assets was ¥23,600 Mil.
Total Assets was ¥31,883 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,287 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥3,728 Mil.
Total Current Liabilities was ¥12,796 Mil.
Long-Term Debt & Capital Lease Obligation was ¥3,482 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) |
| = | (1326.947 / 22022.882) | / | (1700.801 / 19031.813) |
| = | 0.060253 | / | 0.089366 |
| | = | 0.6742 |
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) |
| = | (8135.442 / 19031.813) | / | (9924.555 / 22022.882) |
| = | 0.427465 | / | 0.450647 |
| | = | 0.9486 |
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 - (25116.946 + 4315.658) / 33824.958) | / | (1 - (23599.846 + 4287.126) / 31882.871) |
| = | 0.129855 | / | 0.125331 |
| | = | 1.0361 |
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 |
| = | 22022.882 | / | 19031.813 |
| | = | 1.1572 |
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)) |
| = | (0 / (0 + 4287.126)) | / | (0 / (0 + 4315.658)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (4927.898 / 22022.882) | / | (3728.42 / 19031.813) |
| = | 0.223763 | / | 0.195905 |
| | = | 1.1422 |
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) |
| = | ((747.824 + 13351.922) / 33824.958) | / | ((3481.725 + 12796.068) / 31882.871) |
| = | 0.416844 | / | 0.51055 |
| | = | 0.8165 |
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 |
| = | (3035.566 - 0 | - | 5174.446) | / | 33824.958 |
| | = | -0.063234 |
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.
Hla Group has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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