Korea Gas Beneish M-Score Historical Data
The historical data trend for Korea Gas'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.
Korea Gas Beneish M-Score Chart
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Korea Gas Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.06 |
-1.53 |
-0.31 |
-3.21 |
-2.94 |
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Korea Gas Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.21 |
-3.21 |
-2.86 |
-2.94 |
-2.94 |
Competitive Comparison of Korea Gas's Beneish M-Score
For the Utilities - Regulated Gas subindustry, Korea Gas'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.
Korea Gas's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Korea Gas's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Korea Gas's Beneish M-Score falls into.
Korea Gas 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 Korea Gas 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 * 1.1462 | + | 0.528 * 0.4947 | + | 0.404 * 0.9961 | + | 0.892 * 0.8626 | + | 0.115 * 0.9872 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0762 | + | 4.679 * -0.043056 | - | 0.327 * 0.9648 |
| = | -2.94 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₩6,978,809 Mil.
Revenue was 9978964.455 + 8109307.59 + 7533827.392 + 12810655.397 = ₩38,432,755 Mil.
Gross Profit was 1297731.738 + 528416.743 + 555602.292 + 1030922.227 = ₩3,412,673 Mil.
Total Current Assets was ₩16,968,511 Mil.
Total Assets was ₩57,669,637 Mil.
Property, Plant and Equipment(Net PPE) was ₩23,586,678 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,982,636 Mil.
Selling, General, & Admin. Expense(SGA) was ₩110,202 Mil.
Total Current Liabilities was ₩21,266,507 Mil.
Long-Term Debt & Capital Lease Obligation was ₩22,587,170 Mil.
Net Income was 332409.274 + 155102.818 + 252881.36 + 406355.548 = ₩1,146,749 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -1519849.427 + 1541246.341 + 3205300.984 + 403065.102 = ₩3,629,763 Mil.
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Total Receivables was ₩7,059,003 Mil.
Revenue was 10609166.442 + 7889265.849 + 8127613.294 + 17929949.415 = ₩44,555,995 Mil.
Gross Profit was 626321.396 + 317167.593 + 302763.162 + 710870.849 = ₩1,957,123 Mil.
Total Current Assets was ₩17,430,305 Mil.
Total Assets was ₩57,254,666 Mil.
Property, Plant and Equipment(Net PPE) was ₩22,766,125 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,887,118 Mil.
Selling, General, & Admin. Expense(SGA) was ₩118,684 Mil.
Total Current Liabilities was ₩22,566,372 Mil.
Long-Term Debt & Capital Lease Obligation was ₩22,560,196 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) |
| = | (6978809 / 38432754.834) | / | (7059003 / 44555995) |
| = | 0.181585 | / | 0.15843 |
| | = | 1.1462 |
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) |
| = | (1957123 / 44555995) | / | (3412673 / 38432754.834) |
| = | 0.043925 | / | 0.088796 |
| | = | 0.4947 |
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 - (16968511 + 23586678) / 57669637) | / | (1 - (17430305 + 22766125) / 57254666) |
| = | 0.296767 | / | 0.297936 |
| | = | 0.9961 |
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 |
| = | 38432754.834 | / | 44555995 |
| | = | 0.8626 |
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)) |
| = | (1887118.001 / (1887118.001 + 22766125)) | / | (1982635.999 / (1982635.999 + 23586678)) |
| = | 0.076546 | / | 0.07754 |
| | = | 0.9872 |
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) |
| = | (110202 / 38432754.834) | / | (118684 / 44555995) |
| = | 0.002867 | / | 0.002664 |
| | = | 1.0762 |
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) |
| = | ((22587170 + 21266507) / 57669637) | / | ((22560196 + 22566372) / 57254666) |
| = | 0.760429 | / | 0.788173 |
| | = | 0.9648 |
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 |
| = | (1146749 - 0 | - | 3629763) | / | 57669637 |
| | = | -0.043056 |
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.
Korea Gas has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.
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