Hanmi Science Co Beneish M-Score Historical Data
The historical data trend for Hanmi Science 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.
Hanmi Science Co Beneish M-Score Chart
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Hanmi Science 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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-2.50 |
-2.46 |
-5.33 |
-1.58 |
-2.24 |
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Hanmi Science 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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-1.58 |
-1.67 |
-1.21 |
-1.25 |
-2.24 |
Competitive Comparison of Hanmi Science Co's Beneish M-Score
For the Medical Distribution subindustry, Hanmi Science 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.
Hanmi Science Co's Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, Hanmi Science Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hanmi Science Co's Beneish M-Score falls into.
Hanmi Science 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 Hanmi Science 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 * 0.8292 | + | 0.528 * 0.9404 | + | 0.404 * 1.0016 | + | 0.892 * 1.193 | + | 0.115 * 0.6832 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0183 | + | 4.679 * 0.065214 | - | 0.327 * 1.0373 |
| = | -2.24 |
* 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 ₩108,693 Mil.
Revenue was 331929.7 + 309356.996 + 315356.702 + 291262.98 = ₩1,247,906 Mil.
Gross Profit was 74284.066 + 309356.996 + 315356.702 + 61331.826 = ₩760,330 Mil.
Total Current Assets was ₩273,900 Mil.
Total Assets was ₩1,226,170 Mil.
Property, Plant and Equipment(Net PPE) was ₩94,068 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩8,732 Mil.
Selling, General, & Admin. Expense(SGA) was ₩650,728 Mil.
Total Current Liabilities was ₩395,202 Mil.
Long-Term Debt & Capital Lease Obligation was ₩10,769 Mil.
Net Income was 34572.376 + 30794.556 + 23036.367 + 26718.213 = ₩115,122 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -4973.56 + 16581.324 + 13232.436 + 10318.06 = ₩35,158 Mil.
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Total Receivables was ₩109,872 Mil.
Revenue was 288125.227 + 251893.899 + 254079.309 + 251955.776 = ₩1,046,054 Mil.
Gross Profit was 56803.383 + 251893.899 + 254079.309 + 36579.137 = ₩599,356 Mil.
Total Current Assets was ₩245,348 Mil.
Total Assets was ₩1,109,691 Mil.
Property, Plant and Equipment(Net PPE) was ₩88,919 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,478 Mil.
Selling, General, & Admin. Expense(SGA) was ₩535,650 Mil.
Total Current Liabilities was ₩347,726 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,483 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) |
| = | (108693.129 / 1247906.378) | / | (109871.847 / 1046054.211) |
| = | 0.0871 | / | 0.105035 |
| | = | 0.8292 |
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) |
| = | (599355.728 / 1046054.211) | / | (760329.59 / 1247906.378) |
| = | 0.572968 | / | 0.609284 |
| | = | 0.9404 |
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 - (273900.397 + 94068.246) / 1226170.046) | / | (1 - (245348.144 + 88919.154) / 1109690.934) |
| = | 0.699904 | / | 0.698774 |
| | = | 1.0016 |
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 |
| = | 1247906.378 | / | 1046054.211 |
| | = | 1.193 |
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)) |
| = | (5478.448 / (5478.448 + 88919.154)) | / | (8732.38 / (8732.38 + 94068.246)) |
| = | 0.058036 | / | 0.084945 |
| | = | 0.6832 |
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) |
| = | (650727.68 / 1247906.378) | / | (535650.028 / 1046054.211) |
| = | 0.521456 | / | 0.512067 |
| | = | 1.0183 |
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) |
| = | ((10768.617 + 395202.032) / 1226170.046) | / | ((6482.622 + 347726.499) / 1109690.934) |
| = | 0.331088 | / | 0.319196 |
| | = | 1.0373 |
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 |
| = | (115121.512 - 0 | - | 35158.26) | / | 1226170.046 |
| | = | 0.065214 |
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.
Hanmi Science Co has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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