Hanwha Solutions Beneish M-Score Historical Data
The historical data trend for Hanwha Solutions'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.
Hanwha Solutions Beneish M-Score Chart
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Hanwha Solutions Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.13 |
-2.81 |
-2.17 |
-2.02 |
-2.42 |
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Hanwha Solutions 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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-2.59 |
-2.50 |
-2.48 |
-2.42 |
-3.24 |
Competitive Comparison of Hanwha Solutions's Beneish M-Score
For the Chemicals subindustry, Hanwha Solutions'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.
Hanwha Solutions's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Hanwha Solutions's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hanwha Solutions's Beneish M-Score falls into.
Hanwha Solutions 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 Hanwha Solutions 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 | + | 0.528 * 1.3797 | + | 0.404 * 1.6983 | + | 0.892 * 0.9402 | + | 0.115 * 0.0983 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4802 | + | 4.679 * -0.034613 | - | 0.327 * 0.7628 |
| = | -3.24 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩0 Mil.
Revenue was 2392856.653 + 3869707.298 + 2925846.376 + 3393033.445 = ₩12,581,444 Mil.
Gross Profit was 197017.274 + 510418.592 + 464206.855 + 588414.612 = ₩1,760,057 Mil.
Total Current Assets was ₩10,098,384 Mil.
Total Assets was ₩26,902,180 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩509,925 Mil.
Selling, General, & Admin. Expense(SGA) was ₩934,543 Mil.
Total Current Liabilities was ₩9,624,110 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was -459093.317 + -337321.993 + 5869.46 + 7130.475 = ₩-783,415 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 376683.773 + -6295.31 + -222652.059 = ₩147,736 Mil.
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Total Receivables was ₩1,789,491 Mil.
Revenue was 3100157.644 + 3783125.963 + 3239793.261 + 3259036.256 = ₩13,382,113 Mil.
Gross Profit was 675836.939 + 574972.533 + 681576.199 + 650506.579 = ₩2,582,892 Mil.
Total Current Assets was ₩7,736,255 Mil.
Total Assets was ₩22,129,407 Mil.
Property, Plant and Equipment(Net PPE) was ₩6,253,904 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩681,837 Mil.
Selling, General, & Admin. Expense(SGA) was ₩671,535 Mil.
Total Current Liabilities was ₩5,917,112 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,461,223 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) |
| = | (0 / 12581443.772) | / | (1789491.476 / 13382113.124) |
| = | 0 | / | 0.133723 |
| | = | 0 |
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) |
| = | (2582892.25 / 13382113.124) | / | (1760057.333 / 12581443.772) |
| = | 0.193011 | / | 0.139893 |
| | = | 1.3797 |
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 - (10098384.437 + 0) / 26902180.186) | / | (1 - (7736255.367 + 6253904.04) / 22129407.462) |
| = | 0.624626 | / | 0.367802 |
| | = | 1.6983 |
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 |
| = | 12581443.772 | / | 13382113.124 |
| | = | 0.9402 |
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)) |
| = | (681836.699 / (681836.699 + 6253904.04)) | / | (509925.108 / (509925.108 + 0)) |
| = | 0.098308 | / | 1 |
| | = | 0.0983 |
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) |
| = | (934543.409 / 12581443.772) | / | (671535.235 / 13382113.124) |
| = | 0.07428 | / | 0.050182 |
| | = | 1.4802 |
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) |
| = | ((0 + 9624110.353) / 26902180.186) | / | ((4461222.746 + 5917112.177) / 22129407.462) |
| = | 0.357745 | / | 0.468984 |
| | = | 0.7628 |
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 |
| = | (-783415.375 - 0 | - | 147736.404) | / | 26902180.186 |
| | = | -0.034613 |
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.
Hanwha Solutions has a M-score of -3.24 suggests that the company is unlikely to be a manipulator.
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