Chon Bang Co (XKRX:000950) Beneish M-Score: -0.34 (As of Aug. 23, 2026)

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XKRX:000950 Chon Bang Co Ltd XKRX:000950
38 GF Score
Price ₩35,350.00
GF Value ₩9,625.82
Valuation Significantly Overvalued
! 6 Warning Signs
View Full Analysis

What is Chon Bang Co Beneish M-Score?

Chon Bang Co XKRX:000950 38 Beneish M-Score is -0.34 as of Aug. 23, 2026. GuruFocus rates XKRX:000950 with a GF Score™ of 38/100 and a GF Value™ of ₩9,625.82 (Significantly Overvalued). The stock has 6 warning signs investors should review. Among 998 Manufacturing - Apparel & Accessories companies, Chon Bang Co ranks worse than 93.39% on this metric.

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.

Warning Sign:

Beneish M-Score -0.34 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKRX:000950' s Beneish M-Score Range Over the Past 10 Years
Min: -4.2   Med: -2.67   Max: 4.3
Current: -0.34

During the past 13 years, the highest Beneish M-Score of Chon Bang Co was 4.30. The lowest was -4.20. And the median was -2.67.

Chon Bang Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Chon Bang 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.

Chon Bang Co Beneish M-Score Chart

Chon Bang Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.49 0.55 -0.93 -0.37 -1.75

Chon Bang Co Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.39 -1.61 -1.75 -2.85 -0.34

Chon Bang Co Beneish M-Score Competitor Comparison

For the Textile Manufacturing subindustry, Chon Bang 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.

Chon Bang Co Beneish M-Score vs Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Chon Bang Co's Beneish M-Score distribution charts can be found below:

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


XKRX:000950
38GF Score
Chon Bang Co Ltd XKRX:000950
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Chon Bang 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 Chon Bang 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 * 1.5087+0.528 * 4.5388+0.404 * 1.0739+0.892 * 0.5834+0.115 * 1.718
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0425+4.679 * -0.023406-0.327 * 0.4562
=-0.34

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ₩35,536 Mil.
Revenue was 6906.422 + 7896.199 + 9373.844 + 6872.023 = ₩31,048 Mil.
Gross Profit was 166.885 + 314.699 + -363.78 + -799.35 = ₩-682 Mil.
Total Current Assets was ₩157,482 Mil.
Total Assets was ₩235,870 Mil.
Property, Plant and Equipment(Net PPE) was ₩63,362 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,319 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,058 Mil.
Total Current Liabilities was ₩1,545 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 874.999 + 841.21 + -495.624 + -716.184 = ₩504 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4954.665 + 2570.688 + -120.893 + -1379.383 = ₩6,025 Mil.
 Total Receivables was ₩40,372 Mil.
Revenue was 11703.905 + 12826.683 + 16636.289 + 12051.603 = ₩53,218 Mil.
Gross Profit was -1962.96 + 41.721 + -1678.394 + -1702.613 = ₩-5,302 Mil.
Total Current Assets was ₩159,667 Mil.
Total Assets was ₩238,453 Mil.
Property, Plant and Equipment(Net PPE) was ₩64,641 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,347 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,740 Mil.
Total Current Liabilities was ₩3,385 Mil.
Long-Term Debt & Capital Lease Obligation was ₩39 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)
=(35535.733 / 31048.488) / (40372.153 / 53218.48)
=1.144524 / 0.758612
=1.5087

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)
=(-5302.246 / 53218.48) / (-681.546 / 31048.488)
=-0.099632 / -0.021951
=4.5388

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 - (157482.295 + 63361.702) / 235870.382) / (1 - (159667.285 + 64640.78) / 238453.355)
=0.063706 / 0.059321
=1.0739

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
=31048.488 / 53218.48
=0.5834

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))
=(2346.955 / (2346.955 + 64640.78)) / (1319.097 / (1319.097 + 63361.702))
=0.035036 / 0.020394
=1.718

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)
=(1058.4 / 31048.488) / (1740.201 / 53218.48)
=0.034089 / 0.032699
=1.0425

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)
=((0 + 1545.149) / 235870.382) / ((38.598 + 3385.302) / 238453.355)
=0.006551 / 0.014359
=0.4562

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
=(504.401 - 0 - 6025.077) / 235870.382
=-0.023406

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.

Chon Bang Co has a M-score of -0.34 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -0.34 mean?
Chon Bang Co (XKRX:000950) has a Beneish M-Score of -0.34 as of Aug. 23, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chon Bang Co and its competitors. According to the industry distribution chart, Chon Bang Co ranks #932 out of 998 companies in the Manufacturing - Apparel & Accessories industry, placing it in the top 93.4%.
Is Chon Bang Co's Beneish M-Score too high?
Chon Bang Co's current Beneish M-Score is -0.34. Based on the distribution chart, Chon Bang Co ranks #932 out of 998 companies in the Manufacturing - Apparel & Accessories industry, which is in the bottom quartile relative to peers. Overall, Chon Bang Co has a GF Score™ of 38/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Chon Bang Co's Beneish M-Score compare to competitors?
According to the Manufacturing - Apparel & Accessories industry distribution chart, Chon Bang Co ranks #932 out of 998 companies for Beneish M-Score. This places Chon Bang Co in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Manufacturing - Apparel & Accessories company?
A good Beneish M-Score depends on the Manufacturing - Apparel & Accessories industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Chon Bang Co and its competitors. Chon Bang Co's current Beneish M-Score is -0.34. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Chon Bang Co stock overvalued right now?
Based on GuruFocus' analysis, Chon Bang Co (XKRX:000950) is currently considered Significantly Overvalued. The stock's GF Value™ is ₩9,625.82, compared to a current price of ₩35,350.00 — trading 267.2% above its estimated fair value. The current Beneish M-Score is -0.34. Chon Bang Co's overall GF Score™ is 38/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Chon Bang Co (XKRX:000950), the current Beneish M-Score is -0.34 as of Aug. 23, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Chon Bang Co (XKRX:000950) Overvalued in 2026?

Based on GuruFocus' analysis, Chon Bang Co stock appears to be overvalued. The current stock price of ₩35,350.00 is trading 267.2% above its estimated GF Value™ of ₩9,625.82. GuruFocus considers Chon Bang Co to be Significantly Overvalued.

Key valuation signals for XKRX:000950:

  • Beneish M-Score: -0.34
  • GF Value™: ₩9,625.82 vs. price of ₩35,350.00 (267.2% above fair value)
  • GF Score™: 38/100 with 6 warning signs

No single metric tells the full story. See the XKRX:000950 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Chon Bang Co Business Description

Address 12-13th Floor Chungjung Tower Building, 464 Chungjeongno 3 sam-ga, Seoul, KOR, 120-013
Chon Bang Co Ltd operates in the textile manufacturing industry in South Korea. The company is engaged in spinning of cotton. The products of the company are organic cotton, mercerized yarn, cotton yarn, and denim.
38GF Score

Get the complete analysis for XKRX:000950

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₩35,350.00
Price
₩9,625.82
GF Value