Atinum Investment Co Beneish M-Score Historical Data
The historical data trend for Atinum Investment 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.
Atinum Investment Co Beneish M-Score Chart
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Atinum Investment 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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-2.38 |
-2.21 |
-0.37 |
-1.75 |
1.87 |
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Atinum Investment 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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-1.75 |
1.69 |
8.33 |
1.85 |
1.87 |
Competitive Comparison of Atinum Investment Co's Beneish M-Score
For the Asset Management subindustry, Atinum Investment 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.
Atinum Investment Co's Beneish M-Score Distribution in the Asset Management Industry
For the Asset Management industry and Financial Services sector, Atinum Investment Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Atinum Investment Co's Beneish M-Score falls into.
Atinum Investment 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 Atinum Investment 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 * 5.1103 | + | 0.528 * 1.2693 | + | 0.404 * 0.794 | + | 0.892 * 1.3446 | + | 0.115 * 0.9635 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1304 | + | 4.679 * 0.072643 | - | 0.327 * 1.3382 |
| = | 1.87 |
* 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 ₩57,126 Mil.
Revenue was 83724.529 + 40802.881 + 6500.531 + 4761.309 = ₩135,789 Mil.
Gross Profit was 59128.955 + 33214.528 + 2344.927 + 3976.287 = ₩98,665 Mil.
Total Current Assets was ₩82,326 Mil.
Total Assets was ₩222,732 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,197 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,246 Mil.
Selling, General, & Admin. Expense(SGA) was ₩26,918 Mil.
Total Current Liabilities was ₩24,448 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 10321.79 + 11274.1 + -2842.549 + 1327.502 = ₩20,081 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 11813.747 + 1425.443 + -4961.76 + -4376.554 = ₩3,901 Mil.
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Total Receivables was ₩8,314 Mil.
Revenue was 9205.506 + 7267.735 + 30628.057 + 53886.381 = ₩100,988 Mil.
Gross Profit was 9979.601 + 6635.239 + 26717.831 + 49807.981 = ₩93,141 Mil.
Total Current Assets was ₩40,201 Mil.
Total Assets was ₩194,596 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,321 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,243 Mil.
Selling, General, & Admin. Expense(SGA) was ₩17,709 Mil.
Total Current Liabilities was ₩15,961 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 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) |
| = | (57126.143 / 135789.25) | / | (8313.649 / 100987.679) |
| = | 0.420697 | / | 0.082323 |
| | = | 5.1103 |
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) |
| = | (93140.652 / 100987.679) | / | (98664.697 / 135789.25) |
| = | 0.922297 | / | 0.726602 |
| | = | 1.2693 |
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 - (82326.331 + 2197.129) / 222732.014) | / | (1 - (40201.445 + 2321.095) / 194596.38) |
| = | 0.620515 | / | 0.781483 |
| | = | 0.794 |
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 |
| = | 135789.25 | / | 100987.679 |
| | = | 1.3446 |
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)) |
| = | (1242.658 / (1242.658 + 2321.095)) | / | (1246.209 / (1246.209 + 2197.129)) |
| = | 0.348694 | / | 0.361919 |
| | = | 0.9635 |
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) |
| = | (26917.807 / 135789.25) | / | (17709.088 / 100987.679) |
| = | 0.198232 | / | 0.175359 |
| | = | 1.1304 |
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) |
| = | ((0 + 24448.388) / 222732.014) | / | ((0 + 15961.47) / 194596.38) |
| = | 0.109766 | / | 0.082023 |
| | = | 1.3382 |
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 |
| = | (20080.843 - 0 | - | 3900.876) | / | 222732.014 |
| | = | 0.072643 |
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.
Atinum Investment Co has a M-score of 1.87 signals that the company is likely to be a manipulator.
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