Nara Mold & Die Co (XKRX:051490) Beneish M-Score : -2.84 (As of Apr. 10, 2025)

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What is Nara Mold & Die 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 -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Nara Mold & Die Co's Beneish M-Score or its related term are showing as below:

XKRX:051490' s Beneish M-Score Range Over the Past 10 Years
Min: -2.86 Med: -2.6 Max: -2.24
Current: -2.84

During the past 13 years, the highest Beneish M-Score of Nara Mold & Die Co was -2.24. The lowest was -2.86. And the median was -2.60.

Nara Mold & Die Co Beneish M-Score Historical Data

The historical data trend for Nara Mold & Die 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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Nara Mold & Die Co Beneish M-Score Chart

Nara Mold & Die Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.60

-2.72

-2.59

-2.46

-2.84

Nara Mold & Die Co Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.46	-2.77	-2.64	-2.83	-2.84

Competitive Comparison of Nara Mold & Die Co's Beneish M-Score

For the Metal Fabrication subindustry, Nara Mold & Die 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.

Nara Mold & Die Co's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Nara Mold & Die Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nara Mold & Die Co's Beneish M-Score falls into.

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Nara Mold & Die 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 Nara Mold & Die 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 * 1.0288

0.528 * 0.9717

0.404 * 0.9469

0.892 * 0.8823

0.115 * 1.1879

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2248

4.679 * -0.049193

0.327 * 1.0067

-2.84

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩61,257 Mil.
Revenue was 53224.551 + 58987.839 + 42147.313 + 49456.017 = ₩203,816 Mil.
Gross Profit was 6522.511 + 8263.638 + 4805.41 + 7165.178 = ₩26,757 Mil.
Total Current Assets was ₩156,216 Mil.
Total Assets was ₩256,098 Mil.
Property, Plant and Equipment(Net PPE) was ₩92,831 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,520 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,548 Mil.
Total Current Liabilities was ₩129,166 Mil.
Long-Term Debt & Capital Lease Obligation was ₩19,505 Mil.
Net Income was 360.853 + 706.386 + 120.012 + 2408.577 = ₩3,596 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 1253.319 + 8980.986 + -6105.075 + 12064.907 = ₩16,194 Mil.

Total Receivables was ₩67,480 Mil.
Revenue was 49296.398 + 63132.775 + 59712.904 + 58858.471 = ₩231,001 Mil.
Gross Profit was 5102.827 + 8576.265 + 8297.772 + 7491.903 = ₩29,469 Mil.
Total Current Assets was ₩160,266 Mil.
Total Assets was ₩249,185 Mil.
Property, Plant and Equipment(Net PPE) was ₩81,674 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩10,145 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,059 Mil.
Total Current Liabilities was ₩141,842 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,854 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)
	=	(61256.588 / 203815.72)	/	(67480.415 / 231000.548)
	=	0.300549	/	0.292122
	=	1.0288

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)
	=	(29468.767 / 231000.548)	/	(26756.737 / 203815.72)
	=	0.12757	/	0.131279
	=	0.9717

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 - (156216.261 + 92831.154) / 256098.34)	/	(1 - (160266.159 + 81673.642) / 249184.894)
	=	0.027532	/	0.029075
	=	0.9469

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
	=	203815.72	/	231000.548
	=	0.8823

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))
	=	(10144.863 / (10144.863 + 81673.642))	/	(9520.023 / (9520.023 + 92831.154))
	=	0.110488	/	0.093013
	=	1.1879

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)
	=	(6547.813 / 203815.72)	/	(6058.982 / 231000.548)
	=	0.032126	/	0.026229
	=	1.2248

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)
	=	((19504.654 + 129166.23) / 256098.34)	/	((1854.353 + 141842.152) / 249184.894)
	=	0.580523	/	0.576666
	=	1.0067

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
	=	(3595.828 - 0	-	16194.137)	/	256098.34
	=	-0.049193

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.

Nara Mold & Die Co has a M-score of -2.84 suggests that the company is unlikely to be a manipulator.

Nara Mold & Die Co Beneish M-Score Related Terms

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Nara Mold & Die Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Nara Mold & Die Co Ltd (XKRX:051490) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

50-1, Sungju-dong, Gyeongsangnam-do, Changwon-si, KOR, 641-120

Website

http://www.naramnd.com

Nara Mold & Die Co Ltd is a Korea based company engaged in the business of manufacturing press die and plastic molds. The products offered by the company are for electronic appliances, display, automobiles, and mobile phone. The organization is involved in the business field of High Precision and Large Press Die; Compact Precision and Large Plastic Injection Mold; and Mass production of parts and components. The organization has a business presence in Korea and other countries.

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