P&H TECH Co Beneish M-Score Historical Data
The historical data trend for P&H TECH 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.
P&H TECH Co Beneish M-Score Chart
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P&H TECH Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-0.87 |
-1.58 |
-0.10 |
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P&H TECH Co Quarterly Data
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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 |
-2.41 |
-2.41 |
-1.73 |
-0.10 |
Competitive Comparison of P&H TECH Co's Beneish M-Score
For the Specialty Chemicals subindustry, P&H TECH 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.
P&H TECH Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, P&H TECH Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where P&H TECH Co's Beneish M-Score falls into.
P&H TECH 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 P&H TECH 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 * 1.2552 | + | 0.528 * 0.8667 | + | 0.404 * 5.4317 | + | 0.892 * 1.1466 | + | 0.115 * 0.644 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9932 | + | 4.679 * 0.037047 | - | 0.327 * 0.5101 |
| = | -0.10 |
* 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 ₩5,350 Mil.
Revenue was 10237.549 + 12042.935 + 8543.149 + 9357.547 = ₩40,181 Mil.
Gross Profit was 3771.579 + 4034.891 + 2499.294 + 3663.006 = ₩13,969 Mil.
Total Current Assets was ₩40,702 Mil.
Total Assets was ₩71,096 Mil.
Property, Plant and Equipment(Net PPE) was ₩23,592 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,559 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,290 Mil.
Total Current Liabilities was ₩13,904 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,827 Mil.
Net Income was 4280.894 + 2144.029 + -2706.834 + 1903.888 = ₩5,622 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 3772.797 + 1160.084 + -2040.067 + 95.262 = ₩2,988 Mil.
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Total Receivables was ₩3,717 Mil.
Revenue was 8309.241 + 8381.92 + 10710.919 + 7641.661 = ₩35,044 Mil.
Gross Profit was 3030.764 + 2920.91 + 2536.718 + 2070.158 = ₩10,559 Mil.
Total Current Assets was ₩41,225 Mil.
Total Assets was ₩62,552 Mil.
Property, Plant and Equipment(Net PPE) was ₩20,225 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩841 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,767 Mil.
Total Current Liabilities was ₩27,590 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,720 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) |
| = | (5349.924 / 40181.18) | / | (3717.333 / 35043.741) |
| = | 0.133145 | / | 0.106077 |
| | = | 1.2552 |
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) |
| = | (10558.55 / 35043.741) | / | (13968.77 / 40181.18) |
| = | 0.301296 | / | 0.347645 |
| | = | 0.8667 |
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 - (40701.591 + 23591.975) / 71095.525) | / | (1 - (41225.44 + 20225.082) / 62552.305) |
| = | 0.095674 | / | 0.017614 |
| | = | 5.4317 |
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 |
| = | 40181.18 | / | 35043.741 |
| | = | 1.1466 |
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)) |
| = | (840.906 / (840.906 + 20225.082)) | / | (1558.838 / (1558.838 + 23591.975)) |
| = | 0.039918 | / | 0.06198 |
| | = | 0.644 |
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) |
| = | (4290.139 / 40181.18) | / | (3767.081 / 35043.741) |
| = | 0.10677 | / | 0.107497 |
| | = | 0.9932 |
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) |
| = | ((4827.189 + 13903.712) / 71095.525) | / | ((4719.776 + 27589.6) / 62552.305) |
| = | 0.263461 | / | 0.516518 |
| | = | 0.5101 |
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 |
| = | (5621.977 - 0 | - | 2988.076) | / | 71095.525 |
| | = | 0.037047 |
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.
P&H TECH Co has a M-score of -0.10 signals that the company is likely to be a manipulator.
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