Kolon Industries Beneish M-Score Historical Data
The historical data trend for Kolon Industries'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.
Kolon Industries Beneish M-Score Chart
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Kolon Industries Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.81 |
-2.43 |
-2.36 |
-2.74 |
-2.40 |
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Kolon Industries 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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-2.74 |
-2.67 |
-2.56 |
-2.77 |
-2.40 |
Competitive Comparison of Kolon Industries's Beneish M-Score
For the Chemicals subindustry, Kolon Industries'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.
Kolon Industries's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Kolon Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kolon Industries's Beneish M-Score falls into.
Kolon Industries 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 Kolon Industries 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 * 0.9861 | + | 0.528 * 1.0325 | + | 0.404 * 1.3324 | + | 0.892 * 1.0228 | + | 0.115 * 1.1134 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9781 | + | 4.679 * -0.026487 | - | 0.327 * 0.9071 |
| = | -2.40 |
* 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 ₩807,927 Mil.
Revenue was 1298319.097 + 1099510.474 + 1283977.648 + 1161195.912 = ₩4,843,003 Mil.
Gross Profit was 369841.478 + 290947.645 + 360296.428 + 302977.906 = ₩1,324,063 Mil.
Total Current Assets was ₩2,401,813 Mil.
Total Assets was ₩7,248,051 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,055,548 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩260,756 Mil.
Selling, General, & Admin. Expense(SGA) was ₩707,374 Mil.
Total Current Liabilities was ₩2,357,088 Mil.
Long-Term Debt & Capital Lease Obligation was ₩935,648 Mil.
Net Income was 48831.618 + -9362.155 + 41203.315 + 17933.33 = ₩98,606 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 125758.886 + 34247.689 + 176010.552 + -45431.02 = ₩290,586 Mil.
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Total Receivables was ₩801,015 Mil.
Revenue was 1225872.497 + 1062690.166 + 1287397.056 + 1158947.463 = ₩4,734,907 Mil.
Gross Profit was 383545.238 + 281789.221 + 365857.196 + 305388.943 = ₩1,336,581 Mil.
Total Current Assets was ₩2,288,259 Mil.
Total Assets was ₩6,002,719 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,601,439 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩249,590 Mil.
Selling, General, & Admin. Expense(SGA) was ₩707,074 Mil.
Total Current Liabilities was ₩2,417,412 Mil.
Long-Term Debt & Capital Lease Obligation was ₩588,978 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) |
| = | (807927.322 / 4843003.131) | / | (801014.524 / 4734907.182) |
| = | 0.166824 | / | 0.169172 |
| | = | 0.9861 |
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) |
| = | (1336580.598 / 4734907.182) | / | (1324063.457 / 4843003.131) |
| = | 0.282282 | / | 0.273397 |
| | = | 1.0325 |
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 - (2401813.499 + 3055548.046) / 7248051.156) | / | (1 - (2288259.192 + 2601439.265) / 6002718.765) |
| = | 0.247058 | / | 0.185419 |
| | = | 1.3324 |
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 |
| = | 4843003.131 | / | 4734907.182 |
| | = | 1.0228 |
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)) |
| = | (249589.643 / (249589.643 + 2601439.265)) | / | (260755.849 / (260755.849 + 3055548.046)) |
| = | 0.087544 | / | 0.078628 |
| | = | 1.1134 |
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) |
| = | (707373.997 / 4843003.131) | / | (707074.311 / 4734907.182) |
| = | 0.146061 | / | 0.149332 |
| | = | 0.9781 |
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) |
| = | ((935647.625 + 2357087.608) / 7248051.156) | / | ((588978.136 + 2417412.267) / 6002718.765) |
| = | 0.454292 | / | 0.500838 |
| | = | 0.9071 |
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 |
| = | (98606.108 - 0 | - | 290586.107) | / | 7248051.156 |
| | = | -0.026487 |
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.
Kolon Industries has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.
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