Sam Jin Co (XKRX:032750) Beneish M-Score : -3.12 (As of Jan. 19, 2025)

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What is Sam Jin Co 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 -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:032750' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47 Med: -2.43 Max: -1.16
Current: -3.12

During the past 13 years, the highest Beneish M-Score of Sam Jin Co was -1.16. The lowest was -3.47. And the median was -2.43.

Sam Jin Co Beneish M-Score Historical Data

The historical data trend for Sam Jin 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.

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Sam Jin Co Beneish M-Score Chart

Sam Jin Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.55

-2.78

-1.69

-2.32

-3.20

Sam Jin Co Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-3.47	-3.20	-3.37	-3.01	-3.12

Competitive Comparison of Sam Jin Co's Beneish M-Score

For the Electronic Components subindustry, Sam Jin 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.

Sam Jin Co's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Sam Jin Co's Beneish M-Score distribution charts can be found below:

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

Sam Jin 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 Sam Jin Co 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 * 0.7834

0.528 * 0.9312

0.404 * 1.097

0.892 * 0.8892

0.115 * 1.0049

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7967

4.679 * -0.111628

0.327 * 0.5646

-3.12

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₩18,336 Mil.
Revenue was 40605.483 + 39420.664 + 39976.304 + 28761.715 = ₩148,764 Mil.
Gross Profit was 5706.108 + 5873.385 + 5514.987 + 2700.9 = ₩19,795 Mil.
Total Current Assets was ₩67,948 Mil.
Total Assets was ₩113,770 Mil.
Property, Plant and Equipment(Net PPE) was ₩41,556 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,199 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,552 Mil.
Total Current Liabilities was ₩12,496 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 2660.305 + 2761.476 + 1661.468 + -1861.926 = ₩5,221 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 1781.443 + 1852.337 + -1839.83 + 16127.299 = ₩17,921 Mil.

Total Receivables was ₩26,321 Mil.
Revenue was 39071.274 + 42788.836 + 45785.982 + 39652.863 = ₩167,299 Mil.
Gross Profit was 5071.885 + 4959.836 + 5856.893 + 4841.09 = ₩20,730 Mil.
Total Current Assets was ₩73,510 Mil.
Total Assets was ₩119,310 Mil.
Property, Plant and Equipment(Net PPE) was ₩41,721 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,238 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,838 Mil.
Total Current Liabilities was ₩23,210 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 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)
	=	(18335.635 / 148764.166)	/	(26320.842 / 167298.955)
	=	0.123253	/	0.157328
	=	0.7834

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)
	=	(20729.704 / 167298.955)	/	(19795.38 / 148764.166)
	=	0.123908	/	0.133066
	=	0.9312

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 - (67947.848 + 41556.208) / 113770.355)	/	(1 - (73510.241 + 41721.146) / 119309.896)
	=	0.037499	/	0.034184
	=	1.097

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
	=	148764.166	/	167298.955
	=	0.8892

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))
	=	(4238.393 / (4238.393 + 41721.146))	/	(4199.157 / (4199.157 + 41556.208))
	=	0.09222	/	0.091774
	=	1.0049

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)
	=	(5552.225 / 148764.166)	/	(7837.579 / 167298.955)
	=	0.037322	/	0.046848
	=	0.7967

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 + 12496.403) / 113770.355)	/	((0 + 23210.277) / 119309.896)
	=	0.109839	/	0.194538
	=	0.5646

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
	=	(5221.323 - 0	-	17921.249)	/	113770.355
	=	-0.111628

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.

Sam Jin Co has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.

Sam Jin Co Beneish M-Score Related Terms

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Sam Jin Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Sam Jin Co Ltd (XKRX:032750) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

81, Anyangcheonseo-ro, Manan-gu, Gyeonggi-do, Anyang, KOR

Website

http://www.samjin.com

Sam Jin Co Ltd is engaged in producing electronic products and parts in South Korea and internationally. It offers IoT products including Power Outlet, Button Sensor, Multipurpose Sensor, and Water Leak Sensor among others. The other products offered by the company include Smart Controller, Remote Controller, and Speaker.

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