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SNT Holdings (XKRX:036530) Beneish M-Score : -2.73 (As of Jun. 17, 2024)


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What is SNT Holdings 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:036530' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06   Med: -2.58   Max: -1.78
Current: -2.73

During the past 13 years, the highest Beneish M-Score of SNT Holdings was -1.78. The lowest was -3.06. And the median was -2.58.


SNT Holdings Beneish M-Score Historical Data

The historical data trend for SNT Holdings'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.

* Premium members only.

SNT Holdings Beneish M-Score Chart

SNT Holdings Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.30 -2.40 -2.61 -2.60 -2.54

SNT Holdings Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.65 -2.57 -2.59 -2.54 -2.73

Competitive Comparison of SNT Holdings's Beneish M-Score

For the Conglomerates subindustry, SNT Holdings'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.


SNT Holdings's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, SNT Holdings's Beneish M-Score distribution charts can be found below:

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



SNT Holdings 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 SNT Holdings 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 * 0.9892+0.528 * 1.009+0.404 * 0.9366+0.892 * 1.0459+0.115 * 1.0079
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8936+4.679 * -0.061484-0.327 * 0.9889
=-2.73

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was ₩464,131 Mil.
Revenue was 386192.452 + 505656.306 + 485677.106 + 454550.799 = ₩1,832,077 Mil.
Gross Profit was 64203.758 + 75450.732 + 73372.666 + 67797.261 = ₩280,824 Mil.
Total Current Assets was ₩1,706,237 Mil.
Total Assets was ₩2,757,059 Mil.
Property, Plant and Equipment(Net PPE) was ₩813,572 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩42,866 Mil.
Selling, General, & Admin. Expense(SGA) was ₩49,277 Mil.
Total Current Liabilities was ₩565,914 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,412 Mil.
Net Income was 24990.468 + 12002.907 + 26749.219 + 22835.765 = ₩86,578 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 26767.346 + 110261.233 + -23846.894 + 142912.21 = ₩256,094 Mil.
Total Receivables was ₩448,644 Mil.
Revenue was 449830.848 + 543511.914 + 417724.731 + 340690.213 = ₩1,751,758 Mil.
Gross Profit was 65117.266 + 86668.519 + 67901.941 + 51234.536 = ₩270,922 Mil.
Total Current Assets was ₩1,527,888 Mil.
Total Assets was ₩2,570,912 Mil.
Property, Plant and Equipment(Net PPE) was ₩806,822 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩42,863 Mil.
Selling, General, & Admin. Expense(SGA) was ₩52,725 Mil.
Total Current Liabilities was ₩534,291 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,560 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)
=(464130.678 / 1832076.663) / (448644.137 / 1751757.706)
=0.253336 / 0.256111
=0.9892

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)
=(270922.262 / 1751757.706) / (280824.417 / 1832076.663)
=0.154657 / 0.153282
=1.009

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 - (1706237.202 + 813571.688) / 2757059.027) / (1 - (1527887.683 + 806822.011) / 2570911.826)
=0.086052 / 0.091875
=0.9366

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
=1832076.663 / 1751757.706
=1.0459

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))
=(42862.544 / (42862.544 + 806822.011)) / (42865.998 / (42865.998 + 813571.688))
=0.050445 / 0.050052
=1.0079

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)
=(49276.606 / 1832076.663) / (52724.501 / 1751757.706)
=0.026897 / 0.030098
=0.8936

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)
=((3412.379 + 565914.265) / 2757059.027) / ((2560.041 + 534290.613) / 2570911.826)
=0.206498 / 0.208817
=0.9889

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
=(86578.359 - 0 - 256093.895) / 2757059.027
=-0.061484

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.

SNT Holdings has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.


SNT Holdings Beneish M-Score Related Terms

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SNT Holdings (XKRX:036530) Business Description

Traded in Other Exchanges
N/A
Address
371-36, Gasan-dong, Geumcheon-gu, Seoul, KOR, 153-803
SNT Holdings along with its subsidiaries is engaged in the businesses of auto parts, which develops powertrains, compressed natural gas hybrid bus, and others; defense, which develops defense products and others; plant, which consists of air cooler, condenser, and others; and finance and service, which provides various financial services. The company is an investment holding company.

SNT Holdings (XKRX:036530) Headlines

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