Automobile & PCB Beneish M-Score Historical Data
The historical data trend for Automobile & PCB'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.
Automobile & PCB Beneish M-Score Chart
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Automobile & PCB Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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0.86 |
-4.31 |
-3.02 |
-0.71 |
-4.05 |
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Automobile & PCB Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-4.85 |
-4.49 |
-4.76 |
-4.05 |
-4.30 |
Competitive Comparison of Automobile & PCB's Beneish M-Score
For the Electronic Components subindustry, Automobile & PCB'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.
Automobile & PCB's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Automobile & PCB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Automobile & PCB's Beneish M-Score falls into.
Automobile & PCB 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 Automobile & PCB 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 * 0 | + | 0.528 * 0.4696 | + | 0.404 * 1.8404 | + | 0.892 * 1.0427 | + | 0.115 * 0.1717 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1937 | + | 4.679 * -0.192895 | - | 0.327 * 0.8885 |
| = | -4.30 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩0 Mil.
Revenue was 30685.987 + 27931.833 + 35576.83 + 38179.532 = ₩132,374 Mil.
Gross Profit was 953.272 + 1783.481 + 2001.196 + 2212.042 = ₩6,950 Mil.
Total Current Assets was ₩40,487 Mil.
Total Assets was ₩95,115 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,995 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,319 Mil.
Total Current Liabilities was ₩59,438 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was -2876.798 + 561.02 + -1905.131 + -6815.778 = ₩-11,037 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 1709.772 + 3301.127 + 2299.652 = ₩7,311 Mil.
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Total Receivables was ₩26,616 Mil.
Revenue was 39217.828 + 36448.119 + 30451.869 + 20836.191 = ₩126,954 Mil.
Gross Profit was 3844.573 + 1111.929 + -59.327 + -1766.756 = ₩3,130 Mil.
Total Current Assets was ₩47,511 Mil.
Total Assets was ₩105,368 Mil.
Property, Plant and Equipment(Net PPE) was ₩24,975 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,178 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,274 Mil.
Total Current Liabilities was ₩62,567 Mil.
Long-Term Debt & Capital Lease Obligation was ₩11,545 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 / 132374.182) | / | (26615.603 / 126954.007) |
| = | 0 | / | 0.209648 |
| | = | 0 |
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) |
| = | (3130.419 / 126954.007) | / | (6949.991 / 132374.182) |
| = | 0.024658 | / | 0.052503 |
| | = | 0.4696 |
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 - (40486.6 + 0) / 95114.954) | / | (1 - (47510.649 + 24975.014) / 105367.748) |
| = | 0.57434 | / | 0.31207 |
| | = | 1.8404 |
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 |
| = | 132374.182 | / | 126954.007 |
| | = | 1.0427 |
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)) |
| = | (5177.651 / (5177.651 + 24975.014)) | / | (2995.21 / (2995.21 + 0)) |
| = | 0.171715 | / | 1 |
| | = | 0.1717 |
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) |
| = | (5319.276 / 132374.182) | / | (4273.802 / 126954.007) |
| = | 0.040184 | / | 0.033664 |
| | = | 1.1937 |
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) |
| = | ((0 + 59438.48) / 95114.954) | / | ((11545.213 + 62566.736) / 105367.748) |
| = | 0.624912 | / | 0.703365 |
| | = | 0.8885 |
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 |
| = | (-11036.687 - 0 | - | 7310.551) | / | 95114.954 |
| | = | -0.192895 |
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.
Automobile & PCB has a M-score of -4.30 suggests that the company is unlikely to be a manipulator.
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