UNIPOINT Beneish M-Score Historical Data
The historical data trend for UNIPOINT'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.
UNIPOINT Beneish M-Score Chart
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UNIPOINT Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.87 |
-2.99 |
-2.89 |
-3.53 |
-3.28 |
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UNIPOINT Semi-Annual Data
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Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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|
|
-1.87 |
-2.99 |
-2.89 |
-3.53 |
-3.28 |
Competitive Comparison of UNIPOINT's Beneish M-Score
For the Information Technology Services subindustry, UNIPOINT'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.
UNIPOINT's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, UNIPOINT's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UNIPOINT's Beneish M-Score falls into.
UNIPOINT 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 UNIPOINT 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 * 1.1841 | + | 0.528 * 0.7879 | + | 0.404 * 0.9504 | + | 0.892 * 0.7052 | + | 0.115 * 0.8161 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3977 | + | 4.679 * -0.099916 | - | 0.327 * 1.0378 |
| = | -3.28 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₩10,372 Mil.
Revenue was ₩41,319 Mil.
Gross Profit was ₩5,869 Mil.
Total Current Assets was ₩18,536 Mil.
Total Assets was ₩22,422 Mil.
Property, Plant and Equipment(Net PPE) was ₩747 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩605 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,357 Mil.
Total Current Liabilities was ₩15,614 Mil.
Long-Term Debt & Capital Lease Obligation was ₩71 Mil.
Net Income was ₩-1,711 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩529 Mil.
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Total Receivables was ₩12,421 Mil.
Revenue was ₩58,593 Mil.
Gross Profit was ₩6,558 Mil.
Total Current Assets was ₩22,073 Mil.
Total Assets was ₩27,291 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,198 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩690 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,377 Mil.
Total Current Liabilities was ₩18,238 Mil.
Long-Term Debt & Capital Lease Obligation was ₩157 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) |
| = | (10371.866 / 41319.176) | / | (12420.849 / 58592.998) |
| = | 0.251018 | / | 0.211985 |
| | = | 1.1841 |
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) |
| = | (6557.522 / 58592.998) | / | (5868.834 / 41319.176) |
| = | 0.111916 | / | 0.142037 |
| | = | 0.7879 |
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 - (18536.149 + 746.83) / 22421.574) | / | (1 - (22073.295 + 1198.415) / 27291.192) |
| = | 0.139981 | / | 0.147281 |
| | = | 0.9504 |
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 |
| = | 41319.176 | / | 58592.998 |
| | = | 0.7052 |
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)) |
| = | (689.893 / (689.893 + 1198.415)) | / | (605.308 / (605.308 + 746.83)) |
| = | 0.36535 | / | 0.447667 |
| | = | 0.8161 |
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) |
| = | (1357.373 / 41319.176) | / | (1377.083 / 58592.998) |
| = | 0.032851 | / | 0.023503 |
| | = | 1.3977 |
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) |
| = | ((70.651 + 15613.661) / 22421.574) | / | ((157 + 18238.009) / 27291.192) |
| = | 0.699519 | / | 0.674027 |
| | = | 1.0378 |
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 |
| = | (-1711.422 - 0 | - | 528.852) | / | 22421.574 |
| | = | -0.099916 |
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.
UNIPOINT has a M-score of -3.28 suggests that the company is unlikely to be a manipulator.
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