DIT Beneish M-Score Historical Data
The historical data trend for DIT'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.
DIT Beneish M-Score Chart
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DIT Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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0.86 |
0.89 |
-2.04 |
-2.00 |
-2.85 |
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DIT Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.00 |
-1.44 |
-2.29 |
-3.25 |
-2.85 |
Competitive Comparison of DIT's Beneish M-Score
For the Electronic Components subindustry, DIT'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.
DIT's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, DIT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DIT's Beneish M-Score falls into.
DIT 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 DIT 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 * 1.0701 | + | 0.528 * 0.4532 | + | 0.404 * 0.9541 | + | 0.892 * 1.0896 | + | 0.115 * 1.0504 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2716 | + | 4.679 * -0.038114 | - | 0.327 * 0.9551 |
| = | -2.85 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₩20,424 Mil.
Revenue was 49237.983 + 16488.42 + 30738.777 + 20190.213 = ₩116,655 Mil.
Gross Profit was 21011.247 + 4809.606 + 9506.856 + 6475.026 = ₩41,803 Mil.
Total Current Assets was ₩194,426 Mil.
Total Assets was ₩240,860 Mil.
Property, Plant and Equipment(Net PPE) was ₩23,160 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,238 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,730 Mil.
Total Current Liabilities was ₩26,717 Mil.
Long-Term Debt & Capital Lease Obligation was ₩181 Mil.
Net Income was 12481.134 + 4009.171 + 7715.208 + 4724.018 = ₩28,930 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 10307.569 + 8423.103 + 20351.738 + -972.783 = ₩38,110 Mil.
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Total Receivables was ₩17,516 Mil.
Revenue was 35446.674 + 30842.872 + 16663.468 + 24108.28 = ₩107,061 Mil.
Gross Profit was 8352.699 + 6097.569 + 1449.875 + 1487.829 = ₩17,388 Mil.
Total Current Assets was ₩168,030 Mil.
Total Assets was ₩211,851 Mil.
Property, Plant and Equipment(Net PPE) was ₩22,365 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,260 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,301 Mil.
Total Current Liabilities was ₩24,625 Mil.
Long-Term Debt & Capital Lease Obligation was ₩146 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) |
| = | (20424.284 / 116655.393) | / | (17516.265 / 107061.294) |
| = | 0.175082 | / | 0.16361 |
| | = | 1.0701 |
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) |
| = | (17387.972 / 107061.294) | / | (41802.735 / 116655.393) |
| = | 0.162411 | / | 0.358344 |
| | = | 0.4532 |
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 - (194426.387 + 23160.054) / 240859.868) | / | (1 - (168030.065 + 22365.089) / 211851.147) |
| = | 0.096626 | / | 0.101279 |
| | = | 0.9541 |
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 |
| = | 116655.393 | / | 107061.294 |
| | = | 1.0896 |
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)) |
| = | (1259.602 / (1259.602 + 22365.089)) | / | (1238.459 / (1238.459 + 23160.054)) |
| = | 0.053317 | / | 0.05076 |
| | = | 1.0504 |
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) |
| = | (8730.06 / 116655.393) | / | (6300.504 / 107061.294) |
| = | 0.074836 | / | 0.05885 |
| | = | 1.2716 |
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) |
| = | ((180.796 + 26717.173) / 240859.868) | / | ((146.223 + 24624.679) / 211851.147) |
| = | 0.111675 | / | 0.116926 |
| | = | 0.9551 |
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 |
| = | (28929.531 - 0 | - | 38109.627) | / | 240859.868 |
| | = | -0.038114 |
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.
DIT has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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