Ajusteel Co Beneish M-Score Historical Data
The historical data trend for Ajusteel 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.
Ajusteel Co Beneish M-Score Chart
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Ajusteel Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-1.30 |
-2.81 |
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Ajusteel Co Quarterly Data
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Mar20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.88 |
-2.14 |
-2.38 |
-2.81 |
-2.87 |
Competitive Comparison of Ajusteel Co's Beneish M-Score
For the Steel subindustry, Ajusteel 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.
Ajusteel Co's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Ajusteel Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ajusteel Co's Beneish M-Score falls into.
Ajusteel 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 Ajusteel Co 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 * 1.1135 | + | 0.528 * 0.7688 | + | 0.404 * 1.0652 | + | 0.892 * 1.0254 | + | 0.115 * 0.9317 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0772 | + | 4.679 * -0.079818 | - | 0.327 * 1.0865 |
| = | -2.87 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩152,553 Mil.
Revenue was 248869.598 + 234971.446 + 277425.279 + 241521.993 = ₩1,002,788 Mil.
Gross Profit was 13704.3 + -1779.879 + 16201.964 + 18237.214 = ₩46,364 Mil.
Total Current Assets was ₩401,654 Mil.
Total Assets was ₩1,035,669 Mil.
Property, Plant and Equipment(Net PPE) was ₩586,430 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩26,444 Mil.
Selling, General, & Admin. Expense(SGA) was ₩23,795 Mil.
Total Current Liabilities was ₩553,346 Mil.
Long-Term Debt & Capital Lease Obligation was ₩262,160 Mil.
Net Income was -2637.978 + -21118.549 + -2109.56 + -2678.263 = ₩-28,544 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 31575.85 + -3186.497 + 31172.641 + -5441.016 = ₩54,121 Mil.
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Total Receivables was ₩133,608 Mil.
Revenue was 190695.721 + 214078.148 + 282079.401 + 291072.423 = ₩977,926 Mil.
Gross Profit was 5634.25 + -6626.816 + 12922.269 + 22829.955 = ₩34,760 Mil.
Total Current Assets was ₩381,078 Mil.
Total Assets was ₩845,915 Mil.
Property, Plant and Equipment(Net PPE) was ₩428,349 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩17,940 Mil.
Selling, General, & Admin. Expense(SGA) was ₩21,541 Mil.
Total Current Liabilities was ₩418,713 Mil.
Long-Term Debt & Capital Lease Obligation was ₩194,358 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) |
| = | (152553.489 / 1002788.316) | / | (133607.681 / 977925.693) |
| = | 0.152129 | / | 0.136624 |
| | = | 1.1135 |
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) |
| = | (34759.658 / 977925.693) | / | (46363.599 / 1002788.316) |
| = | 0.035544 | / | 0.046235 |
| | = | 0.7688 |
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 - (401654.499 + 586429.767) / 1035668.673) | / | (1 - (381078.153 + 428349.101) / 845915.289) |
| = | 0.045946 | / | 0.043134 |
| | = | 1.0652 |
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 |
| = | 1002788.316 | / | 977925.693 |
| | = | 1.0254 |
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)) |
| = | (17939.743 / (17939.743 + 428349.101)) | / | (26443.533 / (26443.533 + 586429.767)) |
| = | 0.040198 | / | 0.043147 |
| | = | 0.9317 |
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) |
| = | (23795.376 / 1002788.316) | / | (21541.433 / 977925.693) |
| = | 0.023729 | / | 0.022028 |
| | = | 1.0772 |
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) |
| = | ((262160.421 + 553345.928) / 1035668.673) | / | ((194358.048 + 418712.822) / 845915.289) |
| = | 0.78742 | / | 0.724743 |
| | = | 1.0865 |
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 |
| = | (-28544.35 - 0 | - | 54120.978) | / | 1035668.673 |
| | = | -0.079818 |
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.
Ajusteel Co has a M-score of -2.87 suggests that the company is unlikely to be a manipulator.
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