Korea Business News Co (XKRX:039340) Beneish M-Score: -2.88 (As of Sep. 10, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

XKRX:039340 Korea Business News Co Ltd XKRX:039340
77 GF Score
Price ₩4,985.00
GF Value ₩8,316.15
Valuation Possible Value Trap
! 2 Warning Signs
View Full Analysis

What is Korea Business News Co Beneish M-Score?

Korea Business News Co XKRX:039340 +1.01% 77 Beneish M-Score is -2.88 as of Sep. 10, 2026. GuruFocus rates XKRX:039340 with a GF Score™ of 77/100 and a GF Value™ of ₩8,316.15 (Possible Value Trap). The stock has 2 warning signs investors should review. Among 973 Media - Diversified companies, Korea Business News Co ranks better than 71.43% on this metric.

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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:039340' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99   Med: -2.32   Max: 0.82
Current: -2.88

During the past 13 years, the highest Beneish M-Score of Korea Business News Co was 0.82. The lowest was -2.99. And the median was -2.32.

Korea Business News Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Korea Business News 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.

Korea Business News Co Beneish M-Score Chart

Korea Business News Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.85 -0.24 -2.18 -2.81 -2.52

Korea Business News Co Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
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 -1.88 -2.45 -2.52 -2.62 -2.88

XKRX:039340 vs NFLX, DIS, WBD: Beneish M-Score Comparison

For the Entertainment subindustry, Korea Business News 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.

Korea Business News Co Beneish M-Score vs Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Korea Business News Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Korea Business News Co's Beneish M-Score falls into.


XKRX:039340
77GF Score
Korea Business News Co Ltd XKRX:039340
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Korea Business News 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 Korea Business News 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 * 0.6446+0.528 * 1+0.404 * 0.9522+0.892 * 1.2742+0.115 * 0.8006
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9976+4.679 * -0.043136-0.327 * 1.2311
=-2.88

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was ₩10,512 Mil.
Revenue was 29304.955 + 25833.501 + 20227.734 + 18393.672 = ₩93,760 Mil.
Gross Profit was 29304.955 + 25833.501 + 20227.734 + 18393.672 = ₩93,760 Mil.
Total Current Assets was ₩44,989 Mil.
Total Assets was ₩173,180 Mil.
Property, Plant and Equipment(Net PPE) was ₩11,408 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,399 Mil.
Selling, General, & Admin. Expense(SGA) was ₩78,062 Mil.
Total Current Liabilities was ₩16,099 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,044 Mil.
Net Income was 4826.796 + 966.668 + -484.94 + 260.679 = ₩5,569 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 6436.24 + 4723.933 + 1252.285 + 627.07 = ₩13,040 Mil.
 Total Receivables was ₩12,798 Mil.
Revenue was 19800.525 + 17488.074 + 17762.703 + 18530.905 = ₩73,582 Mil.
Gross Profit was 19800.525 + 17488.074 + 17762.703 + 18530.905 = ₩73,582 Mil.
Total Current Assets was ₩34,116 Mil.
Total Assets was ₩167,172 Mil.
Property, Plant and Equipment(Net PPE) was ₩14,672 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,206 Mil.
Selling, General, & Admin. Expense(SGA) was ₩61,412 Mil.
Total Current Liabilities was ₩10,539 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,607 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)
=(10511.856 / 93759.862) / (12797.838 / 73582.207)
=0.112115 / 0.173926
=0.6446

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)
=(73582.207 / 73582.207) / (93759.862 / 93759.862)
=1 / 1
=1

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 - (44988.593 + 11408.435) / 173180.078) / (1 - (34116.005 + 14671.627) / 167172.451)
=0.674345 / 0.70816
=0.9522

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
=93759.862 / 73582.207
=1.2742

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))
=(4206.087 / (4206.087 + 14671.627)) / (4399.037 / (4399.037 + 11408.435))
=0.222807 / 0.278288
=0.8006

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)
=(78061.778 / 93759.862) / (61411.698 / 73582.207)
=0.832571 / 0.8346
=0.9976

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)
=((7043.514 + 16098.78) / 173180.078) / ((7606.684 + 10539.205) / 167172.451)
=0.133631 / 0.108546
=1.2311

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
=(5569.203 - 0 - 13039.528) / 173180.078
=-0.043136

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 Business News Co has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.88 mean?
Korea Business News Co (XKRX:039340) has a Beneish M-Score of -2.88 as of Sep. 10, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Korea Business News Co and its competitors. According to the industry distribution chart, Korea Business News Co ranks #278 out of 973 companies in the Media - Diversified industry, placing it in the top 28.6%.
Is Korea Business News Co's Beneish M-Score too high?
Korea Business News Co's current Beneish M-Score is -2.88. Based on the distribution chart, Korea Business News Co ranks #278 out of 973 companies in the Media - Diversified industry, which is above the industry midpoint. Overall, Korea Business News Co has a GF Score™ of 77/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Korea Business News Co's Beneish M-Score compare to NFLX and DIS?
According to the Media - Diversified industry distribution chart, Korea Business News Co ranks #278 out of 973 companies for Beneish M-Score. This puts Korea Business News Co in the upper half of its industry. 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 Media - Diversified company?
A good Beneish M-Score depends on the Media - Diversified 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 Korea Business News Co and its competitors. Korea Business News Co's current Beneish M-Score is -2.88. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Korea Business News Co stock overvalued right now?
Based on GuruFocus' analysis, Korea Business News Co (XKRX:039340) is currently considered Possible Value Trap. The stock's GF Value™ is ₩8,316.15, compared to a current price of ₩4,985.00 — trading 40.1% below its estimated fair value. The current Beneish M-Score is -2.88. Korea Business News Co's overall GF Score™ is 77/100 with 2 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 Korea Business News Co (XKRX:039340), the current Beneish M-Score is -2.88 as of Sep. 10, 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 Korea Business News Co (XKRX:039340) Overvalued in 2026?

Based on GuruFocus' analysis, Korea Business News Co stock appears to be undervalued. The current stock price of ₩4,985.00 is trading 40.1% below its estimated GF Value™ of ₩8,316.15. GuruFocus considers Korea Business News Co to be Possible Value Trap.

Key valuation signals for XKRX:039340:

  • Beneish M-Score: -2.88
  • GF Value™: ₩8,316.15 vs. price of ₩4,985.00 (40.1% below fair value)
  • GF Score™: 77/100 with 2 warning signs

No single metric tells the full story. See the XKRX:039340 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Korea Business News Co Business Description

Address 463 Cheongpa-ro, Jung-gu, Korea Economic Daily Building, Jungnim-dong, Seoul, KOR, 04505
Korea Business News Co Ltd operates in media industry in South Korea. The business divisions of the company consist of three areas: broadcasting, investment information, and other subsidiary businesses. The broadcasting division broadcasts nationwide based on Korea Economic TV, the nation's top economic channel, broadcasted through all available devices, including cable TV, IPTV, satellite broadcasting, and mobile devices. The Investment Information Division is a securities information service platform business that represents securities information site and mobile app, and the Other subsidiary include online and offline education, proxy voting for general shareholders' meetings, production and distribution of various content, exhibition event business, and cultural performance business.
77GF Score

Get the complete analysis for XKRX:039340

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₩4,985.00
Price
₩8,316.15
GF Value