Hengtong Optic-Electric Co Beneish M-Score Historical Data
The historical data trend for Hengtong Optic-Electric 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.
Hengtong Optic-Electric Co Beneish M-Score Chart
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Hengtong Optic-Electric Co Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.56 |
-2.27 |
-2.37 |
-2.15 |
-2.62 |
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Hengtong Optic-Electric Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
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Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.12 |
-2.18 |
-2.24 |
-2.62 |
-2.61 |
Competitive Comparison of Hengtong Optic-Electric Co's Beneish M-Score
For the Communication Equipment subindustry, Hengtong Optic-Electric 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.
Hengtong Optic-Electric Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Hengtong Optic-Electric Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hengtong Optic-Electric Co's Beneish M-Score falls into.
Hengtong Optic-Electric 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 Hengtong Optic-Electric 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 * 0.9936 | + | 0.528 * 0.9519 | + | 0.404 * 0.7489 | + | 0.892 * 1.0117 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0133 | + | 4.679 * -0.000506 | - | 0.327 * 0.9955 |
| = | -2.61 |
* 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 ¥21,745 Mil.
Revenue was 11784.839 + 12520.297 + 11924.328 + 12310.307 = ¥48,540 Mil.
Gross Profit was 1772.553 + 1310.368 + 2071.746 + 2186.098 = ¥7,341 Mil.
Total Current Assets was ¥43,753 Mil.
Total Assets was ¥63,300 Mil.
Property, Plant and Equipment(Net PPE) was ¥13,409 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,717 Mil.
Total Current Liabilities was ¥27,725 Mil.
Long-Term Debt & Capital Lease Obligation was ¥6,118 Mil.
Net Income was 513.075 + 349.725 + 554.402 + 854.425 = ¥2,272 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 173.138 + 1379.809 + 1301.278 + -550.584 = ¥2,304 Mil.
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Total Receivables was ¥21,632 Mil.
Revenue was 10866.811 + 11811.513 + 12546.506 + 12754.363 = ¥47,979 Mil.
Gross Profit was 1720.28 + 1016.677 + 1979.754 + 2190.371 = ¥6,907 Mil.
Total Current Assets was ¥38,389 Mil.
Total Assets was ¥56,480 Mil.
Property, Plant and Equipment(Net PPE) was ¥10,778 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,675 Mil.
Total Current Liabilities was ¥23,910 Mil.
Long-Term Debt & Capital Lease Obligation was ¥6,423 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) |
| = | (21745.387 / 48539.771) | / | (21631.878 / 47979.193) |
| = | 0.447991 | / | 0.45086 |
| | = | 0.9936 |
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) |
| = | (6907.082 / 47979.193) | / | (7340.765 / 48539.771) |
| = | 0.14396 | / | 0.151232 |
| | = | 0.9519 |
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 - (43753.285 + 13408.79) / 63299.8) | / | (1 - (38389.04 + 10778.401) / 56480.358) |
| = | 0.096963 | / | 0.129477 |
| | = | 0.7489 |
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 |
| = | 48539.771 | / | 47979.193 |
| | = | 1.0117 |
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 + 10778.401)) | / | (0 / (0 + 13408.79)) |
| = | 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) |
| = | (1717.327 / 48539.771) | / | (1675.242 / 47979.193) |
| = | 0.03538 | / | 0.034916 |
| | = | 1.0133 |
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) |
| = | ((6117.526 + 27725.044) / 63299.8) | / | ((6422.646 + 23910.403) / 56480.358) |
| = | 0.534639 | / | 0.537055 |
| | = | 0.9955 |
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 |
| = | (2271.627 - 0 | - | 2303.641) | / | 63299.8 |
| | = | -0.000506 |
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.
Hengtong Optic-Electric Co has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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