Hiwin Mikrosystem Beneish M-Score Historical Data
The historical data trend for Hiwin Mikrosystem'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.
Hiwin Mikrosystem Beneish M-Score Chart
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Hiwin Mikrosystem Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.72 |
-2.66 |
-2.39 |
-2.52 |
-2.22 |
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Hiwin Mikrosystem 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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-2.79 |
-2.48 |
-2.35 |
-2.22 |
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Competitive Comparison of Hiwin Mikrosystem's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Hiwin Mikrosystem'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.
Hiwin Mikrosystem's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Hiwin Mikrosystem's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hiwin Mikrosystem's Beneish M-Score falls into.
Hiwin Mikrosystem 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 Hiwin Mikrosystem 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 * 1.2652 | + | 0.528 * 1.1062 | + | 0.404 * 1.9787 | + | 0.892 * 0.7085 | + | 0.115 * 1.1126 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2415 | + | 4.679 * -0.046343 | - | 0.327 * 1.099 |
| = | -2.32 |
* 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 NT$376 Mil.
Revenue was 453.943 + 547.849 + 508.294 + 561.765 = NT$2,072 Mil.
Gross Profit was 112.892 + 181.743 + 164.21 + 158.459 = NT$617 Mil.
Total Current Assets was NT$2,011 Mil.
Total Assets was NT$6,113 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,729 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$181 Mil.
Selling, General, & Admin. Expense(SGA) was NT$363 Mil.
Total Current Liabilities was NT$1,192 Mil.
Long-Term Debt & Capital Lease Obligation was NT$816 Mil.
Net Income was -23.297 + 0.751 + 16.838 + -18.277 = NT$-24 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 50.963 + 62.74 + 55.352 + 90.24 = NT$259 Mil.
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Total Receivables was NT$420 Mil.
Revenue was 552.292 + 715.007 + 795.814 + 861.13 = NT$2,924 Mil.
Gross Profit was 164.02 + 226.034 + 271.486 + 302.265 = NT$964 Mil.
Total Current Assets was NT$2,348 Mil.
Total Assets was NT$5,814 Mil.
Property, Plant and Equipment(Net PPE) was NT$3,287 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$179 Mil.
Selling, General, & Admin. Expense(SGA) was NT$412 Mil.
Total Current Liabilities was NT$1,131 Mil.
Long-Term Debt & Capital Lease Obligation was NT$607 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) |
| = | (376.138 / 2071.851) | / | (419.594 / 2924.243) |
| = | 0.181547 | / | 0.143488 |
| | = | 1.2652 |
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) |
| = | (963.805 / 2924.243) | / | (617.304 / 2071.851) |
| = | 0.329591 | / | 0.297948 |
| | = | 1.1062 |
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 - (2011.12 + 3728.731) / 6112.638) | / | (1 - (2348.214 + 3286.742) / 5814.157) |
| = | 0.060986 | / | 0.030821 |
| | = | 1.9787 |
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 |
| = | 2071.851 | / | 2924.243 |
| | = | 0.7085 |
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)) |
| = | (178.963 / (178.963 + 3286.742)) | / | (181.475 / (181.475 + 3728.731)) |
| = | 0.051638 | / | 0.046411 |
| | = | 1.1126 |
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) |
| = | (362.767 / 2071.851) | / | (412.425 / 2924.243) |
| = | 0.175093 | / | 0.141037 |
| | = | 1.2415 |
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) |
| = | ((815.754 + 1192.025) / 6112.638) | / | ((607.262 + 1130.502) / 5814.157) |
| = | 0.328464 | / | 0.298885 |
| | = | 1.099 |
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 |
| = | (-23.985 - 0 | - | 259.295) | / | 6112.638 |
| | = | -0.046343 |
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.
Hiwin Mikrosystem has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.
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