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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 -3.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Sangsangin Co's Beneish M-Score or its related term are showing as below:
XKRX:038540'
s Beneish M-Score Range Over the Past 10 Years
Min: -4.58 Med: -2.02 Max: 1.37
Current: -3.38
During the past 13 years, the highest Beneish M-Score of Sangsangin Co was 1.37. The lowest was -4.58. And the median was -2.02.
The historical data trend for Sangsangin 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.
XKRX:038540 vs USB, PNC: Beneish M-Score Comparison
For the Banks - Regional subindustry, Sangsangin 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.
Sangsangin Co Beneish M-Score vs Banks Industry
For the Banks industry and Financial Services sector, Sangsangin Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sangsangin Co's Beneish M-Score falls into.
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 Sangsangin Co 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 * 0.6652
+
0.528 * -2.2993
+
0.404 * 0.6108
+
0.892 * 0.6834
+
0.115 * 0.5886
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.0979
+
4.679 * -0.077886
-
0.327 * 1.4216
=
-5.54
* 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.
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.
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))
=
(13630.978 / (13630.978 + 64910.646))
/
(12094.03 / (12094.03 + 28923.488))
=
0.173551
/
0.29485
=
0.5886
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
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
=
(-45607.008 - 0
-
335712.651)
/
4895872.921
=
-0.077886
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.
Sangsangin Co has a M-score of -5.54 suggests that the company is unlikely to be a manipulator.
Sangsangin Co (XKRX:038540) has a Beneish M-Score of -3.38 as of Sep. 16, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sangsangin Co and its competitors. According to the industry distribution chart, Sangsangin Co ranks #38 out of 1388 companies in the Banks industry, placing it in the top 2.7%.
Is Sangsangin Co's Beneish M-Score too high?
Sangsangin Co's current Beneish M-Score is -3.38. Based on the distribution chart, Sangsangin Co ranks #38 out of 1388 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Sangsangin Co has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Sangsangin Co's Beneish M-Score compare to USB and PNC?
According to the Banks industry distribution chart, Sangsangin Co ranks #38 out of 1388 companies for Beneish M-Score. This places Sangsangin Co in the top 3% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Sangsangin Co and its competitors. Sangsangin Co's current Beneish M-Score is -3.38. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Sangsangin Co stock overvalued right now?
Based on GuruFocus' analysis, Sangsangin Co (XKRX:038540) is currently considered Significantly Overvalued. The stock's GF Value™ is ₩1,259.20, compared to a current price of ₩1,968.00 — trading 56.3% above its estimated fair value. The current Beneish M-Score is -3.38. Sangsangin Co's overall GF Score™ is 57/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Sangsangin Co (XKRX:038540), the current Beneish M-Score is -3.38 as of Sep. 16, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Sangsangin Co (XKRX:038540) Overvalued in 2026?
Based on GuruFocus' analysis, Sangsangin Co stock appears to be overvalued.
The current stock price of ₩1,968.00 is trading 56.3% above its estimated GF Value™ of ₩1,259.20.
GuruFocus considers Sangsangin Co to be Significantly Overvalued.
Key valuation signals for XKRX:038540:
Beneish M-Score: -3.38
GF Value™: ₩1,259.20 vs. price of ₩1,968.00 (56.3% above fair value)
No single metric tells the full story. See the XKRX:038540 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Sangsangin Co Ltd is engaged in the business of information and communication, finance, shipbuilding, and computer program development. The information and communication business provides a comprehensive range of services from network design, equipment supply and installation, and maintenance. The financial business sector mainly engages in savings banks and financial investment businesses, and the shipbuilding business manufactures and sells facilities and equipment used for the construction or repair of ships, and the computer program development and operation business segment develops and directly operates or sells computer programs necessary for network construction and collateral management, and the majority of its revenue generated from the Financial sector.
57GF Score
Get the complete analysis for XKRX:038540
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