Posco M-Tech Co Beneish M-Score Historical Data
The historical data trend for Posco M-Tech 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.
Posco M-Tech Co Beneish M-Score Chart
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Posco M-Tech Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.81 |
-2.18 |
-1.31 |
-2.70 |
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Posco M-Tech Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.31 |
-1.34 |
-2.17 |
-1.94 |
-2.70 |
Competitive Comparison of Posco M-Tech Co's Beneish M-Score
For the Steel subindustry, Posco M-Tech 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.
Posco M-Tech Co's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Posco M-Tech Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Posco M-Tech Co's Beneish M-Score falls into.
Posco M-Tech 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 Posco M-Tech Co 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 * 0.9701 | + | 0.528 * 1.0143 | + | 0.404 * 1.4022 | + | 0.892 * 0.9978 | + | 0.115 * 1.0444 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1746 | + | 4.679 * -0.079302 | - | 0.327 * 0.8949 |
| = | -2.70 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₩44,491 Mil.
Revenue was 93898.111 + 80666.45 + 85387.257 + 81458.418 = ₩341,410 Mil.
Gross Profit was 4224.536 + 4958.091 + 4770.878 + 5294.098 = ₩19,248 Mil.
Total Current Assets was ₩110,849 Mil.
Total Assets was ₩154,927 Mil.
Property, Plant and Equipment(Net PPE) was ₩16,036 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,384 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,119 Mil.
Total Current Liabilities was ₩38,971 Mil.
Long-Term Debt & Capital Lease Obligation was ₩188 Mil.
Net Income was 678.792 + 1146.424 + 1362.654 + 1680.447 = ₩4,868 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -7683.806 + 654.367 + 21967.062 + 2216.773 = ₩17,154 Mil.
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Total Receivables was ₩45,965 Mil.
Revenue was 82204.655 + 75210.204 + 92578.759 + 92182.293 = ₩342,176 Mil.
Gross Profit was 2748.77 + 364.477 + 7621.363 + 8831.493 = ₩19,566 Mil.
Total Current Assets was ₩125,563 Mil.
Total Assets was ₩159,724 Mil.
Property, Plant and Equipment(Net PPE) was ₩13,542 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,013 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,515 Mil.
Total Current Liabilities was ₩44,148 Mil.
Long-Term Debt & Capital Lease Obligation was ₩964 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) |
| = | (44490.816 / 341410.236) | / | (45964.891 / 342175.911) |
| = | 0.130315 | / | 0.134331 |
| | = | 0.9701 |
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) |
| = | (19566.103 / 342175.911) | / | (19247.603 / 341410.236) |
| = | 0.057181 | / | 0.056377 |
| | = | 1.0143 |
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 - (110849.021 + 16036.194) / 154927.324) | / | (1 - (125563.385 + 13541.952) / 159723.837) |
| = | 0.181002 | / | 0.129088 |
| | = | 1.4022 |
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 |
| = | 341410.236 | / | 342175.911 |
| | = | 0.9978 |
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)) |
| = | (3012.959 / (3012.959 + 13541.952)) | / | (3384.301 / (3384.301 + 16036.194)) |
| = | 0.181998 | / | 0.174264 |
| | = | 1.0444 |
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) |
| = | (4119.156 / 341410.236) | / | (3514.716 / 342175.911) |
| = | 0.012065 | / | 0.010272 |
| | = | 1.1746 |
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) |
| = | ((188.226 + 38971.368) / 154927.324) | / | ((963.892 + 44148.113) / 159723.837) |
| = | 0.252761 | / | 0.282438 |
| | = | 0.8949 |
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 |
| = | (4868.317 - 0 | - | 17154.396) | / | 154927.324 |
| | = | -0.079302 |
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.
Posco M-Tech Co has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.
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