Cell Biotech Co (XKRX:049960) Beneish M-Score : -2.90 (As of Mar. 14, 2025)

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What is Cell Biotech 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 -2.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:049960' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.59 Max: -1
Current: -2.9

During the past 13 years, the highest Beneish M-Score of Cell Biotech Co was -1.00. The lowest was -3.18. And the median was -2.59.

Cell Biotech Co Beneish M-Score Historical Data

The historical data trend for Cell Biotech 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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Cell Biotech Co Beneish M-Score Chart

Cell Biotech Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.18

-2.73

-2.02

-2.91

-2.64

Cell Biotech Co Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.60	-2.64	-2.88	-2.86	-2.90

Competitive Comparison of Cell Biotech Co's Beneish M-Score

For the Biotechnology subindustry, Cell Biotech 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.

Cell Biotech Co's Beneish M-Score Distribution in the Biotechnology Industry

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

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

Cell Biotech 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 Cell Biotech 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 * 0.741

0.528 * 1.0329

0.404 * 0.9049

0.892 * 0.9971

0.115 * 0.9107

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6117

4.679 * -0.066021

0.327 * 0.7085

-2.90

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₩5,119 Mil.
Revenue was 12162.253 + 12557.619 + 13037.791 + 14842.155 = ₩52,600 Mil.
Gross Profit was 8673.957 + 9195.937 + 9343.318 + 10369.166 = ₩37,582 Mil.
Total Current Assets was ₩89,303 Mil.
Total Assets was ₩123,197 Mil.
Property, Plant and Equipment(Net PPE) was ₩31,050 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,923 Mil.
Selling, General, & Admin. Expense(SGA) was ₩12,034 Mil.
Total Current Liabilities was ₩5,468 Mil.
Long-Term Debt & Capital Lease Obligation was ₩520 Mil.
Net Income was 969.131 + 4037.067 + 3261.207 + 2706.518 = ₩10,974 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 3485.119 + 7786.537 + 3287.572 + 4548.257 = ₩19,107 Mil.

Total Receivables was ₩6,928 Mil.
Revenue was 13659.84 + 12440.579 + 12844.814 + 13805.508 = ₩52,751 Mil.
Gross Profit was 10064.03 + 9095.468 + 9446.072 + 10323.854 = ₩38,929 Mil.
Total Current Assets was ₩80,076 Mil.
Total Assets was ₩116,675 Mil.
Property, Plant and Equipment(Net PPE) was ₩33,622 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,826 Mil.
Selling, General, & Admin. Expense(SGA) was ₩19,729 Mil.
Total Current Liabilities was ₩6,914 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,091 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)
	=	(5119.074 / 52599.818)	/	(6928.413 / 52750.741)
	=	0.097321	/	0.131342
	=	0.741

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)
	=	(38929.424 / 52750.741)	/	(37582.378 / 52599.818)
	=	0.737988	/	0.714496
	=	1.0329

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 - (89303.357 + 31049.534) / 123197.295)	/	(1 - (80075.998 + 33622.248) / 116675.272)
	=	0.023088	/	0.025515
	=	0.9049

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
	=	52599.818	/	52750.741
	=	0.9971

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))
	=	(3825.693 / (3825.693 + 33622.248))	/	(3923.06 / (3923.06 + 31049.534))
	=	0.10216	/	0.112175
	=	0.9107

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)
	=	(12034.056 / 52599.818)	/	(19729.379 / 52750.741)
	=	0.228785	/	0.374011
	=	0.6117

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)
	=	((520.063 + 5468.399) / 123197.295)	/	((1091.039 + 6913.832) / 116675.272)
	=	0.048609	/	0.068608
	=	0.7085

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
	=	(10973.923 - 0	-	19107.485)	/	123197.295
	=	-0.066021

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.

Cell Biotech Co has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.

Cell Biotech Co Beneish M-Score Related Terms

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Cell Biotech Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Cell Biotech Co Ltd (XKRX:049960) » Definitions » Beneish M-Score

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Address

134 Gaegok-ri, Wolgot-myeon, Gimpo-si, Gyeonggi-Do, KOR, 415-872

Website

http://www.cellbiotech.com

Cell Biotech Co Ltd is a specialized biotech company. It is engaged in the fermentation and coating technology development as well as manufacturing probiotics and lactic acid bacteria. The key product consists Probiotic DUOLAC, Nutra DUOLAC, LACTOClear, and LAB2PRO. The company distributes its products within domestic market and to overseas markets.

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