CUROHOLDINGS Co (XKRX:051780) Beneish M-Score : -3.94 (As of Apr. 24, 2025)

View and export this data going back to 2001. Start your Free Trial

What is CUROHOLDINGS 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 -3.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:051780' s Beneish M-Score Range Over the Past 10 Years
Min: -4.16 Med: -2.6 Max: 33.81
Current: -3.94

During the past 13 years, the highest Beneish M-Score of CUROHOLDINGS Co was 33.81. The lowest was -4.16. And the median was -2.60.

CUROHOLDINGS Co Beneish M-Score Historical Data

The historical data trend for CUROHOLDINGS 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.

* Premium members only.

CUROHOLDINGS Co Beneish M-Score Chart

CUROHOLDINGS Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-2.25

-2.62

-2.57

-1.97

-3.94

CUROHOLDINGS 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															-1.97	-2.06	-2.81	-1.72	-3.94

Competitive Comparison of CUROHOLDINGS Co's Beneish M-Score

For the Conglomerates subindustry, CUROHOLDINGS 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.

CUROHOLDINGS Co's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, CUROHOLDINGS Co's Beneish M-Score distribution charts can be found below:

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

Save Embed

;

Save Embed

;

CUROHOLDINGS 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 CUROHOLDINGS 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 * 1.0135

0.528 * 0.9716

0.404 * 1.0165

0.892 * 0.7659

0.115 * 0.5138

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3777

4.679 * -0.20995

0.327 * 1.4655

-3.94

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩2,568 Mil.
Revenue was 13277.682 + 15659.948 + 16123.358 + 16038.186 = ₩61,099 Mil.
Gross Profit was -209.927 + 2796.831 + 3606.113 + 3730.335 = ₩9,923 Mil.
Total Current Assets was ₩37,848 Mil.
Total Assets was ₩80,516 Mil.
Property, Plant and Equipment(Net PPE) was ₩17,453 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,258 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,262 Mil.
Total Current Liabilities was ₩49,141 Mil.
Long-Term Debt & Capital Lease Obligation was ₩9,585 Mil.
Net Income was -10450.506 + -1508.354 + -1202.726 + -2767.006 = ₩-15,929 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4837.936 + -1258.545 + -656.995 + -1946.553 = ₩976 Mil.

Total Receivables was ₩3,308 Mil.
Revenue was 12757.023 + 16834.406 + 32238.163 + 17943.7 = ₩79,773 Mil.
Gross Profit was 353.191 + 3273.273 + 3917.155 + 5044.888 = ₩12,589 Mil.
Total Current Assets was ₩35,587 Mil.
Total Assets was ₩70,793 Mil.
Property, Plant and Equipment(Net PPE) was ₩13,396 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩479 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,883 Mil.
Total Current Liabilities was ₩28,250 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,983 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)
	=	(2568.023 / 61099.174)	/	(3308.171 / 79773.292)
	=	0.04203	/	0.04147
	=	1.0135

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)
	=	(12588.507 / 79773.292)	/	(9923.352 / 61099.174)
	=	0.157804	/	0.162414
	=	0.9716

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 - (37848.398 + 17453.193) / 80516.363)	/	(1 - (35586.865 + 13396.272) / 70792.732)
	=	0.313163	/	0.308077
	=	1.0165

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
	=	61099.174	/	79773.292
	=	0.7659

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))
	=	(479.481 / (479.481 + 13396.272))	/	(1258.314 / (1258.314 + 17453.193))
	=	0.034555	/	0.067248
	=	0.5138

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)
	=	(7262.335 / 61099.174)	/	(6882.51 / 79773.292)
	=	0.118861	/	0.086276
	=	1.3777

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)
	=	((9585.178 + 49141.382) / 80516.363)	/	((6983.282 + 28249.755) / 70792.732)
	=	0.729374	/	0.497693
	=	1.4655

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
	=	(-15928.592 - 0	-	975.843)	/	80516.363
	=	-0.20995

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.

CUROHOLDINGS Co has a M-score of -3.94 suggests that the company is unlikely to be a manipulator.

CUROHOLDINGS Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of CUROHOLDINGS Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

CUROHOLDINGS Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » CUROHOLDINGS Co Ltd (XKRX:051780) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

7, Teheran-ro, 4th Floor, Gangnam-gu, Seoul, KOR, 135-877

Website

http://www.curoholdings.com

CUROHOLDINGS Co Ltd engages in the entertainment and coffee businesses in South Korea. The company's entertainment business produces video contents, such as movies and dramas, as well as provides entertainment management, assistant delivery agency, and mobile game publishing and services. Its coffee business distributes coffee and coffee machines under the illy brand to hotels, cafes, restaurants, department stores, food and beverage.

CUROHOLDINGS Co Headlines

No Headlines