Daiyang Metal Co (XKRX:009190) Beneish M-Score : -3.38 (As of Apr. 25, 2025)

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What is Daiyang Metal 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 -3.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:009190' s Beneish M-Score Range Over the Past 10 Years
Min: -3.55 Med: -1.79 Max: 1.37
Current: -3.38

During the past 13 years, the highest Beneish M-Score of Daiyang Metal Co was 1.37. The lowest was -3.55. And the median was -1.79.

Daiyang Metal Co Beneish M-Score Historical Data

The historical data trend for Daiyang Metal 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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Daiyang Metal Co Beneish M-Score Chart

Daiyang Metal Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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1.37

-1.46

0.18

-3.55

-3.38

Daiyang Metal Co 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															-3.55	-3.35	-3.64	-3.01	-3.38

Competitive Comparison of Daiyang Metal Co's Beneish M-Score

For the Steel subindustry, Daiyang Metal 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.

Daiyang Metal Co's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Daiyang Metal Co's Beneish M-Score distribution charts can be found below:

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

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Daiyang Metal 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 Daiyang Metal 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 * 1.108

0.528 * 0.6122

0.404 * 0.5363

0.892 * 1.0726

0.115 * 2.1122

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1691

4.679 * -0.165937

0.327 * 0.9845

-3.38

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩43,765 Mil.
Revenue was 53241.633 + 54324.66 + 55319.154 + 52677.892 = ₩215,563 Mil.
Gross Profit was 2216.99 + 1464.126 + 5024.235 + 2941.878 = ₩11,647 Mil.
Total Current Assets was ₩92,255 Mil.
Total Assets was ₩140,279 Mil.
Property, Plant and Equipment(Net PPE) was ₩31,517 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,502 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,984 Mil.
Total Current Liabilities was ₩45,007 Mil.
Long-Term Debt & Capital Lease Obligation was ₩193 Mil.
Net Income was -15110.003 + -2164.799 + 2188.905 + -197.683 = ₩-15,284 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 3328.259 + 2329.142 + 1464.621 + 871.808 = ₩7,994 Mil.

Total Receivables was ₩36,824 Mil.
Revenue was -18455.593 + 70268.585 + 78175.147 + 70981.49 = ₩200,970 Mil.
Gross Profit was -5565.647 + 3777.121 + 5480.578 + 2955.859 = ₩6,648 Mil.
Total Current Assets was ₩83,910 Mil.
Total Assets was ₩151,057 Mil.
Property, Plant and Equipment(Net PPE) was ₩34,005 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,105 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,975 Mil.
Total Current Liabilities was ₩43,255 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,183 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)
	=	(43765.166 / 215563.339)	/	(36823.815 / 200969.629)
	=	0.203027	/	0.183231
	=	1.108

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)
	=	(6647.911 / 200969.629)	/	(11647.229 / 215563.339)
	=	0.033079	/	0.054032
	=	0.6122

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 - (92254.991 + 31516.585) / 140278.882)	/	(1 - (83909.793 + 34004.614) / 151056.76)
	=	0.117675	/	0.219403
	=	0.5363

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
	=	215563.339	/	200969.629
	=	1.0726

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))
	=	(9105.24 / (9105.24 + 34004.614))	/	(3501.566 / (3501.566 + 31516.585))
	=	0.21121	/	0.099993
	=	2.1122

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)
	=	(4983.971 / 215563.339)	/	(3974.523 / 200969.629)
	=	0.023121	/	0.019777
	=	1.1691

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)
	=	((193.259 + 45007.16) / 140278.882)	/	((6182.653 + 43254.943) / 151056.76)
	=	0.322218	/	0.327278
	=	0.9845

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
	=	(-15283.58 - 0	-	7993.83)	/	140278.882
	=	-0.165937

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.

Daiyang Metal Co has a M-score of -3.38 suggests that the company is unlikely to be a manipulator.

Daiyang Metal Co Beneish M-Score Related Terms

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Daiyang Metal Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Daiyang Metal Co Ltd (XKRX:009190) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

112-1 Banpo-dong, Seocho-gu, Seoul, KOR, 137-806

Website

http://www.daiyangmetal.co.kr

Daiyang Metal Co Ltd is a Korea-based company engaged in the manufacture and sale of stainless-steel plates. It provides cold-rolled stainless-steel sheets, which are used for kitchenware, electronics, automobiles, and others. It also provides by-products. The company distributes its products within domestic market and to overseas markets.

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