Daidong Electronics Beneish M-Score Historical Data
The historical data trend for Daidong Electronics'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.
Daidong Electronics Beneish M-Score Chart
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Daidong Electronics Annual Data
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Trend |
Mar15 |
Mar16 |
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Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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-3.11 |
-2.04 |
-2.62 |
-2.43 |
-2.24 |
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Daidong Electronics Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Dec20 |
Mar21 |
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Mar23 |
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Mar24 |
| Beneish M-Score |
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-2.43 |
-2.46 |
-2.36 |
-2.48 |
-2.24 |
Competitive Comparison of Daidong Electronics's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Daidong Electronics'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.
Daidong Electronics's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Daidong Electronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Daidong Electronics's Beneish M-Score falls into.
Daidong Electronics 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 Daidong Electronics 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 * 1.3566 | + | 0.528 * 0.7337 | + | 0.404 * 0.9167 | + | 0.892 * 0.7031 | + | 0.115 * 1.3383 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3005 | + | 4.679 * 0.0718 | - | 0.327 * 0.9161 |
| = | -2.24 |
* 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 ₩5,950 Mil.
Revenue was 4379.804 + 9949.515 + 8141.035 + 6555.084 = ₩29,025 Mil.
Gross Profit was 3466.13 + 3419.229 + 2621.672 + 2643.794 = ₩12,151 Mil.
Total Current Assets was ₩126,783 Mil.
Total Assets was ₩272,102 Mil.
Property, Plant and Equipment(Net PPE) was ₩97,475 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,667 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,469 Mil.
Total Current Liabilities was ₩6,899 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 17379.539 + -955.744 + 9720.163 + 612.845 = ₩26,757 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4244.366 + 1816.954 + -22.175 + 1180.75 = ₩7,220 Mil.
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Total Receivables was ₩6,239 Mil.
Revenue was 9663.823 + 15162.287 + 8396.751 + 8060.007 = ₩41,283 Mil.
Gross Profit was 2101.953 + 5550.059 + 2818.91 + 2208.115 = ₩12,679 Mil.
Total Current Assets was ₩104,207 Mil.
Total Assets was ₩259,179 Mil.
Property, Plant and Equipment(Net PPE) was ₩105,257 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,891 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,700 Mil.
Total Current Liabilities was ₩6,887 Mil.
Long-Term Debt & Capital Lease Obligation was ₩286 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) |
| = | (5950.439 / 29025.438) | / | (6238.771 / 41282.868) |
| = | 0.205008 | / | 0.151123 |
| | = | 1.3566 |
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) |
| = | (12679.037 / 41282.868) | / | (12150.825 / 29025.438) |
| = | 0.307126 | / | 0.418627 |
| | = | 0.7337 |
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 - (126782.97 + 97474.918) / 272101.859) | / | (1 - (104206.8 + 105257.4) / 259178.93) |
| = | 0.175831 | / | 0.191816 |
| | = | 0.9167 |
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 |
| = | 29025.438 | / | 41282.868 |
| | = | 0.7031 |
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)) |
| = | (3890.816 / (3890.816 + 105257.4)) | / | (2667.49 / (2667.49 + 97474.918)) |
| = | 0.035647 | / | 0.026637 |
| | = | 1.3383 |
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) |
| = | (2468.755 / 29025.438) | / | (2699.912 / 41282.868) |
| = | 0.085055 | / | 0.0654 |
| | = | 1.3005 |
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 + 6899.028) / 272101.859) | / | ((286.276 + 6887.049) / 259178.93) |
| = | 0.025355 | / | 0.027677 |
| | = | 0.9161 |
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 |
| = | (26756.803 - 0 | - | 7219.895) | / | 272101.859 |
| | = | 0.0718 |
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.
Daidong Electronics has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.
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