Shinwon (XKRX:009270) Beneish M-Score : -2.78 (As of May. 26, 2024)

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What is Shinwon 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:009270' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23 Med: -2.57 Max: -1.77
Current: -2.78

During the past 13 years, the highest Beneish M-Score of Shinwon was -1.77. The lowest was -3.23. And the median was -2.57.

Shinwon Beneish M-Score Historical Data

The historical data trend for Shinwon'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.

* Premium members only.

Shinwon Beneish M-Score Chart

Shinwon Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.91

-2.33

-1.91

-2.79

-2.47

Shinwon Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.21	-1.77	-1.96	-2.47	-2.78

Competitive Comparison of Shinwon's Beneish M-Score

For the Apparel Manufacturing subindustry, Shinwon'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.

Shinwon's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Shinwon's Beneish M-Score distribution charts can be found below:

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

Shinwon 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 Shinwon 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 * 1.1703

0.528 * 0.9286

0.404 * 1.1266

0.892 * 0.9276

0.115 * 0.9934

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0784

4.679 * -0.079667

0.327 * 1.0534

-2.78

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩124,821 Mil.
Revenue was 215410.132 + 188335.894 + 232931.354 + 217297.015 = ₩853,974 Mil.
Gross Profit was 61458.481 + 58334.706 + 54433.101 + 56932.657 = ₩231,159 Mil.
Total Current Assets was ₩365,488 Mil.
Total Assets was ₩584,548 Mil.
Property, Plant and Equipment(Net PPE) was ₩174,251 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩11,188 Mil.
Selling, General, & Admin. Expense(SGA) was ₩122,099 Mil.
Total Current Liabilities was ₩258,367 Mil.
Long-Term Debt & Capital Lease Obligation was ₩79,846 Mil.
Net Income was 3578.395 + -3396.985 + 4130.017 + -1037.405 = ₩3,274 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -2672.317 + 29311.939 + 3377.315 + 19826.395 = ₩49,843 Mil.

Total Receivables was ₩114,983 Mil.
Revenue was 195913.878 + 230046.481 + 243444.74 + 251231.011 = ₩920,636 Mil.
Gross Profit was 55665.762 + 56231.536 + 56381.827 + 63136.237 = ₩231,415 Mil.
Total Current Assets was ₩375,692 Mil.
Total Assets was ₩563,273 Mil.
Property, Plant and Equipment(Net PPE) was ₩149,257 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,516 Mil.
Selling, General, & Admin. Expense(SGA) was ₩122,058 Mil.
Total Current Liabilities was ₩262,707 Mil.
Long-Term Debt & Capital Lease Obligation was ₩46,682 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)
	=	(124820.582 / 853974.395)	/	(114982.919 / 920636.11)
	=	0.146164	/	0.124895
	=	1.1703

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)
	=	(231415.362 / 920636.11)	/	(231158.945 / 853974.395)
	=	0.251365	/	0.270686
	=	0.9286

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 - (365488.355 + 174251.261) / 584547.655)	/	(1 - (375691.667 + 149256.806) / 563273.064)
	=	0.076654	/	0.068039
	=	1.1266

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
	=	853974.395	/	920636.11
	=	0.9276

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))
	=	(9516.182 / (9516.182 + 149256.806))	/	(11187.848 / (11187.848 + 174251.261))
	=	0.059936	/	0.060332
	=	0.9934

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)
	=	(122099.025 / 853974.395)	/	(122057.967 / 920636.11)
	=	0.142977	/	0.13258
	=	1.0784

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)
	=	((79845.888 + 258366.945) / 584547.655)	/	((46682.371 + 262707.059) / 563273.064)
	=	0.578589	/	0.549271
	=	1.0534

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
	=	(3274.022 - 0	-	49843.332)	/	584547.655
	=	-0.079667

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.

Shinwon has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

Shinwon Beneish M-Score Related Terms

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Shinwon (XKRX:009270) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » Shinwon Corp (XKRX:009270) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Shinwon Building, 532, Dohwa-dong, Mapo-gu, Seoul, KOR, 121-040

Website

http://www.sw.co.kr

Shinwon Corp engages in the manufacture and sale of garments and handbags. The company designs and markets branded and original equipment apparel and fashion accessories. Its products include men's wear, sportswear, women's wear, casual wear, and accessories. The company also exports knitted items, handbags, and sweaters. It sells its apparels under the brand names BESTI BELLI, SI, VIKI, ISABEY, SIEG, SIEG FAHRENHEIT, VANHART DI ALBAZAR, and BRIONI.

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