Eagon Holdings Co (XKRX:039020) Beneish M-Score : -2.29 (As of Jun. 14, 2024)

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What is Eagon 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:039020' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.57 Max: -1.49
Current: -2.29

During the past 13 years, the highest Beneish M-Score of Eagon Holdings Co was -1.49. The lowest was -2.98. And the median was -2.57.

Eagon Holdings Co Beneish M-Score Historical Data

The historical data trend for Eagon 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.

* Premium members only.

Eagon Holdings Co Beneish M-Score Chart

Eagon Holdings Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.44

-2.69

-2.58

-2.72

-2.19

Eagon Holdings Co 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															-2.55	-2.66	-2.38	-2.19	-2.29

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

For the Building Products & Equipment subindustry, Eagon 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.

Eagon Holdings Co's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Eagon Holdings Co's Beneish M-Score distribution charts can be found below:

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

Eagon 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 Eagon 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 * 1.0886

0.528 * 1.322

0.404 * 0.8843

0.892 * 0.9319

0.115 * 1.1991

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7784

4.679 * -0.00806

0.327 * 0.9186

-2.29

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩56,050 Mil.
Revenue was 110659.441 + 120800.499 + 114406.9 + 111848.816 = ₩457,716 Mil.
Gross Profit was 12828.188 + 12434.732 + 13050.361 + 17139.616 = ₩55,453 Mil.
Total Current Assets was ₩186,273 Mil.
Total Assets was ₩790,621 Mil.
Property, Plant and Equipment(Net PPE) was ₩429,890 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩22,173 Mil.
Selling, General, & Admin. Expense(SGA) was ₩24,421 Mil.
Total Current Liabilities was ₩282,334 Mil.
Long-Term Debt & Capital Lease Obligation was ₩46,191 Mil.
Net Income was -3269.654 + -4484.806 + -2395.338 + 755.572 = ₩-9,394 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -5407.239 + -687.439 + 474.275 + 2598.767 = ₩-3,022 Mil.

Total Receivables was ₩55,253 Mil.
Revenue was 111460.54 + 125673.803 + 121703.017 + 132327.667 = ₩491,165 Mil.
Gross Profit was 16610.966 + 15764.501 + 20146.394 + 26142.407 = ₩78,664 Mil.
Total Current Assets was ₩183,997 Mil.
Total Assets was ₩704,038 Mil.
Property, Plant and Equipment(Net PPE) was ₩344,360 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩21,519 Mil.
Selling, General, & Admin. Expense(SGA) was ₩33,667 Mil.
Total Current Liabilities was ₩215,252 Mil.
Long-Term Debt & Capital Lease Obligation was ₩103,210 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)
	=	(56050.084 / 457715.656)	/	(55252.689 / 491165.027)
	=	0.122456	/	0.112493
	=	1.0886

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)
	=	(78664.268 / 491165.027)	/	(55452.897 / 457715.656)
	=	0.160159	/	0.121151
	=	1.322

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 - (186273.305 + 429889.835) / 790621.251)	/	(1 - (183996.965 + 344359.632) / 704038.19)
	=	0.22066	/	0.249534
	=	0.8843

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
	=	457715.656	/	491165.027
	=	0.9319

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))
	=	(21518.732 / (21518.732 + 344359.632))	/	(22172.979 / (22172.979 + 429889.835))
	=	0.058814	/	0.049048
	=	1.1991

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)
	=	(24420.815 / 457715.656)	/	(33666.775 / 491165.027)
	=	0.053354	/	0.068545
	=	0.7784

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)
	=	((46190.72 + 282333.714) / 790621.251)	/	((103209.921 + 215252.292) / 704038.19)
	=	0.415527	/	0.452337
	=	0.9186

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
	=	(-9394.226 - 0	-	-3021.636)	/	790621.251
	=	-0.00806

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.

Eagon Holdings Co has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.

Eagon Holdings Co Beneish M-Score Related Terms

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Eagon Holdings Co (XKRX:039020) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Eagon Holdings Co Ltd (XKRX:039020) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

91, Yeomjeon-ro, Nam-gu, Incheon, KOR

Website

https://www.eagon.com

Eagon Holdings Co Ltd is involved in producing and selling building materials in Korea. The company offers window and doors, floor products, removable dividers and doors, plywood products, housing materials, landscape products, guardrail products, and logistics products, such as green and plastic pallets, as well as Solarwin building integrated photovoltaic solutions.

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