Hydro Lithium (XKRX:101670) Beneish M-Score : -5.07 (As of Dec. 15, 2024)

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What is Hydro Lithium 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 -5.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:101670' s Beneish M-Score Range Over the Past 10 Years
Min: -5.07 Med: -2.14 Max: 9.82
Current: -5.07

During the past 13 years, the highest Beneish M-Score of Hydro Lithium was 9.82. The lowest was -5.07. And the median was -2.14.

Hydro Lithium Beneish M-Score Historical Data

The historical data trend for Hydro Lithium'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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Hydro Lithium Beneish M-Score Chart

Hydro Lithium Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.95

-0.18

-1.11

-0.58

-1.26

Hydro Lithium Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															9.82	-1.26	-2.12	-4.91	-5.07

Competitive Comparison of Hydro Lithium's Beneish M-Score

For the Steel subindustry, Hydro Lithium'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.

Hydro Lithium's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Hydro Lithium's Beneish M-Score distribution charts can be found below:

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

Hydro Lithium 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 Hydro Lithium 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 * 0.3463

0.528 * 1.5225

0.404 * 0.8284

0.892 * 0.4369

0.115 * 2.7688

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.0056

4.679 * -0.432495

0.327 * 0.0878

-5.07

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₩8,495 Mil.
Revenue was 467.34 + 2609.696 + 2242.392 + 4704.698 = ₩10,024 Mil.
Gross Profit was -10.303 + 269.459 + 497.65 + 284.279 = ₩1,041 Mil.
Total Current Assets was ₩32,141 Mil.
Total Assets was ₩117,173 Mil.
Property, Plant and Equipment(Net PPE) was ₩81,695 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩943 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,729 Mil.
Total Current Liabilities was ₩2,303 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,703 Mil.
Net Income was 21999.198 + -4208.501 + -2906.118 + -31020.457 = ₩-16,136 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4869.4 + -2148.404 + -3454.698 + 35274.584 = ₩34,541 Mil.

Total Receivables was ₩56,153 Mil.
Revenue was 5376.993 + 8269.516 + 5195.354 + 4102.721 = ₩22,945 Mil.
Gross Profit was 579.837 + 1541.916 + 663.947 + 842.421 = ₩3,628 Mil.
Total Current Assets was ₩132,547 Mil.
Total Assets was ₩161,062 Mil.
Property, Plant and Equipment(Net PPE) was ₩22,978 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩750 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,397 Mil.
Total Current Liabilities was ₩32,883 Mil.
Long-Term Debt & Capital Lease Obligation was ₩76,746 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)
	=	(8494.796 / 10024.126)	/	(56152.681 / 22944.584)
	=	0.847435	/	2.447317
	=	0.3463

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)
	=	(3628.121 / 22944.584)	/	(1041.085 / 10024.126)
	=	0.158125	/	0.103858
	=	1.5225

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 - (32141.158 + 81694.809) / 117173.127)	/	(1 - (132546.867 + 22977.533) / 161061.898)
	=	0.028481	/	0.034381
	=	0.8284

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
	=	10024.126	/	22944.584
	=	0.4369

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))
	=	(749.726 / (749.726 + 22977.533))	/	(943.058 / (943.058 + 81694.809))
	=	0.031598	/	0.011412
	=	2.7688

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)
	=	(4728.622 / 10024.126)	/	(5396.532 / 22944.584)
	=	0.471724	/	0.235199
	=	2.0056

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)
	=	((4703.313 + 2302.799) / 117173.127)	/	((76745.815 + 32882.943) / 161061.898)
	=	0.059793	/	0.680662
	=	0.0878

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
	=	(-16135.878 - 0	-	34540.882)	/	117173.127
	=	-0.432495

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.

Hydro Lithium has a M-score of -5.07 suggests that the company is unlikely to be a manipulator.

Hydro Lithium Beneish M-Score Related Terms

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Hydro Lithium Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Hydro Lithium Inc (XKRX:101670) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

744-27 Moonhyung-ri, Opo-eup, Gyangju, KOR, 464-894

Website

http://www.korease.co.kr

Hydro Lithium Inc is a Korea-based company mainly engaged in the manufacture of construction supplies. The company's products include permanent anchors, which are used for slope reinforcement; tie cables, which are used for falsework protection; caisson lift lugs, which are used for caisson manufacturing; bridge stay cables, which are used for overhead walkways, as well as prestressed anchor panel (PAP) retaining walls, which are used for slope reinforcement.

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