HPSP Co Beneish M-Score Historical Data
The historical data trend for HPSP 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.
HPSP Co Beneish M-Score Chart
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HPSP Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
0.12 |
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HPSP Co Quarterly Data
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Mar21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.48 |
0.12 |
Competitive Comparison of HPSP Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, HPSP 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.
HPSP Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, HPSP Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where HPSP Co's Beneish M-Score falls into.
HPSP 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 HPSP 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 * 3.2035 | + | 0.528 * 1.0435 | + | 0.404 * 0.7132 | + | 0.892 * 1.124 | + | 0.115 * 2.5854 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9334 | + | 4.679 * 0.043829 | - | 0.327 * 0.5318 |
| = | 0.12 |
* 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 ₩12,249 Mil.
Revenue was 30476.177 + 41948.944 + 47903.682 + 58757.858 = ₩179,087 Mil.
Gross Profit was 19332.035 + 26838.204 + 31922.192 + 40496.483 = ₩118,589 Mil.
Total Current Assets was ₩275,836 Mil.
Total Assets was ₩320,688 Mil.
Property, Plant and Equipment(Net PPE) was ₩42,161 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,330 Mil.
Selling, General, & Admin. Expense(SGA) was ₩10,481 Mil.
Total Current Liabilities was ₩41,555 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,257 Mil.
Net Income was 6424.73 + 20496.494 + 22401.807 + 31109.372 = ₩80,432 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 7306.133 + 17320.189 + 22842.598 + 18908.15 = ₩66,377 Mil.
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Total Receivables was ₩3,402 Mil.
Revenue was 43851.98 + 47555.599 + 30808.358 + 37120.386 = ₩159,336 Mil.
Gross Profit was 29576.931 + 34186.911 + 20504.295 + 25832.03 = ₩110,100 Mil.
Total Current Assets was ₩245,047 Mil.
Total Assets was ₩260,926 Mil.
Property, Plant and Equipment(Net PPE) was ₩12,810 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,100 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,991 Mil.
Total Current Liabilities was ₩63,424 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,082 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) |
| = | (12248.637 / 179086.661) | / | (3401.909 / 159336.323) |
| = | 0.068395 | / | 0.02135 |
| | = | 3.2035 |
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) |
| = | (110100.167 / 159336.323) | / | (118588.914 / 179086.661) |
| = | 0.690992 | / | 0.662187 |
| | = | 1.0435 |
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 - (275836.047 + 42160.589) / 320687.607) | / | (1 - (245046.978 + 12809.546) / 260926.477) |
| = | 0.008391 | / | 0.011766 |
| | = | 0.7132 |
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 |
| = | 179086.661 | / | 159336.323 |
| | = | 1.124 |
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)) |
| = | (1099.713 / (1099.713 + 12809.546)) | / | (1329.996 / (1329.996 + 42160.589)) |
| = | 0.079063 | / | 0.030581 |
| | = | 2.5854 |
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) |
| = | (10481.281 / 179086.661) | / | (9991.138 / 159336.323) |
| = | 0.058526 | / | 0.062705 |
| | = | 0.9334 |
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) |
| = | ((1256.982 + 41554.583) / 320687.607) | / | ((2081.886 + 63423.915) / 260926.477) |
| = | 0.133499 | / | 0.251051 |
| | = | 0.5318 |
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 |
| = | (80432.403 - 0 | - | 66377.07) | / | 320687.607 |
| | = | 0.043829 |
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.
HPSP Co has a M-score of 0.12 signals that the company is likely to be a manipulator.
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