Samyoung (XKRX:003720) Beneish M-Score : -1.69 (As of Mar. 27, 2025)

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What is Samyoung 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.

Warning Sign:

Beneish M-Score -1.69 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKRX:003720' s Beneish M-Score Range Over the Past 10 Years
Min: -7.58 Med: -2.83 Max: 29.33
Current: -1.69

During the past 13 years, the highest Beneish M-Score of Samyoung was 29.33. The lowest was -7.58. And the median was -2.83.

Samyoung Beneish M-Score Historical Data

The historical data trend for Samyoung'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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Samyoung Beneish M-Score Chart

Samyoung Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.92

-2.51

-3.11

-2.19

Samyoung Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.19	-2.12	-1.75	-1.69	-

Competitive Comparison of Samyoung's Beneish M-Score

For the Packaging & Containers subindustry, Samyoung'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.

Samyoung's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, Samyoung's Beneish M-Score distribution charts can be found below:

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

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Samyoung 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 Samyoung 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 * 1.1329

0.528 * 0.8627

0.404 * 0.886

0.892 * 1.0282

0.115 * 1.0773

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0255

4.679 * -0.017185

0.327 * 0.9271

-2.50

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩25,370 Mil.
Revenue was 32049.699 + 31152.219 + 33076.656 + 29761.512 = ₩126,040 Mil.
Gross Profit was 5490.652 + 5222.461 + 6438.094 + 4742.868 = ₩21,894 Mil.
Total Current Assets was ₩52,948 Mil.
Total Assets was ₩136,050 Mil.
Property, Plant and Equipment(Net PPE) was ₩78,033 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,953 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,605 Mil.
Total Current Liabilities was ₩61,811 Mil.
Long-Term Debt & Capital Lease Obligation was ₩56 Mil.
Net Income was 1753.189 + 1690.347 + 3356.904 + 1261.812 = ₩8,062 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -1001.401 + -289.024 + 11993.993 + -303.232 = ₩10,400 Mil.

Total Receivables was ₩21,780 Mil.
Revenue was 30004.958 + 29543.301 + 30913.256 + 32125.193 = ₩122,587 Mil.
Gross Profit was 4430.322 + 4696.645 + 4196.34 + 5047.957 = ₩18,371 Mil.
Total Current Assets was ₩47,765 Mil.
Total Assets was ₩132,157 Mil.
Property, Plant and Equipment(Net PPE) was ₩78,834 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,517 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,109 Mil.
Total Current Liabilities was ₩61,013 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,808 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)
	=	(25370.405 / 126040.086)	/	(21780.486 / 122586.708)
	=	0.201288	/	0.177674
	=	1.1329

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)
	=	(18371.264 / 122586.708)	/	(21894.075 / 126040.086)
	=	0.149863	/	0.173707
	=	0.8627

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 - (52947.767 + 78032.86) / 136049.881)	/	(1 - (47764.955 + 78834.106) / 132156.559)
	=	0.03726	/	0.042052
	=	0.886

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
	=	126040.086	/	122586.708
	=	1.0282

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))
	=	(6517.431 / (6517.431 + 78834.106))	/	(5953.247 / (5953.247 + 78032.86))
	=	0.07636	/	0.070884
	=	1.0773

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)
	=	(9604.596 / 126040.086)	/	(9109.344 / 122586.708)
	=	0.076203	/	0.074309
	=	1.0255

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)
	=	((55.685 + 61810.666) / 136049.881)	/	((3808.028 + 61013.052) / 132156.559)
	=	0.454733	/	0.490487
	=	0.9271

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
	=	(8062.252 - 0	-	10400.336)	/	136049.881
	=	-0.017185

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.

Samyoung has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

Samyoung Beneish M-Score Related Terms

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Samyoung Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » Samyoung (XKRX:003720) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

35, Cheonggyecheon-ro, Kwanjeong Building, 13th Floor, Jongro-gu, Seoul, KOR, 03188

Website

http://www.sycc.co.kr

Samyoung is engaged in manufacturing and selling electronic and packaging films in South Korea. It offers PP films, such as BOPP films that are used in food and non-food packing materials, tapes, capacitors, CPP films; and vacuumed films for application in food packages, agrichemicals, medical products, sundries, stationaries, gift packings as well as nylon films for meat and meat processing vacuum packing, and agricultural/fishery/industrial vacuum packing.

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