Okins Electronics Co (XKRX:080580) Beneish M-Score : -3.33 (As of Apr. 11, 2025)

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What is Okins Electronics 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 -3.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:080580' s Beneish M-Score Range Over the Past 10 Years
Min: -7.69 Med: -2.8 Max: -2.59
Current: -3.33

During the past 12 years, the highest Beneish M-Score of Okins Electronics Co was -2.59. The lowest was -7.69. And the median was -2.80.

Okins Electronics Co Beneish M-Score Historical Data

The historical data trend for Okins Electronics 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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Okins Electronics Co Beneish M-Score Chart

Okins Electronics Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.59

-2.80

-2.65

-2.69

-3.33

Okins Electronics 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															-2.69	-2.57	-2.71	-2.68	-3.33

Competitive Comparison of Okins Electronics Co's Beneish M-Score

For the Semiconductor Equipment & Materials subindustry, Okins Electronics 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.

Okins Electronics Co's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Okins Electronics Co's Beneish M-Score distribution charts can be found below:

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

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Okins Electronics 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 Okins Electronics 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 * 0.9875

0.528 * 0.9238

0.404 * 0.8509

0.892 * 1.1729

0.115 * 1.0045

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9749

4.679 * -0.184018

0.327 * 1.1045

-3.33

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩13,470 Mil.
Revenue was 17902.748 + 17126.475 + 16067.952 + 15582.503 = ₩66,680 Mil.
Gross Profit was 3605.313 + 2714.078 + 4170.855 + 3265.52 = ₩13,756 Mil.
Total Current Assets was ₩33,861 Mil.
Total Assets was ₩87,124 Mil.
Property, Plant and Equipment(Net PPE) was ₩42,811 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,890 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,919 Mil.
Total Current Liabilities was ₩46,490 Mil.
Long-Term Debt & Capital Lease Obligation was ₩8,203 Mil.
Net Income was -3656.05 + -1751.655 + -169.107 + 158.831 = ₩-5,418 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4584.585 + 1627.971 + 3080.547 + 1321.336 = ₩10,614 Mil.

Total Receivables was ₩11,630 Mil.
Revenue was 18649.47 + 13355.511 + 12564.835 + 12280.26 = ₩56,850 Mil.
Gross Profit was 2055.503 + 3085.554 + 2761.015 + 2932.739 = ₩10,835 Mil.
Total Current Assets was ₩41,168 Mil.
Total Assets was ₩91,450 Mil.
Property, Plant and Equipment(Net PPE) was ₩37,389 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩8,685 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,428 Mil.
Total Current Liabilities was ₩29,453 Mil.
Long-Term Debt & Capital Lease Obligation was ₩22,525 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)
	=	(13470.242 / 66679.678)	/	(11630.122 / 56850.076)
	=	0.202014	/	0.204575
	=	0.9875

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)
	=	(10834.811 / 56850.076)	/	(13755.766 / 66679.678)
	=	0.190586	/	0.206296
	=	0.9238

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 - (33861.005 + 42810.827) / 87124.14)	/	(1 - (41167.925 + 37389.15) / 91450.413)
	=	0.11997	/	0.140987
	=	0.8509

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
	=	66679.678	/	56850.076
	=	1.1729

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))
	=	(8684.972 / (8684.972 + 37389.15))	/	(9889.69 / (9889.69 + 42810.827))
	=	0.1885	/	0.187658
	=	1.0045

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)
	=	(3919.355 / 66679.678)	/	(3427.61 / 56850.076)
	=	0.058779	/	0.060292
	=	0.9749

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)
	=	((8203.109 + 46490.413) / 87124.14)	/	((22524.782 + 29453.421) / 91450.413)
	=	0.627765	/	0.568376
	=	1.1045

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
	=	(-5417.981 - 0	-	10614.439)	/	87124.14
	=	-0.184018

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.

Okins Electronics Co has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.

Okins Electronics Co Beneish M-Score Related Terms

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Okins Electronics Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Semiconductors » Okins Electronics Co Ltd (XKRX:080580) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

13, Ojeongongeop-gil, 5th Floor, Gyeonggi-do, Uiwang-si, KOR, 16072

Website

http://www.okins.co.kr

Okins Electronics Co Ltd is a supplier of the device interface system. The company manufactures BiTS products for the applications to support device contacts for both memory and logic products. The business units of the organization include BiTS BU, Semiconductor BU and MEMS BU. The product line of the BiTS BU includes burn-in socket, test socket, memory module test socket, SSD module socket, spring probes and PION. Its semiconductor test service offers IC testing services for fabless design houses on test development and volume operation of wafer probing and package testing. The MEMS division is a solution-oriented department for manufacturing sockets for testing fine pitch packages.

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