Hyundai Bioscience Co (XKRX:048410) Beneish M-Score : -1.60 (As of Jun. 19, 2024)

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What is Hyundai Bioscience 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 -1.6 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKRX:048410' s Beneish M-Score Range Over the Past 10 Years
Min: -4.99 Med: -2.3 Max: -0.82
Current: -1.6

During the past 13 years, the highest Beneish M-Score of Hyundai Bioscience Co was -0.82. The lowest was -4.99. And the median was -2.30.

Hyundai Bioscience Co Beneish M-Score Historical Data

The historical data trend for Hyundai Bioscience 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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Hyundai Bioscience Co Beneish M-Score Chart

Hyundai Bioscience Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.99

-3.04

-3.90

-3.11

-3.80

Hyundai Bioscience 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															-3.36	-3.01	-3.54	-3.80	-1.60

Competitive Comparison of Hyundai Bioscience Co's Beneish M-Score

For the Biotechnology subindustry, Hyundai Bioscience 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.

Hyundai Bioscience Co's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Hyundai Bioscience Co's Beneish M-Score distribution charts can be found below:

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

Hyundai Bioscience 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 Hyundai Bioscience 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 * 1.5844

0.528 * 0.788

0.404 * 1.1738

0.892 * 1.3111

0.115 * 0.7276

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.439

4.679 * 0.005448

0.327 * 0.9648

-1.60

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩5,375 Mil.
Revenue was 5049.774 + 1133.7 + 1963.121 + 3222.214 = ₩11,369 Mil.
Gross Profit was 2808.331 + 368.302 + 1033.739 + 1838.738 = ₩6,049 Mil.
Total Current Assets was ₩16,175 Mil.
Total Assets was ₩53,731 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,784 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,141 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,118 Mil.
Total Current Liabilities was ₩6,717 Mil.
Long-Term Debt & Capital Lease Obligation was ₩24 Mil.
Net Income was 1185.332 + -8086.193 + -1979.088 + -2337.255 = ₩-11,217 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -7808.728 + -1172.724 + -2016.744 + -511.724 = ₩-11,510 Mil.

Total Receivables was ₩2,588 Mil.
Revenue was 3162.35 + 1713.244 + 2382.936 + 1412.646 = ₩8,671 Mil.
Gross Profit was 1800.406 + 546.99 + 1122.956 + 165.17 = ₩3,636 Mil.
Total Current Assets was ₩22,848 Mil.
Total Assets was ₩65,608 Mil.
Property, Plant and Equipment(Net PPE) was ₩6,587 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,768 Mil.
Selling, General, & Admin. Expense(SGA) was ₩10,628 Mil.
Total Current Liabilities was ₩8,472 Mil.
Long-Term Debt & Capital Lease Obligation was ₩60 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)
	=	(5374.972 / 11368.809)	/	(2587.541 / 8671.176)
	=	0.472782	/	0.298407
	=	1.5844

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)
	=	(3635.522 / 8671.176)	/	(6049.11 / 11368.809)
	=	0.419265	/	0.532079
	=	0.788

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 - (16174.621 + 2783.795) / 53730.675)	/	(1 - (22847.801 + 6586.943) / 65607.528)
	=	0.647158	/	0.551351
	=	1.1738

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
	=	11368.809	/	8671.176
	=	1.3111

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))
	=	(1767.512 / (1767.512 + 6586.943))	/	(1141.362 / (1141.362 + 2783.795))
	=	0.211565	/	0.290781
	=	0.7276

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)
	=	(6117.626 / 11368.809)	/	(10628.17 / 8671.176)
	=	0.538106	/	1.22569
	=	0.439

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)
	=	((24.159 + 6716.943) / 53730.675)	/	((59.996 + 8471.514) / 65607.528)
	=	0.125461	/	0.130039
	=	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
	=	(-11217.204 - 0	-	-11509.92)	/	53730.675
	=	0.005448

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.

Hyundai Bioscience Co has a M-score of -1.60 signals that the company is likely to be a manipulator.

Hyundai Bioscience Co Beneish M-Score Related Terms

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Hyundai Bioscience Co (XKRX:048410) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Hyundai Bioscience Co Ltd (XKRX:048410) » Definitions » Beneish M-Score

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Address

150 North-Ahyun Road, 3rd Floor Academic Cooperation Building, Ehwa Women’s University, Seodaemun-gu, Seoul, KOR

Website

http://www.hyundaibioscience.com

Hyundai Bioscience Co Ltd is a Korean biotechnology company. The company is engaged in developing and commercializing bio-fusion technology with the purpose of delivering active ingredients safely and efficiently to the body. It has developed Vitabrid CG, a biomaterial that binds vitamin C with bio-friendly mineral layers, which is a beneficial ingredient in skin brightening, anti-aging, and anti-inflammation; and Vitabrid C12, a premium skincare brand.

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