Pulmuone (XKRX:017810) Beneish M-Score : -2.64 (As of Apr. 10, 2025)

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What is Pulmuone 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:017810' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.67 Max: -2.34
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Pulmuone was -2.34. The lowest was -3.01. And the median was -2.67.

Pulmuone Beneish M-Score Historical Data

The historical data trend for Pulmuone'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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Pulmuone Beneish M-Score Chart

Pulmuone Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.84

-2.60

-2.59

-2.82

-2.64

Pulmuone 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															-2.82	-2.71	-2.66	-2.70	-2.64

Competitive Comparison of Pulmuone's Beneish M-Score

For the Packaged Foods subindustry, Pulmuone'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.

Pulmuone's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Pulmuone's Beneish M-Score distribution charts can be found below:

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

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Pulmuone 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 Pulmuone 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 * 1.0118

0.528 * 1.0005

0.404 * 1.0671

0.892 * 1.0736

0.115 * 0.964

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9897

4.679 * -0.058862

0.327 * 0.9646

-2.64

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩305,009 Mil.
Revenue was 817698.381 + 833657.135 + 793048.954 + 769292.384 = ₩3,213,697 Mil.
Gross Profit was 207000.791 + 213460.276 + 201282.613 + 192731.397 = ₩814,475 Mil.
Total Current Assets was ₩818,179 Mil.
Total Assets was ₩2,331,158 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,247,734 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩160,791 Mil.
Selling, General, & Admin. Expense(SGA) was ₩404,530 Mil.
Total Current Liabilities was ₩1,145,117 Mil.
Long-Term Debt & Capital Lease Obligation was ₩547,493 Mil.
Net Income was 13765.207 + 14496.125 + 4740.058 + 2401.352 = ₩35,403 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 52713.003 + 89455.604 + 47918.018 + -17467.116 = ₩172,620 Mil.

Total Receivables was ₩280,804 Mil.
Revenue was 761985.483 + 746058.077 + 755386.261 + 730038.37 = ₩2,993,468 Mil.
Gross Profit was 183599.112 + 196453.645 + 197031.275 + 181957.363 = ₩759,041 Mil.
Total Current Assets was ₩730,136 Mil.
Total Assets was ₩2,156,790 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,196,677 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩147,977 Mil.
Selling, General, & Admin. Expense(SGA) was ₩380,748 Mil.
Total Current Liabilities was ₩977,801 Mil.
Long-Term Debt & Capital Lease Obligation was ₩645,639 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)
	=	(305009.143 / 3213696.854)	/	(280803.89 / 2993468.191)
	=	0.094909	/	0.093806
	=	1.0118

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)
	=	(759041.395 / 2993468.191)	/	(814475.077 / 3213696.854)
	=	0.253566	/	0.253439
	=	1.0005

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 - (818179.437 + 1247734.371) / 2331157.706)	/	(1 - (730136.231 + 1196676.982) / 2156789.583)
	=	0.113782	/	0.106629
	=	1.0671

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
	=	3213696.854	/	2993468.191
	=	1.0736

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))
	=	(147977.218 / (147977.218 + 1196676.982))	/	(160790.523 / (160790.523 + 1247734.371))
	=	0.110049	/	0.114155
	=	0.964

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)
	=	(404530.391 / 3213696.854)	/	(380748.031 / 2993468.191)
	=	0.125877	/	0.127193
	=	0.9897

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)
	=	((547492.591 + 1145117.064) / 2331157.706)	/	((645639.109 + 977800.752) / 2156789.583)
	=	0.726081	/	0.752711
	=	0.9646

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
	=	(35402.742 - 0	-	172619.509)	/	2331157.706
	=	-0.058862

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.

Pulmuone has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.

Pulmuone Beneish M-Score Related Terms

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Pulmuone Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Pulmuone Corp (XKRX:017810) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

280, Gwangpyeong-ro, Gangnam-gu, Seoul, KOR, 369-821

Website

https://www.pulmuone.co.kr

Pulmuone Corp is a South Korean company involved in food manufacturing and food material distribution. The company's businesses are production of tofu, bean sprouts, eggs, and noodles; chilled delivery logistics; food service, food material distribution; and manufacture of healthcare foods, also includes mineral water, and fermented milk, concession businesses.

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