SECUVE Co (XKRX:131090) Beneish M-Score : -2.72 (As of Apr. 16, 2025)

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What is SECUVE 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 -2.72 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:131090' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.77 Max: -1.74
Current: -2.72

During the past 13 years, the highest Beneish M-Score of SECUVE Co was -1.74. The lowest was -3.33. And the median was -2.77.

SECUVE Co Beneish M-Score Historical Data

The historical data trend for SECUVE 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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SECUVE Co Beneish M-Score Chart

SECUVE Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.33

-2.11

-3.28

-1.74

-2.72

SECUVE Co Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-1.74	-1.66	-2.29	-2.30	-2.72

Competitive Comparison of SECUVE Co's Beneish M-Score

For the Software - Infrastructure subindustry, SECUVE 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.

SECUVE Co's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, SECUVE Co's Beneish M-Score distribution charts can be found below:

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

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SECUVE 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 SECUVE 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 * 0.8589

0.528 * 0.962

0.404 * 1.1311

0.892 * 0.8359

0.115 * 0.8578

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4931

4.679 * -0.001829

0.327 * 0.6562

-2.72

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩2,927 Mil.
Revenue was 4648.49 + 2533.069 + 3040.86 + 1853.237 = ₩12,076 Mil.
Gross Profit was 4344.568 + 2162.095 + 2603.348 + 1599.638 = ₩10,710 Mil.
Total Current Assets was ₩43,144 Mil.
Total Assets was ₩48,532 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,815 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩462 Mil.
Selling, General, & Admin. Expense(SGA) was ₩918 Mil.
Total Current Liabilities was ₩2,222 Mil.
Long-Term Debt & Capital Lease Obligation was ₩275 Mil.
Net Income was 1541.33 + 648.087 + 685.846 + 152.161 = ₩3,027 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 639.122 + 1063.913 + 514.367 + 898.796 = ₩3,116 Mil.

Total Receivables was ₩4,077 Mil.
Revenue was 6575.977 + 3357.937 + 2617.16 + 1894.597 = ₩14,446 Mil.
Gross Profit was 5456.908 + 3038.353 + 2266.702 + 1563.317 = ₩12,325 Mil.
Total Current Assets was ₩43,304 Mil.
Total Assets was ₩48,915 Mil.
Property, Plant and Equipment(Net PPE) was ₩5,100 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩414 Mil.
Selling, General, & Admin. Expense(SGA) was ₩735 Mil.
Total Current Liabilities was ₩3,570 Mil.
Long-Term Debt & Capital Lease Obligation was ₩266 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)
	=	(2927.436 / 12075.656)	/	(4077.237 / 14445.671)
	=	0.242425	/	0.282246
	=	0.8589

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)
	=	(12325.28 / 14445.671)	/	(10709.649 / 12075.656)
	=	0.853216	/	0.886879
	=	0.962

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 - (43143.539 + 4814.818) / 48531.987)	/	(1 - (43304.23 + 5099.566) / 48914.949)
	=	0.01182	/	0.01045
	=	1.1311

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
	=	12075.656	/	14445.671
	=	0.8359

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))
	=	(414.277 / (414.277 + 5099.566))	/	(462.236 / (462.236 + 4814.818))
	=	0.075134	/	0.087594
	=	0.8578

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)
	=	(917.858 / 12075.656)	/	(735.394 / 14445.671)
	=	0.076009	/	0.050908
	=	1.4931

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)
	=	((274.866 + 2222.479) / 48531.987)	/	((266.273 + 3569.597) / 48914.949)
	=	0.051458	/	0.078419
	=	0.6562

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
	=	(3027.424 - 0	-	3116.198)	/	48531.987
	=	-0.001829

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.

SECUVE Co has a M-score of -2.72 suggests that the company is unlikely to be a manipulator.

SECUVE Co Beneish M-Score Related Terms

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SECUVE Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » SECUVE Co Ltd (XKRX:131090) » Definitions » Beneish M-Score

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Address

1010, Samsung IT Valley, 197-5, Guro 3(sam)-dong, Guro-gu, Seoul, KOR, 152-848

Website

http://www.secuve.com

SECUVE Co Ltd commercialized Secure OS technology for the first time in Korea and is first in terms of market share in the industry as an information protection total solution company. The company also provides iGRIFFIN, an identity and access management solution for consolidated account management and access control; and LogGRIFFIN, a big data analysis and log management solution.

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