CKD Bio Beneish M-Score Historical Data
The historical data trend for CKD Bio'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.
CKD Bio Beneish M-Score Chart
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CKD Bio Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.81 |
-2.79 |
-1.85 |
-2.35 |
-1.78 |
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CKD Bio Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.35 |
-2.08 |
-1.93 |
-1.13 |
-1.78 |
Competitive Comparison of CKD Bio's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, CKD Bio'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.
CKD Bio's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, CKD Bio's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CKD Bio's Beneish M-Score falls into.
CKD Bio 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 CKD Bio for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.2074 | + | 0.528 * 2.1533 | + | 0.404 * 1.3279 | + | 0.892 * 1.0276 | + | 0.115 * 0.9726 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7015 | + | 4.679 * -0.057759 | - | 0.327 * 1.1001 |
| = | -1.78 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₩34,088 Mil.
Revenue was 35332.99 + 42342.876 + 38980.272 + 43696.641 = ₩160,353 Mil.
Gross Profit was 841.321 + 2519.405 + 1568.447 + 3083.6 = ₩8,013 Mil.
Total Current Assets was ₩111,769 Mil.
Total Assets was ₩293,785 Mil.
Property, Plant and Equipment(Net PPE) was ₩172,509 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩17,578 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,586 Mil.
Total Current Liabilities was ₩98,618 Mil.
Long-Term Debt & Capital Lease Obligation was ₩70,423 Mil.
Net Income was -8136.725 + -6397.696 + -6752.779 + -2905.32 = ₩-24,193 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 5089.608 + -7469.653 + -639.927 + -4203.912 = ₩-7,224 Mil.
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Total Receivables was ₩27,474 Mil.
Revenue was 34914.783 + 37590.984 + 36673.175 + 46863.386 = ₩156,042 Mil.
Gross Profit was -221.939 + 6859.239 + 3371.335 + 6781.291 = ₩16,790 Mil.
Total Current Assets was ₩123,464 Mil.
Total Assets was ₩312,591 Mil.
Property, Plant and Equipment(Net PPE) was ₩181,509 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩17,938 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,136 Mil.
Total Current Liabilities was ₩81,591 Mil.
Long-Term Debt & Capital Lease Obligation was ₩81,910 Mil.
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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) |
| = | (34088.221 / 160352.779) | / | (27473.706 / 156042.328) |
| = | 0.212583 | / | 0.176066 |
| | = | 1.2074 |
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) |
| = | (16789.926 / 156042.328) | / | (8012.773 / 160352.779) |
| = | 0.107599 | / | 0.04997 |
| | = | 2.1533 |
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 - (111768.693 + 172509.133) / 293785.061) | / | (1 - (123464.272 + 181508.878) / 312590.995) |
| = | 0.032361 | / | 0.02437 |
| | = | 1.3279 |
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 |
| = | 160352.779 | / | 156042.328 |
| | = | 1.0276 |
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)) |
| = | (17938.259 / (17938.259 + 181508.878)) | / | (17577.601 / (17577.601 + 172509.133)) |
| = | 0.08994 | / | 0.092471 |
| | = | 0.9726 |
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) |
| = | (6586.089 / 160352.779) | / | (9136.106 / 156042.328) |
| = | 0.041072 | / | 0.058549 |
| | = | 0.7015 |
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) |
| = | ((70423.418 + 98618.04) / 293785.061) | / | ((81910.179 + 81590.584) / 312590.995) |
| = | 0.575392 | / | 0.52305 |
| | = | 1.1001 |
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 |
| = | (-24192.52 - 0 | - | -7223.884) | / | 293785.061 |
| | = | -0.057759 |
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.
CKD Bio has a M-score of -1.78 suggests that the company is unlikely to be a manipulator.
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