Yura Tech Co (XKRX:048430) Beneish M-Score : -2.64 (As of Sep. 27, 2024)

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What is Yura Tech 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.

Good Sign:

Beneish M-Score -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:048430' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.52 Max: -1.83
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Yura Tech Co was -1.83. The lowest was -3.01. And the median was -2.52.

Yura Tech Co Beneish M-Score Historical Data

The historical data trend for Yura Tech 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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Yura Tech Co Beneish M-Score Chart

Yura Tech Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.90

-2.51

-2.82

-2.58

-2.55

Yura Tech Co Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-2.53	-2.50	-2.55	-2.33	-2.64

Competitive Comparison of Yura Tech Co's Beneish M-Score

For the Auto Parts subindustry, Yura Tech 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.

Yura Tech Co's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Yura Tech Co's Beneish M-Score distribution charts can be found below:

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

Yura Tech 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 Yura Tech 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 * 1.0052

0.528 * 0.7147

0.404 * 1.0016

0.892 * 0.9996

0.115 * 1.005

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0396

4.679 * -0.011257

0.327 * 0.8672

-2.64

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was ₩21,221 Mil.
Revenue was 48543.894 + 51187.637 + 54160.667 + 50501.387 = ₩204,394 Mil.
Gross Profit was 5971.875 + 5368.743 + 5511.454 + 4092.906 = ₩20,945 Mil.
Total Current Assets was ₩113,090 Mil.
Total Assets was ₩168,109 Mil.
Property, Plant and Equipment(Net PPE) was ₩29,837 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,692 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,209 Mil.
Total Current Liabilities was ₩23,774 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 3256.674 + 2699.464 + 4135.061 + 2003.624 = ₩12,095 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 5904.289 + -459.114 + 5560.954 + 2981.084 = ₩13,987 Mil.

Total Receivables was ₩21,122 Mil.
Revenue was 53726.49 + 51315.527 + 51869.021 + 47571.779 = ₩204,483 Mil.
Gross Profit was 4943.494 + 3794.534 + 3588.043 + 2650.051 = ₩14,976 Mil.
Total Current Assets was ₩101,156 Mil.
Total Assets was ₩157,335 Mil.
Property, Plant and Equipment(Net PPE) was ₩32,648 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,063 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,088 Mil.
Total Current Liabilities was ₩23,853 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,804 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)
	=	(21221.312 / 204393.585)	/	(21121.935 / 204482.817)
	=	0.103826	/	0.103294
	=	1.0052

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)
	=	(14976.122 / 204482.817)	/	(20944.978 / 204393.585)
	=	0.073239	/	0.102474
	=	0.7147

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 - (113089.844 + 29836.879) / 168108.727)	/	(1 - (101155.795 + 32648.394) / 157334.734)
	=	0.149796	/	0.149557
	=	1.0016

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
	=	204393.585	/	204482.817
	=	0.9996

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))
	=	(4062.909 / (4062.909 + 32648.394))	/	(3692.335 / (3692.335 + 29836.879))
	=	0.110672	/	0.110123
	=	1.005

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)
	=	(3209.187 / 204393.585)	/	(3088.283 / 204482.817)
	=	0.015701	/	0.015103
	=	1.0396

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)
	=	((0 + 23774.2) / 168108.727)	/	((1803.997 + 23852.542) / 157334.734)
	=	0.141422	/	0.16307
	=	0.8672

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
	=	(12094.823 - 0	-	13987.213)	/	168108.727
	=	-0.011257

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.

Yura Tech Co has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.

Yura Tech Co Beneish M-Score Related Terms

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Yura Tech Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Yura Tech Co Ltd (XKRX:048430) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

25, Araegipeunnae-gil, Jeondong-myeon, Sejong, KOR

Website

http://www.yuratech.co.kr

Yura Tech Co Ltd engages in the manufacture and sale of automobile ignition components. Its products include ignition and stick coils, spark, platinum, glow and iridium plugs, spark plug cables, glow relay unit, wiring harness, and others.

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