Samjin LND Co (XKRX:054090) Beneish M-Score : -2.73 (As of Jun. 05, 2024)

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What is Samjin LND 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:054090' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.82 Max: -1.86
Current: -2.73

During the past 13 years, the highest Beneish M-Score of Samjin LND Co was -1.86. The lowest was -3.33. And the median was -2.82.

Samjin LND Co Beneish M-Score Historical Data

The historical data trend for Samjin LND 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.

Samjin LND Co Beneish M-Score Chart

Samjin LND Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.96

-2.56

-2.24

-2.43

-3.19

Samjin LND 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															-2.76	-3.11	-3.22	-3.19	-2.73

Competitive Comparison of Samjin LND Co's Beneish M-Score

For the Electronic Components subindustry, Samjin LND 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.

Samjin LND Co's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Samjin LND Co's Beneish M-Score distribution charts can be found below:

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

Samjin LND 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 Samjin LND 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 * 1.3691

0.528 * 1.1149

0.404 * 1.1186

0.892 * 0.8833

0.115 * 1.0199

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1382

4.679 * -0.112146

0.327 * 1.1529

-2.73

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩46,114 Mil.
Revenue was 56493.839 + 52010.297 + 63319.057 + 44693.763 = ₩216,517 Mil.
Gross Profit was 6030.038 + 1245.596 + 7576.926 + 5215.645 = ₩20,068 Mil.
Total Current Assets was ₩105,894 Mil.
Total Assets was ₩188,836 Mil.
Property, Plant and Equipment(Net PPE) was ₩66,191 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩7,733 Mil.
Selling, General, & Admin. Expense(SGA) was ₩11,154 Mil.
Total Current Liabilities was ₩103,536 Mil.
Long-Term Debt & Capital Lease Obligation was ₩14,342 Mil.
Net Income was -987.15 + -18595.428 + 588.957 + -2225.962 = ₩-21,220 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 145.727 + 3800.62 + -1689.607 + -2299.207 = ₩-42 Mil.

Total Receivables was ₩38,132 Mil.
Revenue was 52712.028 + 60307.459 + 69020.142 + 63085.432 = ₩245,125 Mil.
Gross Profit was 3569.979 + 6743.205 + 7250.978 + 7766.724 = ₩25,331 Mil.
Total Current Assets was ₩118,123 Mil.
Total Assets was ₩201,850 Mil.
Property, Plant and Equipment(Net PPE) was ₩67,721 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩8,088 Mil.
Selling, General, & Admin. Expense(SGA) was ₩11,095 Mil.
Total Current Liabilities was ₩90,650 Mil.
Long-Term Debt & Capital Lease Obligation was ₩18,640 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)
	=	(46114.49 / 216516.956)	/	(38131.559 / 245125.061)
	=	0.212983	/	0.15556
	=	1.3691

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)
	=	(25330.886 / 245125.061)	/	(20068.205 / 216516.956)
	=	0.103339	/	0.092687
	=	1.1149

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 - (105894.49 + 66190.776) / 188835.689)	/	(1 - (118123.002 + 67720.976) / 201850.224)
	=	0.088704	/	0.079298
	=	1.1186

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
	=	216516.956	/	245125.061
	=	0.8833

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))
	=	(8087.596 / (8087.596 + 67720.976))	/	(7732.672 / (7732.672 + 66190.776))
	=	0.106684	/	0.104604
	=	1.0199

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)
	=	(11154.276 / 216516.956)	/	(11094.739 / 245125.061)
	=	0.051517	/	0.045262
	=	1.1382

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)
	=	((14342.118 + 103535.651) / 188835.689)	/	((18640.375 + 90650.111) / 201850.224)
	=	0.624235	/	0.541443
	=	1.1529

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
	=	(-21219.583 - 0	-	-42.467)	/	188835.689
	=	-0.112146

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.

Samjin LND Co has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.

Samjin LND Co Beneish M-Score Related Terms

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Samjin LND Co (XKRX:054090) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Samjin LND Co Ltd (XKRX:054090) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

64-17, Dongtangiheung-ro, Gyeonggi-do, Hwaseong-si, KOR, 18487

Website

http://www.samjin.co.kr

Samjin LND Co Ltd is engaged in manufacturing and selling LCD and TV parts, secondary cells, office automation devices, automobile parts, molds, LED lighting products, and light guide plate products in South Korea and internationally. The company offers display parts, including LCD mold frames and TV cabinets; secondary batteries, such as electric power reserve ancillary power units, mobile phone square shape batteries, ESS, and cylindrical batteries among other products.

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