Seojin Automotive Co (XKRX:122690) Beneish M-Score : -2.89 (As of Jun. 16, 2024)

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What is Seojin Automotive Co 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:122690' s Beneish M-Score Range Over the Past 10 Years
Min: -4.4 Med: -2.7 Max: 1.19
Current: -2.89

During the past 13 years, the highest Beneish M-Score of Seojin Automotive Co was 1.19. The lowest was -4.40. And the median was -2.70.

Seojin Automotive Co Beneish M-Score Historical Data

The historical data trend for Seojin Automotive 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.

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Seojin Automotive Co Beneish M-Score Chart

Seojin Automotive Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.89

-3.21

-2.39

-2.75

-2.70

Seojin Automotive Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.83	-2.81	-2.70	-2.70	-2.89

Competitive Comparison of Seojin Automotive Co's Beneish M-Score

For the Auto Parts subindustry, Seojin Automotive 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.

Seojin Automotive Co's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Seojin Automotive Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Seojin Automotive Co's Beneish M-Score falls into.

Seojin Automotive 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 Seojin Automotive Co 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 * 0.8617

0.528 * 0.9537

0.404 * 0.8419

0.892 * 1.1421

0.115 * 1.2019

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8518

4.679 * -0.077093

0.327 * 1.0338

-2.89

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩289,428 Mil.
Revenue was 645823.574 + 733303.754 + 563866.85 + 585424.735 = ₩2,528,419 Mil.
Gross Profit was 47288.547 + 36413.671 + 45251.311 + 41428.716 = ₩170,382 Mil.
Total Current Assets was ₩616,402 Mil.
Total Assets was ₩1,368,691 Mil.
Property, Plant and Equipment(Net PPE) was ₩698,864 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩69,588 Mil.
Selling, General, & Admin. Expense(SGA) was ₩47,405 Mil.
Total Current Liabilities was ₩782,698 Mil.
Long-Term Debt & Capital Lease Obligation was ₩230,096 Mil.
Net Income was 3092.633 + 2374.112 + 2278.855 + 668.986 = ₩8,415 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 55634.556 + 57727.383 + -6482.033 + 7050.591 = ₩113,930 Mil.

Total Receivables was ₩294,065 Mil.
Revenue was 569335.245 + 603521.618 + 502800.313 + 538094.565 = ₩2,213,752 Mil.
Gross Profit was 38355.717 + 42648.485 + 27141.081 + 34120.794 = ₩142,266 Mil.
Total Current Assets was ₩517,684 Mil.
Total Assets was ₩1,095,019 Mil.
Property, Plant and Equipment(Net PPE) was ₩526,565 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩64,313 Mil.
Selling, General, & Admin. Expense(SGA) was ₩48,725 Mil.
Total Current Liabilities was ₩674,322 Mil.
Long-Term Debt & Capital Lease Obligation was ₩109,471 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)
	=	(289428.203 / 2528418.913)	/	(294064.872 / 2213751.741)
	=	0.11447	/	0.132836
	=	0.8617

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)
	=	(142266.077 / 2213751.741)	/	(170382.245 / 2528418.913)
	=	0.064265	/	0.067387
	=	0.9537

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 - (616401.722 + 698863.684) / 1368690.695)	/	(1 - (517683.7 + 526564.906) / 1095018.686)
	=	0.039034	/	0.046365
	=	0.8419

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
	=	2528418.913	/	2213751.741
	=	1.1421

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))
	=	(64312.969 / (64312.969 + 526564.906))	/	(69587.66 / (69587.66 + 698863.684))
	=	0.108843	/	0.090556
	=	1.2019

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)
	=	(47405.301 / 2528418.913)	/	(48724.977 / 2213751.741)
	=	0.018749	/	0.02201
	=	0.8518

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)
	=	((230095.644 + 782697.711) / 1368690.695)	/	((109471.473 + 674322.165) / 1095018.686)
	=	0.739972	/	0.715781
	=	1.0338

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
	=	(8414.586 - 0	-	113930.497)	/	1368690.695
	=	-0.077093

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.

Seojin Automotive Co has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.

Seojin Automotive Co Beneish M-Score Related Terms

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Seojin Automotive Co (XKRX:122690) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Seojin Automotive Co Ltd (XKRX:122690) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

1280-9 Jungwang-Dong, Siheung City, Kyunggi-Do, KOR, 140-892

Website

http://www.secoclutch.com

Seojin Automotive Co Ltd produces, supplies, and sells automobile clutches and components. Its products include clutch covers, discs, and facings; fly wheels; release bearings for passenger cars and commercial vehicles; and automatic transmission parts, including wet clutches, break bands, separator plates, lockup dumpers, drive plates, park pawls, signal plates, spring packs, drums, and disk jets.

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