Cbi Co Beneish M-Score Historical Data
The historical data trend for Cbi 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.
Cbi Co Beneish M-Score Chart
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Cbi 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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2.14 |
-5.42 |
-3.14 |
-4.29 |
-0.08 |
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Cbi Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-4.22 |
-3.27 |
-4.93 |
-0.08 |
-3.58 |
Competitive Comparison of Cbi Co's Beneish M-Score
For the Auto Parts subindustry, Cbi 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.
Cbi Co's Beneish M-Score Distribution in the Vehicles & Parts Industry
For the Vehicles & Parts industry and Consumer Cyclical sector, Cbi Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Cbi Co's Beneish M-Score falls into.
Cbi 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 Cbi 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 * 1.1302 | + | 0.528 * 0.9144 | + | 0.404 * 1.8325 | + | 0.892 * 0.7989 | + | 0.115 * 0.5802 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7198 | + | 4.679 * -0.303577 | - | 0.327 * 0.7423 |
| = | -3.58 |
* 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 ₩8,406 Mil.
Revenue was 6704.608 + 7349.343 + 7498.805 + 7440.413 = ₩28,993 Mil.
Gross Profit was 1481.418 + 1877.883 + 2488.032 + 1830.525 = ₩7,678 Mil.
Total Current Assets was ₩30,335 Mil.
Total Assets was ₩74,096 Mil.
Property, Plant and Equipment(Net PPE) was ₩18,223 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,561 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,173 Mil.
Total Current Liabilities was ₩27,525 Mil.
Long-Term Debt & Capital Lease Obligation was ₩124 Mil.
Net Income was -2882.427 + -5377.049 + -2237.691 + -7008.917 = ₩-17,506 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -643.744 + 2726.399 + 1899.031 + 1006.195 = ₩4,988 Mil.
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Total Receivables was ₩9,309 Mil.
Revenue was 9070.7 + 9052.215 + 8665.745 + 9502.745 = ₩36,291 Mil.
Gross Profit was 1991.59 + 2787.833 + 1822.155 + 2186.134 = ₩8,788 Mil.
Total Current Assets was ₩57,985 Mil.
Total Assets was ₩109,923 Mil.
Property, Plant and Equipment(Net PPE) was ₩31,263 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,500 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,256 Mil.
Total Current Liabilities was ₩43,660 Mil.
Long-Term Debt & Capital Lease Obligation was ₩11,599 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) |
| = | (8405.781 / 28993.169) | / | (9309.439 / 36291.405) |
| = | 0.289923 | / | 0.256519 |
| | = | 1.1302 |
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) |
| = | (8787.712 / 36291.405) | / | (7677.858 / 28993.169) |
| = | 0.242143 | / | 0.264816 |
| | = | 0.9144 |
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 - (30334.528 + 18223.493) / 74096.38) | / | (1 - (57985.287 + 31262.693) / 109922.519) |
| = | 0.344664 | / | 0.188083 |
| | = | 1.8325 |
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 |
| = | 28993.169 | / | 36291.405 |
| | = | 0.7989 |
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)) |
| = | (1499.59 / (1499.59 + 31262.693)) | / | (1560.881 / (1560.881 + 18223.493)) |
| = | 0.045772 | / | 0.078895 |
| | = | 0.5802 |
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) |
| = | (4172.583 / 28993.169) | / | (7256.476 / 36291.405) |
| = | 0.143916 | / | 0.19995 |
| | = | 0.7198 |
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) |
| = | ((123.57 + 27524.646) / 74096.38) | / | ((11599.319 + 43659.534) / 109922.519) |
| = | 0.373139 | / | 0.502707 |
| | = | 0.7423 |
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 |
| = | (-17506.084 - 0 | - | 4987.881) | / | 74096.38 |
| | = | -0.303577 |
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.
Cbi Co has a M-score of -3.58 suggests that the company is unlikely to be a manipulator.
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