Hotai Motor Co Beneish M-Score Historical Data
The historical data trend for Hotai Motor 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.
Hotai Motor Co Beneish M-Score Chart
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Hotai Motor Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.29 |
-2.05 |
-2.12 |
-2.05 |
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Hotai Motor Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.12 |
-2.16 |
-2.18 |
-2.12 |
-2.05 |
Competitive Comparison of Hotai Motor Co's Beneish M-Score
For the Auto & Truck Dealerships subindustry, Hotai Motor 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.
Hotai Motor Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Hotai Motor Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hotai Motor Co's Beneish M-Score falls into.
Hotai Motor 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 Hotai Motor 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 * 1.0638 | + | 0.528 * 0.5409 | + | 0.404 * 1.011 | + | 0.892 * 1.1313 | + | 0.115 * 0.9972 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.5483 | + | 4.679 * 0.0865 | - | 0.327 * 0.9577 |
| = | -2.05 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was NT$288,617 Mil.
Revenue was 63407.529 + 64243.651 + 65146.531 + 61961.104 = NT$254,759 Mil.
Gross Profit was 9232.979 + 9709.058 + 11896.704 + 15188.754 = NT$46,027 Mil.
Total Current Assets was NT$352,416 Mil.
Total Assets was NT$485,880 Mil.
Property, Plant and Equipment(Net PPE) was NT$69,492 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$13,071 Mil.
Selling, General, & Admin. Expense(SGA) was NT$31,185 Mil.
Total Current Liabilities was NT$339,245 Mil.
Long-Term Debt & Capital Lease Obligation was NT$22,179 Mil.
Net Income was 4401.696 + 6345.6 + 7046.974 + 5063.405 = NT$22,858 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 871.019 + -2596.775 + -6326.162 + -11118.986 = NT$-19,171 Mil.
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Total Receivables was NT$239,817 Mil.
Revenue was 59996.131 + 57305.229 + 51751.795 + 56139.863 = NT$225,193 Mil.
Gross Profit was 12346.299 + -694.399 + 2655.079 + 7699.058 = NT$22,006 Mil.
Total Current Assets was NT$289,429 Mil.
Total Assets was NT$406,561 Mil.
Property, Plant and Equipment(Net PPE) was NT$64,185 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$12,033 Mil.
Selling, General, & Admin. Expense(SGA) was NT$50,274 Mil.
Total Current Liabilities was NT$301,581 Mil.
Long-Term Debt & Capital Lease Obligation was NT$14,207 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) |
| = | (288617.179 / 254758.815) | / | (239816.928 / 225193.018) |
| = | 1.132904 | / | 1.064939 |
| | = | 1.0638 |
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) |
| = | (22006.037 / 225193.018) | / | (46027.495 / 254758.815) |
| = | 0.097721 | / | 0.180671 |
| | = | 0.5409 |
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 - (352416.4 + 69491.587) / 485880.35) | / | (1 - (289428.506 + 64185.206) / 406561.137) |
| = | 0.131663 | / | 0.130232 |
| | = | 1.011 |
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 |
| = | 254758.815 | / | 225193.018 |
| | = | 1.1313 |
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)) |
| = | (12032.75 / (12032.75 + 64185.206)) | / | (13071.435 / (13071.435 + 69491.587)) |
| = | 0.157873 | / | 0.158321 |
| | = | 0.9972 |
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) |
| = | (31185.22 / 254758.815) | / | (50273.844 / 225193.018) |
| = | 0.122411 | / | 0.223248 |
| | = | 0.5483 |
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) |
| = | ((22178.941 + 339244.897) / 485880.35) | / | ((14206.846 + 301581.096) / 406561.137) |
| = | 0.743854 | / | 0.776729 |
| | = | 0.9577 |
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 |
| = | (22857.675 - 0 | - | -19170.904) | / | 485880.35 |
| | = | 0.0865 |
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.
Hotai Motor Co has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.
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