Woongjin Co Beneish M-Score Historical Data
The historical data trend for Woongjin 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.
Woongjin Co Beneish M-Score Chart
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Woongjin 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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-2.19 |
-2.10 |
-2.85 |
-2.95 |
-3.04 |
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Woongjin 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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-2.95 |
-2.97 |
-2.98 |
-3.04 |
-3.03 |
Competitive Comparison of Woongjin Co's Beneish M-Score
For the Conglomerates subindustry, Woongjin 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.
Woongjin Co's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Woongjin Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Woongjin Co's Beneish M-Score falls into.
Woongjin 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 Woongjin 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 * 0.9832 | + | 0.528 * 0.9549 | + | 0.404 * 1.0184 | + | 0.892 * 0.9588 | + | 0.115 * 0.9923 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1283 | + | 4.679 * -0.096083 | - | 0.327 * 1.0222 |
| = | -3.03 |
* 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 ₩206,513 Mil.
Revenue was 246434.339 + 252014.685 + 252110.118 + 257164.947 = ₩1,007,724 Mil.
Gross Profit was 117082.39 + 126049.951 + 125078.235 + 118874.722 = ₩487,085 Mil.
Total Current Assets was ₩421,837 Mil.
Total Assets was ₩1,015,940 Mil.
Property, Plant and Equipment(Net PPE) was ₩415,625 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩81,477 Mil.
Selling, General, & Admin. Expense(SGA) was ₩237,642 Mil.
Total Current Liabilities was ₩630,428 Mil.
Long-Term Debt & Capital Lease Obligation was ₩143,520 Mil.
Net Income was -3433.896 + -18033.249 + 4651.473 + 5666.579 = ₩-11,149 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 5732.783 + 23230.318 + 28993.987 + 28508.333 = ₩86,465 Mil.
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Total Receivables was ₩219,078 Mil.
Revenue was 257285.968 + 259502.094 + 268203.253 + 266075.364 = ₩1,051,067 Mil.
Gross Profit was 115987.404 + 118883.849 + 129398.844 + 120841.348 = ₩485,111 Mil.
Total Current Assets was ₩459,825 Mil.
Total Assets was ₩1,075,004 Mil.
Property, Plant and Equipment(Net PPE) was ₩429,742 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩83,472 Mil.
Selling, General, & Admin. Expense(SGA) was ₩219,684 Mil.
Total Current Liabilities was ₩722,438 Mil.
Long-Term Debt & Capital Lease Obligation was ₩78,736 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) |
| = | (206512.934 / 1007724.089) | / | (219078.472 / 1051066.679) |
| = | 0.20493 | / | 0.208434 |
| | = | 0.9832 |
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) |
| = | (485111.445 / 1051066.679) | / | (487085.298 / 1007724.089) |
| = | 0.461542 | / | 0.483352 |
| | = | 0.9549 |
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 - (421837.428 + 415625.443) / 1015939.547) | / | (1 - (459825.305 + 429741.817) / 1075003.927) |
| = | 0.175676 | / | 0.172499 |
| | = | 1.0184 |
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 |
| = | 1007724.089 | / | 1051066.679 |
| | = | 0.9588 |
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)) |
| = | (83471.821 / (83471.821 + 429741.817)) | / | (81477.117 / (81477.117 + 415625.443)) |
| = | 0.162645 | / | 0.163904 |
| | = | 0.9923 |
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) |
| = | (237641.966 / 1007724.089) | / | (219684.48 / 1051066.679) |
| = | 0.23582 | / | 0.209011 |
| | = | 1.1283 |
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) |
| = | ((143519.878 + 630427.724) / 1015939.547) | / | ((78736.479 + 722438.155) / 1075003.927) |
| = | 0.761805 | / | 0.745276 |
| | = | 1.0222 |
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 |
| = | (-11149.093 - 0 | - | 86465.421) | / | 1015939.547 |
| | = | -0.096083 |
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.
Woongjin Co has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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