Cheil Industries Beneish M-Score Historical Data
The historical data trend for Cheil Industries'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.
Cheil Industries Beneish M-Score Chart
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Cheil Industries Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
| Beneish M-Score |
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-2.06 |
- |
- |
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Cheil Industries Quarterly Data
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Mar14 |
Jun14 |
Sep14 |
Dec14 |
Mar15 |
Jun15 |
Sep15 |
Dec15 |
Mar16 |
| Beneish M-Score |
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Competitive Comparison of Cheil Industries's Beneish M-Score
For the Chemicals subindustry, Cheil Industries'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.
Cheil Industries's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Cheil Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cheil Industries's Beneish M-Score falls into.
Cheil Industries 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 Cheil Industries 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 * 1.841 | + | 0.528 * 3.4935 | + | 0.404 * 1.0254 | + | 0.892 * 3.8144 | + | 0.115 * 0.9505 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.363 | + | 4.679 * 0.069355 | - | 0.327 * 1.7236 |
| = | 2.32 |
* 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 (Mar16) TTM: | Last Year (Mar15) TTM: |
Total Receivables was ₩3,352,771 Mil.
Revenue was 4559672.269 + 4978905.187 + 2358394.569 + 808769.599 = ₩12,705,742 Mil.
Gross Profit was 213411.762 + 498387.46 + 379204.588 + 285420.535 = ₩1,376,424 Mil.
Total Current Assets was ₩8,827,295 Mil.
Total Assets was ₩32,977,048 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,177,851 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩199,190 Mil.
Selling, General, & Admin. Expense(SGA) was ₩787,282 Mil.
Total Current Liabilities was ₩11,048,236 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,605,099 Mil.
Net Income was -248474.388 + -797025.746 + 3136321.859 + -26549.787 = ₩2,064,272 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 220431.203 + -493168.66 + -28580.91 + 78460.698 = ₩-222,858 Mil.
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Total Receivables was ₩477,451 Mil.
Revenue was 739056.112 + 999651.096 + 781999.336 + 810259.634 = ₩3,330,966 Mil.
Gross Profit was 261111.192 + 379893.441 + 307233.21 + 312376.741 = ₩1,260,615 Mil.
Total Current Assets was ₩1,149,394 Mil.
Total Assets was ₩8,183,328 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,958,767 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩116,336 Mil.
Selling, General, & Admin. Expense(SGA) was ₩568,624 Mil.
Total Current Liabilities was ₩587,333 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,378,357 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) |
| = | (3352771.212 / 12705741.624) | / | (477451.485 / 3330966.178) |
| = | 0.263878 | / | 0.143337 |
| | = | 1.841 |
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) |
| = | (1260614.584 / 3330966.178) | / | (1376424.345 / 12705741.624) |
| = | 0.378453 | / | 0.108331 |
| | = | 3.4935 |
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 - (8827294.782 + 3177850.728) / 32977048.389) | / | (1 - (1149394.034 + 1958766.903) / 8183327.641) |
| = | 0.635955 | / | 0.620184 |
| | = | 1.0254 |
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 |
| = | 12705741.624 | / | 3330966.178 |
| | = | 3.8144 |
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)) |
| = | (116336.393 / (116336.393 + 1958766.903)) | / | (199190.231 / (199190.231 + 3177850.728)) |
| = | 0.056063 | / | 0.058984 |
| | = | 0.9505 |
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) |
| = | (787282.324 / 12705741.624) | / | (568623.912 / 3330966.178) |
| = | 0.061963 | / | 0.170708 |
| | = | 0.363 |
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) |
| = | ((2605098.848 + 11048235.759) / 32977048.389) | / | ((1378356.782 + 587333.23) / 8183327.641) |
| = | 0.414025 | / | 0.240207 |
| | = | 1.7236 |
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 |
| = | (2064271.938 - 0 | - | -222857.669) | / | 32977048.389 |
| | = | 0.069355 |
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.
Cheil Industries has a M-score of 2.32 signals that the company is likely to be a manipulator.
Cheil Industries (XKRX:001300) Business Description
Traded in Other Exchanges
N/A
Address
Samsung C&T Corp was founded in 1938. The Company was formed from the merger of Samsung C&T Corporation ('Samsung C&T') and Cheil Industries Inc. The Company operates four business including engineering & construction, trading & investment, fashion and resort & construction. In the engineering & construction business it provides services including planning, design, purchasing, construction and management of buildings, civil infrastructure, power plants and housing & developments. The Company's trading & investment business includes trading of industrial commodities such as chemicals, steel and natural resources, and organizing projects such as power plant, renewable energy and infrastructure development. The Company also trades chemicals and industrial materials including fertilizer, mining chemicals, methanol and electronic materials, steel products including hot rolled steel, plate and automotive steel, and natural resources including coal and copper. It also operates palm plantation. The Company's fashion business is engaged in manufacturing and designing fashion products and offers brands including 8 Seconds, 10 Corso Como Seoul, Aann Demeulemeester, Beanpole Men, Beanpole Ladies, Beanpole Kids, Beanpole Golf, Beanpole Accessory, Beanpole Outdoor, Balmain, Beaker, Colombo, Comme Des Garcons, Galaxy, Giuseppe Zanotti, Kuho, Lansmere, Lebeige and Valextra. The Company's resort business is engaged in operating Everland & Caribbean Bay resorts and Golf Clubs; and also engaged in construction, plant, and landscaping businesses.
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