Korchip Beneish M-Score Historical Data
The historical data trend for Korchip'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.
Korchip Beneish M-Score Chart
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Korchip Annual Data
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Trend |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.39 |
-1.30 |
-2.64 |
-2.63 |
-1.98 |
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Korchip Quarterly Data
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Dec11 |
Dec12 |
Dec13 |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec21 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.63 |
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-1.98 |
Competitive Comparison of Korchip's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Korchip'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.
Korchip's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Korchip's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Korchip's Beneish M-Score falls into.
Korchip 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 Korchip 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 * 1.6373 | + | 0.528 * 1.0031 | + | 0.404 * 0.5452 | + | 0.892 * 1.0139 | + | 0.115 * 1.0594 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2101 | + | 4.679 * -0.01883 | - | 0.327 * 0.3807 |
| = | -1.98 |
* 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 ₩6,932 Mil.
Revenue was ₩33,371 Mil.
Gross Profit was ₩9,738 Mil.
Total Current Assets was ₩38,600 Mil.
Total Assets was ₩62,000 Mil.
Property, Plant and Equipment(Net PPE) was ₩22,602 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,676 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,434 Mil.
Total Current Liabilities was ₩4,006 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,437 Mil.
Net Income was ₩3,230 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩4,397 Mil.
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Total Receivables was ₩4,176 Mil.
Revenue was ₩32,912 Mil.
Gross Profit was ₩9,634 Mil.
Total Current Assets was ₩18,482 Mil.
Total Assets was ₩37,495 Mil.
Property, Plant and Equipment(Net PPE) was ₩18,127 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,430 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,984 Mil.
Total Current Liabilities was ₩12,753 Mil.
Long-Term Debt & Capital Lease Obligation was ₩658 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) |
| = | (6931.973 / 33371.109) | / | (4175.575 / 32912.375) |
| = | 0.207724 | / | 0.126869 |
| | = | 1.6373 |
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) |
| = | (9633.801 / 32912.375) | / | (9738.078 / 33371.109) |
| = | 0.292711 | / | 0.291812 |
| | = | 1.0031 |
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 - (38599.927 + 22601.961) / 62000.491) | / | (1 - (18482.437 + 18127.118) / 37495.381) |
| = | 0.012881 | / | 0.023625 |
| | = | 0.5452 |
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 |
| = | 33371.109 | / | 32912.375 |
| | = | 1.0139 |
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)) |
| = | (1430.365 / (1430.365 + 18127.118)) | / | (1675.981 / (1675.981 + 22601.961)) |
| = | 0.073136 | / | 0.069033 |
| | = | 1.0594 |
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) |
| = | (2433.63 / 33371.109) | / | (1983.501 / 32912.375) |
| = | 0.072926 | / | 0.060266 |
| | = | 1.2101 |
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) |
| = | ((4437.078 + 4005.982) / 62000.491) | / | ((657.991 + 12752.859) / 37495.381) |
| = | 0.136177 | / | 0.357667 |
| | = | 0.3807 |
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 |
| = | (3229.562 - 0 | - | 4397.057) | / | 62000.491 |
| | = | -0.01883 |
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.
Korchip has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.
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