Ho Tung Chemical Beneish M-Score Historical Data
The historical data trend for Ho Tung Chemical'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.
Ho Tung Chemical Beneish M-Score Chart
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Ho Tung Chemical Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.25 |
-3.81 |
-2.45 |
-2.01 |
-2.84 |
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Ho Tung Chemical Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Dec22 |
Mar23 |
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Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.28 |
-2.75 |
-2.99 |
-2.84 |
-3.00 |
Competitive Comparison of Ho Tung Chemical's Beneish M-Score
For the Chemicals subindustry, Ho Tung Chemical'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.
Ho Tung Chemical's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Ho Tung Chemical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ho Tung Chemical's Beneish M-Score falls into.
Ho Tung Chemical 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 Ho Tung Chemical 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 * 0.9444 | + | 0.528 * 0.9364 | + | 0.404 * 0.8333 | + | 0.892 * 0.8616 | + | 0.115 * 0.9176 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0752 | + | 4.679 * -0.052635 | - | 0.327 * 0.9334 |
| = | -3.00 |
* 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$2,889 Mil.
Revenue was 4622.904 + 5181.252 + 5182.724 + 4714.262 = NT$19,701 Mil.
Gross Profit was 406.857 + 525.599 + 495.874 + 399.369 = NT$1,828 Mil.
Total Current Assets was NT$14,097 Mil.
Total Assets was NT$23,481 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,548 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$581 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,076 Mil.
Total Current Liabilities was NT$3,468 Mil.
Long-Term Debt & Capital Lease Obligation was NT$2,264 Mil.
Net Income was 288.649 + 99.594 + 186.501 + 170.626 = NT$745 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 485.307 + 566.365 + 381.897 + 547.7 = NT$1,981 Mil.
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Total Receivables was NT$3,550 Mil.
Revenue was 5214.172 + 5458.531 + 6446.515 + 5746.607 = NT$22,866 Mil.
Gross Profit was 495.521 + 513.325 + 485.02 + 492.542 = NT$1,986 Mil.
Total Current Assets was NT$13,190 Mil.
Total Assets was NT$23,282 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,718 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$543 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,161 Mil.
Total Current Liabilities was NT$5,044 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,046 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) |
| = | (2888.67 / 19701.142) | / | (3550.167 / 22865.825) |
| = | 0.146624 | / | 0.155261 |
| | = | 0.9444 |
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) |
| = | (1986.408 / 22865.825) | / | (1827.699 / 19701.142) |
| = | 0.086872 | / | 0.092771 |
| | = | 0.9364 |
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 - (14097.232 + 6547.683) / 23480.627) | / | (1 - (13189.612 + 6718.008) / 23281.668) |
| = | 0.120768 | / | 0.144923 |
| | = | 0.8333 |
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 |
| = | 19701.142 | / | 22865.825 |
| | = | 0.8616 |
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)) |
| = | (542.949 / (542.949 + 6718.008)) | / | (580.903 / (580.903 + 6547.683)) |
| = | 0.074777 | / | 0.081489 |
| | = | 0.9176 |
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) |
| = | (1075.721 / 19701.142) | / | (1161.159 / 22865.825) |
| = | 0.054602 | / | 0.050781 |
| | = | 1.0752 |
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) |
| = | ((2264.341 + 3468.208) / 23480.627) | / | ((1045.635 + 5043.738) / 23281.668) |
| = | 0.24414 | / | 0.261552 |
| | = | 0.9334 |
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 |
| = | (745.37 - 0 | - | 1981.269) | / | 23480.627 |
| | = | -0.052635 |
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.
Ho Tung Chemical has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.
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