Hangjin Technology Co Beneish M-Score Historical Data
The historical data trend for Hangjin Technology 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.
Hangjin Technology Co Beneish M-Score Chart
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Hangjin Technology 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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-2.29 |
-2.17 |
-2.56 |
-2.07 |
-2.31 |
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Hangjin Technology Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.39 |
-2.40 |
-2.45 |
-2.31 |
-1.93 |
Competitive Comparison of Hangjin Technology Co's Beneish M-Score
For the Chemicals subindustry, Hangjin Technology 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.
Hangjin Technology Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Hangjin Technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hangjin Technology Co's Beneish M-Score falls into.
Hangjin Technology 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 Hangjin Technology 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 * 1.5251 | + | 0.528 * 0.849 | + | 0.404 * 1.0258 | + | 0.892 * 1.0998 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1137 | + | 4.679 * 0.044278 | - | 0.327 * 1.4309 |
| = | -1.93 |
* 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 ¥1,424 Mil.
Revenue was 1626.763 + 1079.949 + 886.609 + 879.029 = ¥4,472 Mil.
Gross Profit was 192.304 + 308.981 + 146.779 + 152.021 = ¥800 Mil.
Total Current Assets was ¥3,141 Mil.
Total Assets was ¥6,966 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,534 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥108 Mil.
Total Current Liabilities was ¥2,229 Mil.
Long-Term Debt & Capital Lease Obligation was ¥119 Mil.
Net Income was 50.605 + 35.948 + 31.401 + 48.283 = ¥166 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -110.885 + -155.264 + 5.695 + 118.236 = ¥-142 Mil.
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Total Receivables was ¥849 Mil.
Revenue was 822.842 + 1166.376 + 947.622 + 1129.595 = ¥4,066 Mil.
Gross Profit was 77.426 + 225.483 + 105.824 + 208.922 = ¥618 Mil.
Total Current Assets was ¥2,347 Mil.
Total Assets was ¥5,332 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,274 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥88 Mil.
Total Current Liabilities was ¥1,029 Mil.
Long-Term Debt & Capital Lease Obligation was ¥228 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) |
| = | (1423.792 / 4472.35) | / | (848.815 / 4066.435) |
| = | 0.318354 | / | 0.208737 |
| | = | 1.5251 |
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) |
| = | (617.655 / 4066.435) | / | (800.085 / 4472.35) |
| = | 0.151891 | / | 0.178896 |
| | = | 0.849 |
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 - (3140.585 + 1533.662) / 6966.382) | / | (1 - (2347.307 + 1274.223) / 5331.666) |
| = | 0.329028 | / | 0.320751 |
| | = | 1.0258 |
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 |
| = | 4472.35 | / | 4066.435 |
| | = | 1.0998 |
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 + 1274.223)) | / | (0 / (0 + 1533.662)) |
| = | 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) |
| = | (108.34 / 4472.35) | / | (88.451 / 4066.435) |
| = | 0.024224 | / | 0.021751 |
| | = | 1.1137 |
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) |
| = | ((119.103 + 2229.498) / 6966.382) | / | ((227.654 + 1028.567) / 5331.666) |
| = | 0.337134 | / | 0.235615 |
| | = | 1.4309 |
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 |
| = | (166.237 - 0 | - | -142.218) | / | 6966.382 |
| | = | 0.044278 |
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.
Hangjin Technology Co has a M-score of -1.93 suggests that the company is unlikely to be a manipulator.
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