Samyang Beneish M-Score Historical Data
The historical data trend for Samyang'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.
Samyang Beneish M-Score Chart
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Samyang Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.50 |
-2.79 |
-2.03 |
-2.48 |
-2.74 |
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Samyang 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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-2.70 |
-2.68 |
-2.66 |
-2.74 |
-2.61 |
Competitive Comparison of Samyang's Beneish M-Score
For the Conglomerates subindustry, Samyang'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.
Samyang's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Samyang's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Samyang's Beneish M-Score falls into.
Samyang 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 Samyang 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 * 1.0334 | + | 0.528 * 0.8696 | + | 0.404 * 1.0992 | + | 0.892 * 0.9952 | + | 0.115 * 1.0452 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0156 | + | 4.679 * -0.037951 | - | 0.327 * 0.8621 |
| = | -2.61 |
* 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 ₩356,168 Mil.
Revenue was 659831.705 + 637903.602 + 662668.734 + 698770.668 = ₩2,659,175 Mil.
Gross Profit was 120196.414 + 113890.344 + 119044.883 + 131146.461 = ₩484,278 Mil.
Total Current Assets was ₩1,064,000 Mil.
Total Assets was ₩3,106,056 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,226,372 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩24,336 Mil.
Selling, General, & Admin. Expense(SGA) was ₩215,283 Mil.
Total Current Liabilities was ₩774,879 Mil.
Long-Term Debt & Capital Lease Obligation was ₩398,749 Mil.
Net Income was 39620.478 + 18400.683 + 33438.889 + 26558.194 = ₩118,018 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 10726.724 + 86594.41 + 77329.744 + 61244.678 = ₩235,896 Mil.
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Total Receivables was ₩346,304 Mil.
Revenue was 652096.166 + 635241.038 + 695429.123 + 689131.073 = ₩2,671,897 Mil.
Gross Profit was 100222.859 + 93334.953 + 111650.097 + 117929.617 = ₩423,138 Mil.
Total Current Assets was ₩1,117,617 Mil.
Total Assets was ₩3,004,394 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,168,967 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩24,267 Mil.
Selling, General, & Admin. Expense(SGA) was ₩212,986 Mil.
Total Current Liabilities was ₩669,304 Mil.
Long-Term Debt & Capital Lease Obligation was ₩647,519 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) |
| = | (356168.206 / 2659174.709) | / | (346303.651 / 2671897.4) |
| = | 0.133939 | / | 0.12961 |
| | = | 1.0334 |
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) |
| = | (423137.526 / 2671897.4) | / | (484278.102 / 2659174.709) |
| = | 0.158366 | / | 0.182116 |
| | = | 0.8696 |
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 - (1063999.935 + 1226371.849) / 3106056.094) | / | (1 - (1117616.915 + 1168966.831) / 3004393.97) |
| = | 0.262611 | / | 0.23892 |
| | = | 1.0992 |
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 |
| = | 2659174.709 | / | 2671897.4 |
| | = | 0.9952 |
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)) |
| = | (24267 / (24267 + 1168966.831)) | / | (24336 / (24336 + 1226371.849)) |
| = | 0.020337 | / | 0.019458 |
| | = | 1.0452 |
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) |
| = | (215283.106 / 2659174.709) | / | (212985.664 / 2671897.4) |
| = | 0.080959 | / | 0.079713 |
| | = | 1.0156 |
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) |
| = | ((398749.059 + 774878.614) / 3106056.094) | / | ((647518.549 + 669304.37) / 3004393.97) |
| = | 0.377851 | / | 0.438299 |
| | = | 0.8621 |
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 |
| = | (118018.244 - 0 | - | 235895.556) | / | 3106056.094 |
| | = | -0.037951 |
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.
Samyang has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.
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