Joyoung Co Beneish M-Score Historical Data
The historical data trend for Joyoung 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.
Joyoung Co Beneish M-Score Chart
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Joyoung 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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-2.85 |
-2.96 |
-1.93 |
-2.55 |
-2.76 |
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Joyoung Co 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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-2.52 |
-2.47 |
-2.18 |
-2.76 |
-2.75 |
Competitive Comparison of Joyoung Co's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Joyoung 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.
Joyoung Co's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Joyoung Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Joyoung Co's Beneish M-Score falls into.
Joyoung 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 Joyoung 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 * 0.8696 | + | 0.528 * 1.1455 | + | 0.404 * 0.9645 | + | 0.892 * 1.0047 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9513 | + | 4.679 * -0.048852 | - | 0.327 * 0.996 |
| = | -2.75 |
* 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 ¥1,796 Mil.
Revenue was 2065.327 + 2831.616 + 2463.572 + 2425.41 = ¥9,786 Mil.
Gross Profit was 556.036 + 764.517 + 552.5 + 641.837 = ¥2,515 Mil.
Total Current Assets was ¥5,519 Mil.
Total Assets was ¥7,617 Mil.
Property, Plant and Equipment(Net PPE) was ¥661 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,674 Mil.
Total Current Liabilities was ¥3,938 Mil.
Long-Term Debt & Capital Lease Obligation was ¥18 Mil.
Net Income was 129.963 + 25.532 + 116.355 + 125.77 = ¥398 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 313.31 + 336.234 + 90.538 + 29.647 = ¥770 Mil.
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Total Receivables was ¥2,055 Mil.
Revenue was 1892.191 + 3251.651 + 2214.589 + 2381.921 = ¥9,740 Mil.
Gross Profit was 527.367 + 970.131 + 634.704 + 735.161 = ¥2,867 Mil.
Total Current Assets was ¥5,175 Mil.
Total Assets was ¥7,300 Mil.
Property, Plant and Equipment(Net PPE) was ¥697 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥1,752 Mil.
Total Current Liabilities was ¥3,769 Mil.
Long-Term Debt & Capital Lease Obligation was ¥37 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) |
| = | (1795.681 / 9785.925) | / | (2055.23 / 9740.352) |
| = | 0.183496 | / | 0.211002 |
| | = | 0.8696 |
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) |
| = | (2867.363 / 9740.352) | / | (2514.89 / 9785.925) |
| = | 0.29438 | / | 0.256991 |
| | = | 1.1455 |
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 - (5519.095 + 660.968) / 7617.061) | / | (1 - (5174.926 + 697.036) / 7299.838) |
| = | 0.188655 | / | 0.195604 |
| | = | 0.9645 |
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 |
| = | 9785.925 | / | 9740.352 |
| | = | 1.0047 |
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)) |
| = | (0 / (0 + 697.036)) | / | (0 / (0 + 660.968)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1674.185 / 9785.925) | / | (1751.679 / 9740.352) |
| = | 0.171081 | / | 0.179837 |
| | = | 0.9513 |
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) |
| = | ((18.144 + 3937.611) / 7617.061) | / | ((36.7 + 3769.426) / 7299.838) |
| = | 0.519328 | / | 0.521399 |
| | = | 0.996 |
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 |
| = | (397.62 - 0 | - | 769.729) | / | 7617.061 |
| | = | -0.048852 |
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.
Joyoung Co has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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