Hanwei Electronics Group Beneish M-Score Historical Data
The historical data trend for Hanwei Electronics 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.
Hanwei Electronics Group Beneish M-Score Chart
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Hanwei Electronics Group Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.53 |
-2.92 |
-2.12 |
-1.91 |
-2.60 |
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Hanwei Electronics Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Mar23 |
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Mar24 |
| Beneish M-Score |
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-2.01 |
-2.08 |
-2.05 |
-2.60 |
-2.41 |
Competitive Comparison of Hanwei Electronics Group's Beneish M-Score
For the Scientific & Technical Instruments subindustry, Hanwei Electronics 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.
Hanwei Electronics Group's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Hanwei Electronics Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hanwei Electronics Group's Beneish M-Score falls into.
Hanwei Electronics 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 Hanwei Electronics 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 * 1.2821 | + | 0.528 * 0.8815 | + | 0.404 * 0.922 | + | 0.892 * 0.9627 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.271 | + | 4.679 * 0.006214 | - | 0.327 * 1.1393 |
| = | -2.41 |
* 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 ¥1,641 Mil.
Revenue was 593.403 + 745.997 + 448.398 + 508.353 = ¥2,296 Mil.
Gross Profit was 139.981 + 200.394 + 175.37 + 178.275 = ¥694 Mil.
Total Current Assets was ¥3,306 Mil.
Total Assets was ¥6,160 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,563 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥283 Mil.
Total Current Liabilities was ¥1,765 Mil.
Long-Term Debt & Capital Lease Obligation was ¥382 Mil.
Net Income was 14.486 + 15.332 + 45.539 + 55.849 = ¥131 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -153.841 + 207.751 + 27.385 + 11.63 = ¥93 Mil.
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Total Receivables was ¥1,330 Mil.
Revenue was 584.487 + 632.569 + 581.859 + 586.292 = ¥2,385 Mil.
Gross Profit was 137.063 + 89.319 + 201.211 + 207.892 = ¥635 Mil.
Total Current Assets was ¥3,093 Mil.
Total Assets was ¥5,744 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,346 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥232 Mil.
Total Current Liabilities was ¥1,628 Mil.
Long-Term Debt & Capital Lease Obligation was ¥129 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) |
| = | (1641.387 / 2296.151) | / | (1329.839 / 2385.207) |
| = | 0.714843 | / | 0.557536 |
| | = | 1.2821 |
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) |
| = | (635.485 / 2385.207) | / | (694.02 / 2296.151) |
| = | 0.266428 | / | 0.302254 |
| | = | 0.8815 |
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 - (3306.066 + 1563.121) / 6160.004) | / | (1 - (3092.901 + 1345.796) / 5744.281) |
| = | 0.209548 | / | 0.227284 |
| | = | 0.922 |
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 |
| = | 2296.151 | / | 2385.207 |
| | = | 0.9627 |
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 + 1345.796)) | / | (0 / (0 + 1563.121)) |
| = | 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) |
| = | (283.453 / 2296.151) | / | (231.673 / 2385.207) |
| = | 0.123447 | / | 0.097129 |
| | = | 1.271 |
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) |
| = | ((381.577 + 1764.74) / 6160.004) | / | ((128.845 + 1627.9) / 5744.281) |
| = | 0.348428 | / | 0.305825 |
| | = | 1.1393 |
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 |
| = | (131.206 - 0 | - | 92.925) | / | 6160.004 |
| | = | 0.006214 |
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.
Hanwei Electronics Group has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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