Daea Ti Co (XKRX:045390) Beneish M-Score : -1.24 (As of May. 26, 2024)

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What is Daea Ti 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.

Warning Sign:

Beneish M-Score -1.24 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKRX:045390' s Beneish M-Score Range Over the Past 10 Years
Min: -4.24 Med: -2.38 Max: -0.9
Current: -1.24

During the past 13 years, the highest Beneish M-Score of Daea Ti Co was -0.90. The lowest was -4.24. And the median was -2.38.

Daea Ti Co Beneish M-Score Historical Data

The historical data trend for Daea Ti 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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Daea Ti Co Beneish M-Score Chart

Daea Ti Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.29

-3.21

-2.74

-2.17

-0.90

Daea Ti Co 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															-1.89	-1.71	-1.36	-0.90	-1.24

Competitive Comparison of Daea Ti Co's Beneish M-Score

For the Software - Application subindustry, Daea Ti 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.

Daea Ti Co's Beneish M-Score Distribution in the Software Industry

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

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

Daea Ti 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 Daea Ti 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 * 1.6129

0.528 * 1.1658

0.404 * 0.8695

0.892 * 1.1572

0.115 * 2.3272

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0202

4.679 * 0.084024

0.327 * 1.1159

-1.24

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩51,182 Mil.
Revenue was 26033.727 + 30615.522 + 31345.85 + 29500.356 = ₩117,495 Mil.
Gross Profit was 4987.317 + 4222.465 + 5879.785 + 5361.153 = ₩20,451 Mil.
Total Current Assets was ₩85,432 Mil.
Total Assets was ₩248,693 Mil.
Property, Plant and Equipment(Net PPE) was ₩30,799 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,590 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,480 Mil.
Total Current Liabilities was ₩97,588 Mil.
Long-Term Debt & Capital Lease Obligation was ₩16,871 Mil.
Net Income was 1728.137 + 5092.212 + 1383.108 + 2451.923 = ₩10,655 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 9998.288 + -9574.824 + -11403.405 + 739.035 = ₩-10,241 Mil.

Total Receivables was ₩27,422 Mil.
Revenue was 20873.249 + 35120.417 + 19521.808 + 26017.217 = ₩101,533 Mil.
Gross Profit was 4174.895 + 7606.326 + 3497.559 + 5324.071 = ₩20,603 Mil.
Total Current Assets was ₩66,847 Mil.
Total Assets was ₩207,602 Mil.
Property, Plant and Equipment(Net PPE) was ₩13,581 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,992 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,642 Mil.
Total Current Liabilities was ₩48,869 Mil.
Long-Term Debt & Capital Lease Obligation was ₩36,755 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)
	=	(51182.418 / 117495.455)	/	(27421.712 / 101532.691)
	=	0.435612	/	0.270078
	=	1.6129

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)
	=	(20602.851 / 101532.691)	/	(20450.72 / 117495.455)
	=	0.202918	/	0.174055
	=	1.1658

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 - (85431.841 + 30798.788) / 248692.868)	/	(1 - (66846.554 + 13580.837) / 207602.166)
	=	0.532634	/	0.612589
	=	0.8695

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
	=	117495.455	/	101532.691
	=	1.1572

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))
	=	(2991.599 / (2991.599 + 13580.837))	/	(2589.848 / (2589.848 + 30798.788))
	=	0.180517	/	0.077567
	=	2.3272

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)
	=	(5480.036 / 117495.455)	/	(4641.73 / 101532.691)
	=	0.04664	/	0.045717
	=	1.0202

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)
	=	((16871.089 + 97588.281) / 248692.868)	/	((36755.418 + 48868.524) / 207602.166)
	=	0.460244	/	0.412442
	=	1.1159

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
	=	(10655.38 - 0	-	-10240.906)	/	248692.868
	=	0.084024

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.

Daea Ti Co has a M-score of -1.24 signals that the company is likely to be a manipulator.

Daea Ti Co Beneish M-Score Related Terms

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Daea Ti Co (XKRX:045390) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » Daea Ti Co Ltd (XKRX:045390) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

139, Sudo-ro, Ojeong-gu, Gyeonggi-do, Bucheon-si, KOR, 14490

Website

http://www.daeati.co.kr

Daea Ti Co Ltd develops and provides softwares with an expertise in the area of railway signaling and communication. Important products are CTC, ATC/ATO, ATP, CBTC, and Driverless Operation System.

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