CR Holdings Co (XKRX:000480) Beneish M-Score : -2.45 (As of May. 16, 2024)

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What is CR Holdings Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CR Holdings Co's Beneish M-Score or its related term are showing as below:

XKRX:000480' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.57 Max: -2.39
Current: -2.45

During the past 13 years, the highest Beneish M-Score of CR Holdings Co was -2.39. The lowest was -2.83. And the median was -2.57.

CR Holdings Co Beneish M-Score Historical Data

The historical data trend for CR Holdings 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.

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CR Holdings Co Beneish M-Score Chart

CR Holdings Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.74

-2.83

-2.41

-2.39

-2.45

CR Holdings Co Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.39	-2.42	-2.50	-2.47	-2.45

Competitive Comparison of CR Holdings Co's Beneish M-Score

For the Building Materials subindustry, CR Holdings 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.

CR Holdings Co's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, CR Holdings Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CR Holdings Co's Beneish M-Score falls into.

CR Holdings 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 CR Holdings Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1335

0.528 * 0.8523

0.404 * 1.0178

0.892 * 1.0236

0.115 * 1.2213

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9392

4.679 * -0.01713

0.327 * 0.9983

-2.45

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₩137,539 Mil.
Revenue was 230852.942 + 195959.095 + 198724.025 + 191368.383 = ₩816,904 Mil.
Gross Profit was 53195.189 + 33902.207 + 28556.328 + 28050.766 = ₩143,704 Mil.
Total Current Assets was ₩431,030 Mil.
Total Assets was ₩1,621,802 Mil.
Property, Plant and Equipment(Net PPE) was ₩382,959 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩25,255 Mil.
Selling, General, & Admin. Expense(SGA) was ₩35,291 Mil.
Total Current Liabilities was ₩710,420 Mil.
Long-Term Debt & Capital Lease Obligation was ₩32,295 Mil.
Net Income was -5496.421 + -651.204 + 5285.003 + 1267.384 = ₩405 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -20426.031 + 13350.771 + 23985.578 + 11276.074 = ₩28,186 Mil.

Total Receivables was ₩118,536 Mil.
Revenue was 206334.803 + 188070.17 + 206242.015 + 197392.624 = ₩798,040 Mil.
Gross Profit was 25313.486 + 33014.108 + 31160.499 + 30169.064 = ₩119,657 Mil.
Total Current Assets was ₩460,349 Mil.
Total Assets was ₩1,620,442 Mil.
Property, Plant and Equipment(Net PPE) was ₩367,060 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩30,001 Mil.
Selling, General, & Admin. Expense(SGA) was ₩36,708 Mil.
Total Current Liabilities was ₩551,301 Mil.
Long-Term Debt & Capital Lease Obligation was ₩192,083 Mil.

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)
	=	(137539.062 / 816904.445)	/	(118536.275 / 798039.612)
	=	0.168366	/	0.148534
	=	1.1335

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)
	=	(119657.157 / 798039.612)	/	(143704.49 / 816904.445)
	=	0.149939	/	0.175913
	=	0.8523

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 - (431029.759 + 382958.819) / 1621801.859)	/	(1 - (460349.349 + 367059.923) / 1620442.053)
	=	0.498096	/	0.489393
	=	1.0178

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
	=	816904.445	/	798039.612
	=	1.0236

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))
	=	(30000.774 / (30000.774 + 367059.923))	/	(25254.791 / (25254.791 + 382958.819))
	=	0.075557	/	0.061867
	=	1.2213

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)
	=	(35291.311 / 816904.445)	/	(36707.863 / 798039.612)
	=	0.043201	/	0.045998
	=	0.9392

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)
	=	((32294.509 + 710420.11) / 1621801.859)	/	((192083.429 + 551300.892) / 1620442.053)
	=	0.457956	/	0.458754
	=	0.9983

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
	=	(404.762 - 0	-	28186.392)	/	1621801.859
	=	-0.01713

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.

CR Holdings Co has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

CR Holdings Co Beneish M-Score Related Terms

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CR Holdings Co (XKRX:000480) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Building Materials » CR Holdings Co Ltd (XKRX:000480) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

55, Saneop-ro, Jeonlanam-do, Gwangyang-si, KOR

Website

http://www.chosunref.co.kr

CR Holdings Co Ltd Formerly Chosun Refractories Co Ltd is a Korea-based company principally engaged in the manufacture of refractories. It offers products such as firebricks, monolithic refractories, and other special refractories, such as ceramic materials and shroud nozzles. Refractories are used in iron, steel, cement, glass, nonferrous metal manufacturing industry. The company also operates the power plant.

CR Holdings Co (XKRX:000480) Headlines

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