Daehan New Pharm Co (XKRX:054670) Beneish M-Score : -2.65 (As of Jun. 21, 2024)

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What is Daehan New Pharm 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 -2.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:054670' s Beneish M-Score Range Over the Past 10 Years
Min: -3.8 Med: -2.69 Max: -2.17
Current: -2.65

During the past 13 years, the highest Beneish M-Score of Daehan New Pharm Co was -2.17. The lowest was -3.80. And the median was -2.69.

Daehan New Pharm Co Beneish M-Score Historical Data

The historical data trend for Daehan New Pharm 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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Daehan New Pharm Co Beneish M-Score Chart

Daehan New Pharm Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.75

-3.40

-2.37

-2.19

-2.36

Daehan New Pharm 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															-2.42	-2.44	-2.63	-2.36	-2.65

Competitive Comparison of Daehan New Pharm Co's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Daehan New Pharm 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.

Daehan New Pharm Co's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Daehan New Pharm Co's Beneish M-Score distribution charts can be found below:

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

Daehan New Pharm 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 Daehan New Pharm 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 * 0.9576

0.528 * 0.962

0.404 * 1.0942

0.892 * 0.9856

0.115 * 1.0151

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1898

4.679 * -0.018061

0.327 * 1.0548

-2.65

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩40,001 Mil.
Revenue was 48259.858 + 50615.781 + 49206.333 + 52881.136 = ₩200,963 Mil.
Gross Profit was 22931.571 + 23078.928 + 22679.98 + 25247.573 = ₩93,938 Mil.
Total Current Assets was ₩102,160 Mil.
Total Assets was ₩188,744 Mil.
Property, Plant and Equipment(Net PPE) was ₩55,889 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,686 Mil.
Selling, General, & Admin. Expense(SGA) was ₩44,183 Mil.
Total Current Liabilities was ₩64,975 Mil.
Long-Term Debt & Capital Lease Obligation was ₩312 Mil.
Net Income was 5217.499 + -3289.055 + 4978.518 + 6427.859 = ₩13,335 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 8588.406 + -4536.882 + 6968.227 + 5723.898 = ₩16,744 Mil.

Total Receivables was ₩42,386 Mil.
Revenue was 51519.361 + 50068.324 + 51721.404 + 50594.273 = ₩203,903 Mil.
Gross Profit was 22976.564 + 22352.416 + 24209.358 + 22150.016 = ₩91,688 Mil.
Total Current Assets was ₩101,984 Mil.
Total Assets was ₩176,558 Mil.
Property, Plant and Equipment(Net PPE) was ₩48,334 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,239 Mil.
Selling, General, & Admin. Expense(SGA) was ₩37,677 Mil.
Total Current Liabilities was ₩57,696 Mil.
Long-Term Debt & Capital Lease Obligation was ₩204 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)
	=	(40001.297 / 200963.108)	/	(42385.863 / 203903.362)
	=	0.199048	/	0.207872
	=	0.9576

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)
	=	(91688.354 / 203903.362)	/	(93938.052 / 200963.108)
	=	0.449666	/	0.467439
	=	0.962

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 - (102160.228 + 55889.109) / 188743.72)	/	(1 - (101983.799 + 48333.899) / 176557.6)
	=	0.162625	/	0.148619
	=	1.0942

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
	=	200963.108	/	203903.362
	=	0.9856

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))
	=	(3239.127 / (3239.127 + 48333.899))	/	(3686.049 / (3686.049 + 55889.109))
	=	0.062807	/	0.061872
	=	1.0151

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)
	=	(44182.554 / 200963.108)	/	(37676.925 / 203903.362)
	=	0.219854	/	0.184778
	=	1.1898

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)
	=	((311.681 + 64975.215) / 188743.72)	/	((204.044 + 57695.709) / 176557.6)
	=	0.345902	/	0.327937
	=	1.0548

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
	=	(13334.821 - 0	-	16743.649)	/	188743.72
	=	-0.018061

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.

Daehan New Pharm Co has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.

Daehan New Pharm Co Beneish M-Score Related Terms

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Daehan New Pharm Co (XKRX:054670) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Daehan New Pharm Co Ltd (XKRX:054670) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

1062-4 Namhyeon-dong, Gwanak-gu, Seoul, KOR, 137-851

Website

http://www.dhnp.co.kr

Daehan New Pharm Co Ltd is a South Korea based company operating in the pharmaceutical sector. It is engaged in producing pharmaceutical products, animal health and nutrition, and bio products. The pharmaceutical products are tertan tab, amloc tab, tarocin SR tab, NP star tab and others. The animal health and nutrition products are starvac, pigcoc for calves, ocean doctor, and others. The bio range of the products by the group are CELRENA serum-free, BMPro serum-free, BMPro-V serum-free, ALyS505NK-EX serum-free and others.

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