HS Ad (XKRX:035000) Beneish M-Score : -2.05 (As of Apr. 24, 2025)

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What is HS Ad 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 -2.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:035000' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.46 Max: -2.05
Current: -2.05

During the past 13 years, the highest Beneish M-Score of HS Ad was -2.05. The lowest was -2.95. And the median was -2.46.

HS Ad Beneish M-Score Historical Data

The historical data trend for HS Ad'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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HS Ad Beneish M-Score Chart

HS Ad Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.51

-2.10

-2.41

-2.95

-2.05

HS Ad 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															-2.95	-2.67	-2.50	-2.40	-2.05

Competitive Comparison of HS Ad's Beneish M-Score

For the Advertising Agencies subindustry, HS Ad'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.

HS Ad's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, HS Ad's Beneish M-Score distribution charts can be found below:

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

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HS Ad 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 HS Ad 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 * 1.1235

0.528 * 0.9129

0.404 * 1.2639

0.892 * 1.0117

0.115 * 1.0828

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1001

4.679 * 0.049415

0.327 * 0.9437

-2.05

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩393,289 Mil.
Revenue was 227184.486 + 116462.936 + 124781.927 + 86301.099 = ₩554,730 Mil.
Gross Profit was 83200.143 + 59069.721 + 58269.057 + 42939.809 = ₩243,479 Mil.
Total Current Assets was ₩496,064 Mil.
Total Assets was ₩553,073 Mil.
Property, Plant and Equipment(Net PPE) was ₩17,997 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩12,007 Mil.
Selling, General, & Admin. Expense(SGA) was ₩24,882 Mil.
Total Current Liabilities was ₩339,119 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,691 Mil.
Net Income was 17837.48 + 5552.156 + 6811.002 + -7509.905 = ₩22,691 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 40697.606 + -2239.244 + -10086.047 + -33011.874 = ₩-4,640 Mil.

Total Receivables was ₩346,029 Mil.
Revenue was 190063.247 + 116453.598 + 152215.963 + 89601.19 = ₩548,334 Mil.
Gross Profit was 67720.163 + 55242.13 + 57350.115 + 39407.38 = ₩219,720 Mil.
Total Current Assets was ₩503,634 Mil.
Total Assets was ₩547,773 Mil.
Property, Plant and Equipment(Net PPE) was ₩13,569 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩10,376 Mil.
Selling, General, & Admin. Expense(SGA) was ₩22,357 Mil.
Total Current Liabilities was ₩356,622 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,197 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)
	=	(393289.093 / 554730.448)	/	(346028.887 / 548333.998)
	=	0.708973	/	0.631055
	=	1.1235

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)
	=	(219719.788 / 548333.998)	/	(243478.73 / 554730.448)
	=	0.400704	/	0.438914
	=	0.9129

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 - (496064.356 + 17996.654) / 553072.914)	/	(1 - (503634 + 13569.226) / 547772.703)
	=	0.070537	/	0.055807
	=	1.2639

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
	=	554730.448	/	548333.998
	=	1.0117

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))
	=	(10376.142 / (10376.142 + 13569.226))	/	(12007.452 / (12007.452 + 17996.654))
	=	0.433326	/	0.400194
	=	1.0828

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)
	=	(24881.905 / 554730.448)	/	(22356.676 / 548333.998)
	=	0.044854	/	0.040772
	=	1.1001

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)
	=	((4691.285 + 339118.877) / 553072.914)	/	((4196.927 + 356621.721) / 547772.703)
	=	0.621636	/	0.658701
	=	0.9437

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
	=	(22690.733 - 0	-	-4639.559)	/	553072.914
	=	0.049415

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.

HS Ad has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.

HS Ad Beneish M-Score Related Terms

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HS Ad Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » HS Ad Inc (XKRX:035000) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

LG Mapo Building, 155, Mapo-daero, Mapo-gu, Seoul, KOR

Website

https://www.hsad.co.kr

HS Ad Inc formerly G2R Inc. was established in 1984 as an advertising agency. The company established a holding company in 2004 for the first time in Korea. There are more than 5 subsidiaries and overseas branches in the U.S., India, the U.K., etc.

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