Sun Kwang Co (XKRX:003100) Beneish M-Score : -2.53 (As of Jun. 24, 2024)

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What is Sun Kwang Co Beneish M-Score?

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.

Good Sign:

Beneish M-Score -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:003100' s Beneish M-Score Range Over the Past 10 Years
Min: -4.44 Med: -2.79 Max: -0.72
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Sun Kwang Co was -0.72. The lowest was -4.44. And the median was -2.79.

Sun Kwang Co Beneish M-Score Historical Data

The historical data trend for Sun Kwang 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.

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Sun Kwang Co Beneish M-Score Chart

Sun Kwang Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.20

-2.77

-2.70

-3.05

-2.32

Sun Kwang Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.84	-2.86	-2.84	-2.32	-2.53

Competitive Comparison of Sun Kwang Co's Beneish M-Score

For the Marine Shipping subindustry, Sun Kwang 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.

Sun Kwang Co's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Sun Kwang Co's Beneish M-Score distribution charts can be found below:

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

Sun Kwang 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 Sun Kwang Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9628

0.528 * 0.8952

0.404 * 1.391

0.892 * 1.0623

0.115 * 0.9323

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6561

4.679 * -0.053514

0.327 * 0.9268

-2.53

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩25,457 Mil.
Revenue was 44231.659 + 49753.131 + 44026.37 + 47072.094 = ₩185,083 Mil.
Gross Profit was 13410.652 + 16341.517 + 11473.662 + 15242.416 = ₩56,468 Mil.
Total Current Assets was ₩85,868 Mil.
Total Assets was ₩634,955 Mil.
Property, Plant and Equipment(Net PPE) was ₩462,922 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩37,017 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,945 Mil.
Total Current Liabilities was ₩68,135 Mil.
Long-Term Debt & Capital Lease Obligation was ₩188,054 Mil.
Net Income was 6906.077 + 8546.156 + 5196.653 + 9908.352 = ₩30,557 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 20107.2 + 11926.533 + 17271.354 + 15231.419 = ₩64,537 Mil.

Total Receivables was ₩24,891 Mil.
Revenue was 44448.96 + 45113.118 + 42965.704 + 41699.781 = ₩174,228 Mil.
Gross Profit was 13896.569 + 12836.273 + 9861.093 + 10989.867 = ₩47,584 Mil.
Total Current Assets was ₩83,099 Mil.
Total Assets was ₩633,289 Mil.
Property, Plant and Equipment(Net PPE) was ₩488,406 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩36,214 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,963 Mil.
Total Current Liabilities was ₩58,539 Mil.
Long-Term Debt & Capital Lease Obligation was ₩217,173 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)
	=	(25456.991 / 185083.254)	/	(24890.541 / 174227.563)
	=	0.137543	/	0.142862
	=	0.9628

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)
	=	(47583.802 / 174227.563)	/	(56468.247 / 185083.254)
	=	0.273113	/	0.305096
	=	0.8952

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 - (85867.508 + 462922.157) / 634955.205)	/	(1 - (83099.428 + 488406.043) / 633289.11)
	=	0.135703	/	0.09756
	=	1.391

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
	=	185083.254	/	174227.563
	=	1.0623

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))
	=	(36214.049 / (36214.049 + 488406.043))	/	(37017.394 / (37017.394 + 462922.157))
	=	0.069029	/	0.074044
	=	0.9323

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)
	=	(6944.562 / 185083.254)	/	(9962.962 / 174227.563)
	=	0.037521	/	0.057184
	=	0.6561

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)
	=	((188054.164 + 68134.981) / 634955.205)	/	((217172.708 + 58538.686) / 633289.11)
	=	0.403476	/	0.435364
	=	0.9268

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
	=	(30557.238 - 0	-	64536.506)	/	634955.205
	=	-0.053514

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.

Sun Kwang Co has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.

Sun Kwang Co Beneish M-Score Related Terms

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Sun Kwang Co (XKRX:003100) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Sun Kwang Co Ltd (XKRX:003100) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

34-2 Hang-dong-7-ga Jung-gu, Incheon, KOR, 400-037

Website

http://www.sun-kwang.co.kr

Sun Kwang Co Ltd is engaged in logistics business. The Company also operates container and grain terminals at Incheon and Gunsan Port. Its services include stevedoring, sea sand, container terminal, general cargo transportation, customs clearance, grain silo, heavy cargo transportation, warehouse, CY/CFS, freight forwarding and others.

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