Wins Co.Ltd (XKRX:136540) Beneish M-Score : -2.77 (As of May. 21, 2024)

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What is Wins Co.Ltd 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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:136540' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.59 Max: -1.52
Current: -2.77

During the past 13 years, the highest Beneish M-Score of Wins Co.Ltd was -1.52. The lowest was -3.07. And the median was -2.59.

Wins Co.Ltd Beneish M-Score Historical Data

The historical data trend for Wins Co.Ltd'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.

* Premium members only.

Wins Co.Ltd Beneish M-Score Chart

Wins Co.Ltd Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.13

-3.07

-2.30

-2.59

-2.77

Wins Co.Ltd 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															-2.75	-2.66	-2.59	-2.77	-

Competitive Comparison of Wins Co.Ltd's Beneish M-Score

For the Information Technology Services subindustry, Wins Co.Ltd'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.

Wins Co.Ltd's Beneish M-Score Distribution in the Software Industry

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

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

Wins Co.Ltd 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 Wins Co.Ltd 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

0.528 * 1.0667

0.404 * 1.5669

0.892 * 1.0947

0.115 * 0.1404

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2393

4.679 * -0.028025

0.327 * 1.1469

-3.37

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩0 Mil.
Revenue was 23744.5 + 37666.705 + 20210.754 + 30526.427 = ₩112,148 Mil.
Gross Profit was 10964.899 + 15687.208 + 9509.854 + 15583.209 = ₩51,745 Mil.
Total Current Assets was ₩145,645 Mil.
Total Assets was ₩212,201 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,879 Mil.
Selling, General, & Admin. Expense(SGA) was ₩12,440 Mil.
Total Current Liabilities was ₩20,595 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 4862.459 + 7314.129 + 3906.221 + 7553.102 = ₩23,636 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 14087.723 + 4285.202 + 11209.87 = ₩29,583 Mil.

Total Receivables was ₩11,918 Mil.
Revenue was 18450.652 + 42155.079 + 18861.221 + 22982.55 = ₩102,450 Mil.
Gross Profit was 8111.545 + 19796.279 + 9873.792 + 12641.364 = ₩50,423 Mil.
Total Current Assets was ₩126,686 Mil.
Total Assets was ₩191,080 Mil.
Property, Plant and Equipment(Net PPE) was ₩26,146 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,270 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,169 Mil.
Total Current Liabilities was ₩15,753 Mil.
Long-Term Debt & Capital Lease Obligation was ₩416 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)
	=	(0 / 112148.386)	/	(11918.24 / 102449.502)
	=	0	/	0.116333
	=	0

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)
	=	(50422.98 / 102449.502)	/	(51745.17 / 112148.386)
	=	0.492174	/	0.461399
	=	1.0667

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 - (145645.431 + 0) / 212201.316)	/	(1 - (126685.945 + 26145.572) / 191080.277)
	=	0.313645	/	0.200171
	=	1.5669

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
	=	112148.386	/	102449.502
	=	1.0947

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))
	=	(4269.999 / (4269.999 + 26145.572))	/	(2879.004 / (2879.004 + 0))
	=	0.140389	/	1
	=	0.1404

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)
	=	(12439.584 / 112148.386)	/	(9169.345 / 102449.502)
	=	0.110921	/	0.089501
	=	1.2393

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)
	=	((0 + 20594.58) / 212201.316)	/	((416.481 + 15752.506) / 191080.277)
	=	0.097052	/	0.084619
	=	1.1469

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
	=	(23635.911 - 0	-	29582.795)	/	212201.316
	=	-0.028025

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.

Wins Co.Ltd has a M-score of -3.37 suggests that the company is unlikely to be a manipulator.

Wins Co.Ltd Beneish M-Score Related Terms

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Wins Co.Ltd (XKRX:136540) Business Description

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GURUFOCUS.COM » STOCK LIST » Technology » Software » Wins Co.Ltd (XKRX:136540) » Definitions » Beneish M-Score

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Address

228, Pangyo-ro, 15 Pangyo Seven Venture Valley, Bundang-gu, Gyeonggi-do, 4th Floor, Winsu- dong, Seongnam, Gyeonggi, KOR, 463-400

Website

http://www.wins21.com

Wins Co.Ltd is an information protection company. It develops information security solution, and network security software. It operates in the field of network security and provides intrusion prevention system, DDoS attack countermeasure solution, intelligent attack countermeasure solution, integrated threat management solution, and firewall. Its also offers services such as security control, consulting..

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