Commax Co Beneish M-Score Historical Data
The historical data trend for Commax 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.
Commax Co Beneish M-Score Chart
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Commax Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.85 |
-2.60 |
-2.66 |
-2.46 |
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Commax Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-2.49 |
-2.79 |
-2.86 |
-2.46 |
Competitive Comparison of Commax Co's Beneish M-Score
For the Communication Equipment subindustry, Commax 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.
Commax Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Commax Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Commax Co's Beneish M-Score falls into.
Commax 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 Commax 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 * 1.6083 | + | 0.528 * 0.9458 | + | 0.404 * 1.0279 | + | 0.892 * 0.8783 | + | 0.115 * 1.0723 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0383 | + | 4.679 * -0.073703 | - | 0.327 * 1.2224 |
| = | -2.46 |
* 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 ₩35,376 Mil.
Revenue was 46356.305 + 31634.838 + 30049.62 + 28968.365 = ₩137,009 Mil.
Gross Profit was 5456.492 + 2092.264 + 3844.365 + 6175.629 = ₩17,569 Mil.
Total Current Assets was ₩65,616 Mil.
Total Assets was ₩98,301 Mil.
Property, Plant and Equipment(Net PPE) was ₩22,957 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,200 Mil.
Selling, General, & Admin. Expense(SGA) was ₩12,964 Mil.
Total Current Liabilities was ₩53,084 Mil.
Long-Term Debt & Capital Lease Obligation was ₩49 Mil.
Net Income was -3357.308 + -2757.203 + -1925.063 + 107.549 = ₩-7,932 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -79.734 + 2817.41 + 1537.299 + -4961.916 = ₩-687 Mil.
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Total Receivables was ₩25,044 Mil.
Revenue was 48996.005 + 30542.953 + 44956.359 + 31503.317 = ₩155,999 Mil.
Gross Profit was 3581.19 + 2400.621 + 8123.769 + 4813.542 = ₩18,919 Mil.
Total Current Assets was ₩61,696 Mil.
Total Assets was ₩95,409 Mil.
Property, Plant and Equipment(Net PPE) was ₩24,528 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,538 Mil.
Selling, General, & Admin. Expense(SGA) was ₩14,217 Mil.
Total Current Liabilities was ₩42,059 Mil.
Long-Term Debt & Capital Lease Obligation was ₩127 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) |
| = | (35375.924 / 137009.128) | / | (25044.235 / 155998.634) |
| = | 0.258201 | / | 0.160541 |
| | = | 1.6083 |
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) |
| = | (18919.122 / 155998.634) | / | (17568.75 / 137009.128) |
| = | 0.121277 | / | 0.128231 |
| | = | 0.9458 |
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 - (65615.504 + 22957.214) / 98300.577) | / | (1 - (61696.174 + 24527.948) / 95409.464) |
| = | 0.09896 | / | 0.096273 |
| | = | 1.0279 |
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 |
| = | 137009.128 | / | 155998.634 |
| | = | 0.8783 |
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)) |
| = | (2537.787 / (2537.787 + 24527.948)) | / | (2199.719 / (2199.719 + 22957.214)) |
| = | 0.093764 | / | 0.08744 |
| | = | 1.0723 |
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) |
| = | (12964.477 / 137009.128) | / | (14217.077 / 155998.634) |
| = | 0.094625 | / | 0.091136 |
| | = | 1.0383 |
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) |
| = | ((49.228 + 53083.773) / 98300.577) | / | ((126.711 + 42059.387) / 95409.464) |
| = | 0.540516 | / | 0.442158 |
| | = | 1.2224 |
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 |
| = | (-7932.025 - 0 | - | -686.941) | / | 98300.577 |
| | = | -0.073703 |
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.
Commax Co has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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