Wah Hong Industrial Beneish M-Score Historical Data
The historical data trend for Wah Hong Industrial'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.
Wah Hong Industrial Beneish M-Score Chart
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Wah Hong Industrial Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.64 |
-2.39 |
-2.37 |
-3.08 |
-2.45 |
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Wah Hong Industrial 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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-3.26 |
-3.13 |
-2.77 |
-2.45 |
-2.59 |
Competitive Comparison of Wah Hong Industrial's Beneish M-Score
For the Electronic Components subindustry, Wah Hong Industrial'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.
Wah Hong Industrial's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Wah Hong Industrial's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Wah Hong Industrial's Beneish M-Score falls into.
Wah Hong Industrial 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 Wah Hong Industrial 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 * 1.2169 | + | 0.528 * 0.8254 | + | 0.404 * 1.1607 | + | 0.892 * 0.93 | + | 0.115 * 1.1205 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1291 | + | 4.679 * -0.048633 | - | 0.327 * 0.9507 |
| = | -2.59 |
* 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$2,657 Mil.
Revenue was 1653.814 + 1853.371 + 2095.606 + 1954.768 = NT$7,558 Mil.
Gross Profit was 223.796 + 263.404 + 323.443 + 308.308 = NT$1,119 Mil.
Total Current Assets was NT$5,478 Mil.
Total Assets was NT$8,035 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,642 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$278 Mil.
Selling, General, & Admin. Expense(SGA) was NT$603 Mil.
Total Current Liabilities was NT$2,859 Mil.
Long-Term Debt & Capital Lease Obligation was NT$580 Mil.
Net Income was 35.65 + 36.068 + 58.947 + 103.351 = NT$234 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 254.312 + 126.3 + 154.019 + 90.157 = NT$625 Mil.
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Total Receivables was NT$2,348 Mil.
Revenue was 1614.727 + 1995.936 + 2169.422 + 2346.597 = NT$8,127 Mil.
Gross Profit was 156.263 + 258.25 + 255.526 + 323.114 = NT$993 Mil.
Total Current Assets was NT$5,532 Mil.
Total Assets was NT$7,943 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,632 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$316 Mil.
Selling, General, & Admin. Expense(SGA) was NT$574 Mil.
Total Current Liabilities was NT$3,054 Mil.
Long-Term Debt & Capital Lease Obligation was NT$521 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) |
| = | (2656.801 / 7557.559) | / | (2347.733 / 8126.682) |
| = | 0.351542 | / | 0.288892 |
| | = | 1.2169 |
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) |
| = | (993.153 / 8126.682) | / | (1118.951 / 7557.559) |
| = | 0.122209 | / | 0.148057 |
| | = | 0.8254 |
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 - (5478.371 + 1641.879) / 8035.088) | / | (1 - (5532.301 + 1631.942) / 7943.431) |
| = | 0.113855 | / | 0.098092 |
| | = | 1.1607 |
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 |
| = | 7557.559 | / | 8126.682 |
| | = | 0.93 |
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)) |
| = | (315.829 / (315.829 + 1631.942)) | / | (277.811 / (277.811 + 1641.879)) |
| = | 0.162149 | / | 0.144717 |
| | = | 1.1205 |
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) |
| = | (603.086 / 7557.559) | / | (574.375 / 8126.682) |
| = | 0.079799 | / | 0.070678 |
| | = | 1.1291 |
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) |
| = | ((579.863 + 2858.588) / 8035.088) | / | ((521.133 + 3054.381) / 7943.431) |
| = | 0.427929 | / | 0.450122 |
| | = | 0.9507 |
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 |
| = | (234.016 - 0 | - | 624.788) | / | 8035.088 |
| | = | -0.048633 |
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.
Wah Hong Industrial has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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