GI Innovation Beneish M-Score Historical Data
The historical data trend for GI Innovation'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.
GI Innovation Beneish M-Score Chart
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GI Innovation Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
- |
-6.86 |
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GI Innovation Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-8.77 |
-7.86 |
-26.12 |
-3.34 |
-3.36 |
Competitive Comparison of GI Innovation's Beneish M-Score
For the Biotechnology subindustry, GI Innovation'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.
GI Innovation's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, GI Innovation's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where GI Innovation's Beneish M-Score falls into.
GI Innovation 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 GI Innovation 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 * 0.401 | + | 0.528 * 1 | + | 0.404 * 1.8736 | + | 0.892 * 1.5266 | + | 0.115 * 0.8145 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4651 | + | 4.679 * -0.214102 | - | 0.327 * 1.668 |
| = | -3.36 |
* 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 ₩1,473 Mil.
Revenue was 24.281 + 4730.95 + 0 + 587.899 = ₩5,343 Mil.
Gross Profit was 24.281 + 4730.95 + 0 + 587.899 = ₩5,343 Mil.
Total Current Assets was ₩36,305 Mil.
Total Assets was ₩66,801 Mil.
Property, Plant and Equipment(Net PPE) was ₩7,964 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,250 Mil.
Selling, General, & Admin. Expense(SGA) was ₩37,454 Mil.
Total Current Liabilities was ₩4,724 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,812 Mil.
Net Income was -14400.179 + -11585.791 + -10571.15 + -20627.93 = ₩-57,185 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -11575.792 + -6096.185 + -10427.773 + -14782.976 = ₩-42,883 Mil.
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Total Receivables was ₩2,406 Mil.
Revenue was 0 + 0 + 3500 + 0 = ₩3,500 Mil.
Gross Profit was 0 + 0 + 3500 + 0 = ₩3,500 Mil.
Total Current Assets was ₩86,000 Mil.
Total Assets was ₩117,768 Mil.
Property, Plant and Equipment(Net PPE) was ₩10,567 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,265 Mil.
Selling, General, & Admin. Expense(SGA) was ₩52,748 Mil.
Total Current Liabilities was ₩4,598 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,367 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) |
| = | (1472.711 / 5343.13) | / | (2405.872 / 3500) |
| = | 0.275627 | / | 0.687392 |
| | = | 0.401 |
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) |
| = | (3500 / 3500) | / | (5343.13 / 5343.13) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (36305.041 + 7963.65) / 66801.387) | / | (1 - (85999.693 + 10566.64) / 117768.12) |
| = | 0.337309 | / | 0.18003 |
| | = | 1.8736 |
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 |
| = | 5343.13 | / | 3500 |
| | = | 1.5266 |
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)) |
| = | (3264.747 / (3264.747 + 10566.64)) | / | (3249.76 / (3249.76 + 7963.65)) |
| = | 0.236039 | / | 0.28981 |
| | = | 0.8145 |
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) |
| = | (37454.358 / 5343.13) | / | (52747.717 / 3500) |
| = | 7.009816 | / | 15.070776 |
| | = | 0.4651 |
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) |
| = | ((2811.723 + 4724.364) / 66801.387) | / | ((3366.713 + 4598.416) / 117768.12) |
| = | 0.112813 | / | 0.067634 |
| | = | 1.668 |
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 |
| = | (-57185.05 - 0 | - | -42882.726) | / | 66801.387 |
| | = | -0.214102 |
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.
GI Innovation has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.
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