Ycchem Co Beneish M-Score Historical Data
The historical data trend for Ycchem 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.
Ycchem Co Beneish M-Score Chart
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Ycchem Co Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.31 |
-2.80 |
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Ycchem Co Quarterly Data
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Dec20 |
Mar21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.31 |
-1.87 |
-1.57 |
-2.21 |
-2.80 |
Competitive Comparison of Ycchem Co's Beneish M-Score
For the Specialty Chemicals subindustry, Ycchem 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.
Ycchem Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Ycchem Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ycchem Co's Beneish M-Score falls into.
Ycchem 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 Ycchem Co 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 * 1.1769 | + | 0.528 * 0.9588 | + | 0.404 * 0.6963 | + | 0.892 * 1.129 | + | 0.115 * 1.0143 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0731 | + | 4.679 * -0.077889 | - | 0.327 * 1.2493 |
| = | -2.80 |
* 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 ₩7,782 Mil.
Revenue was 18295.959 + 18507.102 + 17603.825 + 15896.062 = ₩70,303 Mil.
Gross Profit was 3624.156 + 3084.434 + 2825.665 + 1955.456 = ₩11,490 Mil.
Total Current Assets was ₩43,549 Mil.
Total Assets was ₩116,280 Mil.
Property, Plant and Equipment(Net PPE) was ₩67,160 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,130 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,981 Mil.
Total Current Liabilities was ₩50,569 Mil.
Long-Term Debt & Capital Lease Obligation was ₩20,907 Mil.
Net Income was -5624.967 + -5691.324 + -1812.039 + -2860.897 = ₩-15,989 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -2366.749 + 227.585 + -2267.54 + -2525.531 = ₩-6,932 Mil.
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Total Receivables was ₩5,857 Mil.
Revenue was 14947.083 + 14798.691 + 16115.275 + 16410.63 = ₩62,272 Mil.
Gross Profit was 1109.369 + 1986.079 + 3160.72 + 3501.447 = ₩9,758 Mil.
Total Current Assets was ₩47,463 Mil.
Total Assets was ₩119,569 Mil.
Property, Plant and Equipment(Net PPE) was ₩63,879 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,954 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,937 Mil.
Total Current Liabilities was ₩41,643 Mil.
Long-Term Debt & Capital Lease Obligation was ₩17,186 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) |
| = | (7782.337 / 70302.948) | / | (5857.424 / 62271.679) |
| = | 0.110697 | / | 0.094062 |
| | = | 1.1769 |
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) |
| = | (9757.615 / 62271.679) | / | (11489.711 / 70302.948) |
| = | 0.156694 | / | 0.163431 |
| | = | 0.9588 |
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 - (43548.942 + 67160.189) / 116280.165) | / | (1 - (47462.577 + 63878.643) / 119568.598) |
| = | 0.04791 | / | 0.068809 |
| | = | 0.6963 |
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 |
| = | 70302.948 | / | 62271.679 |
| | = | 1.129 |
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)) |
| = | (4954.291 / (4954.291 + 63878.643)) | / | (5129.987 / (5129.987 + 67160.189)) |
| = | 0.071976 | / | 0.070964 |
| | = | 1.0143 |
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) |
| = | (5980.915 / 70302.948) | / | (4936.663 / 62271.679) |
| = | 0.085073 | / | 0.079276 |
| | = | 1.0731 |
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) |
| = | ((20906.645 + 50569.152) / 116280.165) | / | ((17185.672 + 41643.398) / 119568.598) |
| = | 0.614686 | / | 0.492011 |
| | = | 1.2493 |
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 |
| = | (-15989.227 - 0 | - | -6932.235) | / | 116280.165 |
| | = | -0.077889 |
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.
Ycchem Co has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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