Asia Papertec, Beneish M-Score Historical Data
The historical data trend for Asia Papertec,'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.
Asia Papertec, Beneish M-Score Chart
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Asia Papertec, Annual Data
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Asia Papertec, Quarterly Data
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| Beneish M-Score |
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Competitive Comparison of Asia Papertec,'s Beneish M-Score
For the Paper & Paper Products subindustry, Asia Papertec,'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.
Asia Papertec,'s Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, Asia Papertec,'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asia Papertec,'s Beneish M-Score falls into.
Asia Papertec, 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 Asia Papertec, 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 | + | 0.528 * 0.2627 | + | 0.404 * 0.9851 | + | 0.892 * 0.9246 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8121 | + | 4.679 * -0.088714 | - | 0.327 * 0.7641 |
| = | -3.25 |
* 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 (Sep12) TTM: | Last Year (Sep11) TTM: |
Total Receivables was ₩0 Mil.
Revenue was 38689.46 + 41525.982 + 40151.713 + 45318.961 = ₩165,686 Mil.
Gross Profit was 5602.328 + 5905.643 + 4052.755 + 5847.508 = ₩21,408 Mil.
Total Current Assets was ₩67,197 Mil.
Total Assets was ₩250,436 Mil.
Property, Plant and Equipment(Net PPE) was ₩156,873 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩0 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,552 Mil.
Total Current Liabilities was ₩14,540 Mil.
Long-Term Debt & Capital Lease Obligation was ₩17,517 Mil.
Net Income was 3360.795 + 3330.456 + 2031.762 + 3256.237 = ₩11,979 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 7462.319 + 8229.817 + 7358.974 + 11145.41 = ₩34,197 Mil.
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Total Receivables was ₩0 Mil.
Revenue was 44422.557 + 48430.755 + 41498.724 + 44853.663 = ₩179,206 Mil.
Gross Profit was 2059.274 + 1393.457 + 1334.566 + 1295.426 = ₩6,083 Mil.
Total Current Assets was ₩56,032 Mil.
Total Assets was ₩249,344 Mil.
Property, Plant and Equipment(Net PPE) was ₩166,664 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩15 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,068 Mil.
Total Current Liabilities was ₩17,680 Mil.
Long-Term Debt & Capital Lease Obligation was ₩24,092 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 / 165686.116) | / | (0 / 179205.699) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (6082.723 / 179205.699) | / | (21408.234 / 165686.116) |
| = | 0.033943 | / | 0.12921 |
| | = | 0.2627 |
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 - (67196.963 + 156872.963) / 250435.829) | / | (1 - (56032.385 + 166663.841) / 249344.308) |
| = | 0.10528 | / | 0.106873 |
| | = | 0.9851 |
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 |
| = | 165686.116 | / | 179205.699 |
| | = | 0.9246 |
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)) |
| = | (15.145 / (15.145 + 166663.841)) | / | (0 / (0 + 156872.963)) |
| = | 9.1E-5 | / | 0 |
| | = | 1 |
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) |
| = | (1552.478 / 165686.116) | / | (2067.619 / 179205.699) |
| = | 0.00937 | / | 0.011538 |
| | = | 0.8121 |
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) |
| = | ((17517.45 + 14540.036) / 250435.829) | / | ((24091.95 + 17680.482) / 249344.308) |
| = | 0.128007 | / | 0.167529 |
| | = | 0.7641 |
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 |
| = | (11979.25 - 0 | - | 34196.52) | / | 250435.829 |
| | = | -0.088714 |
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.
Asia Papertec, has a M-score of -3.25 suggests that the company is unlikely to be a manipulator.
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