SHINSEGAE INFORMATIONMMUNICATION Co (XKRX:035510) Beneish M-Score : -2.37 (As of Apr. 17, 2025)

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What is SHINSEGAE INFORMATIONMMUNICATION 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:035510' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96 Med: -2.22 Max: -1.04
Current: -2.37

During the past 13 years, the highest Beneish M-Score of SHINSEGAE INFORMATIONMMUNICATION Co was -1.04. The lowest was -2.96. And the median was -2.22.

SHINSEGAE INFORMATIONMMUNICATION Co Beneish M-Score Historical Data

The historical data trend for SHINSEGAE INFORMATIONMMUNICATION 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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SHINSEGAE INFORMATIONMMUNICATION Co Beneish M-Score Chart

SHINSEGAE INFORMATIONMMUNICATION Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.04

-2.03

-1.56

-2.96

-2.37

SHINSEGAE INFORMATIONMMUNICATION Co 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															-2.96	-2.84	-2.97	-2.65	-2.37

Competitive Comparison of SHINSEGAE INFORMATIONMMUNICATION Co's Beneish M-Score

For the Information Technology Services subindustry, SHINSEGAE INFORMATIONMMUNICATION 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.

SHINSEGAE INFORMATIONMMUNICATION Co's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, SHINSEGAE INFORMATIONMMUNICATION Co's Beneish M-Score distribution charts can be found below:

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

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SHINSEGAE INFORMATIONMMUNICATION 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 SHINSEGAE INFORMATIONMMUNICATION 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 * 1.0615

0.528 * 0.9814

0.404 * 1.929

0.892 * 1.011

0.115 * 0.7584

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1166

4.679 * -0.061311

0.327 * 0.9461

-2.37

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩95,337 Mil.
Revenue was 179726.403 + 144096.001 + 144793.674 + 157100.184 = ₩625,716 Mil.
Gross Profit was 27180.45 + 19928.83 + 23875.133 + 21665.8 = ₩92,650 Mil.
Total Current Assets was ₩197,958 Mil.
Total Assets was ₩502,934 Mil.
Property, Plant and Equipment(Net PPE) was ₩140,591 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩29,754 Mil.
Selling, General, & Admin. Expense(SGA) was ₩18,571 Mil.
Total Current Liabilities was ₩87,484 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,671 Mil.
Net Income was 12376.132 + 5095.59 + 9481.385 + 6895.127 = ₩33,848 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 17615.753 + 4242.096 + 20165.787 + 22659.899 = ₩64,684 Mil.

Total Receivables was ₩88,835 Mil.
Revenue was 160548.865 + 147951.825 + 158332.519 + 152089.726 = ₩618,923 Mil.
Gross Profit was 25410.647 + 20565.214 + 23590.725 + 20373.989 = ₩89,941 Mil.
Total Current Assets was ₩249,562 Mil.
Total Assets was ₩476,561 Mil.
Property, Plant and Equipment(Net PPE) was ₩146,251 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩22,334 Mil.
Selling, General, & Admin. Expense(SGA) was ₩16,451 Mil.
Total Current Liabilities was ₩87,649 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,642 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)
	=	(95336.935 / 625716.262)	/	(88835.395 / 618922.935)
	=	0.152364	/	0.143532
	=	1.0615

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)
	=	(89940.575 / 618922.935)	/	(92650.213 / 625716.262)
	=	0.145318	/	0.148071
	=	0.9814

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 - (197957.819 + 140591.493) / 502933.995)	/	(1 - (249562.054 + 146250.83) / 476561.498)
	=	0.326851	/	0.16944
	=	1.929

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
	=	625716.262	/	618922.935
	=	1.011

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))
	=	(22333.747 / (22333.747 + 146250.83))	/	(29754.374 / (29754.374 + 140591.493))
	=	0.132478	/	0.17467
	=	0.7584

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)
	=	(18570.843 / 625716.262)	/	(16450.853 / 618922.935)
	=	0.029679	/	0.02658
	=	1.1166

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)
	=	((2670.956 + 87483.689) / 502933.995)	/	((2642.316 + 87649.04) / 476561.498)
	=	0.179257	/	0.189464
	=	0.9461

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
	=	(33848.234 - 0	-	64683.535)	/	502933.995
	=	-0.061311

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.

SHINSEGAE INFORMATIONMMUNICATION Co has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.

SHINSEGAE INFORMATIONMMUNICATION Co Beneish M-Score Related Terms

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SHINSEGAE INFORMATIONMMUNICATION Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » SHINSEGAE INFORMATION & COMMUNICATION Co Ltd (XKRX:035510) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Shinsegae I&C Digital Center 197-12, Guro-Dong, Guro-gu, Seoul, KOR, 152-050

Website

http://www.sinc.co.kr

SHINSEGAE INFORMATION & COMMUNICATION Co Ltd is engaged in providing system integration services.

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