Nobland International Beneish M-Score Historical Data
The historical data trend for Nobland International'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.
Nobland International Beneish M-Score Chart
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Nobland International Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.77 |
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Nobland International Quarterly Data
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Dec20 |
Dec21 |
Dec22 |
Jun23 |
Sep23 |
Dec23 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.77 |
Competitive Comparison of Nobland International's Beneish M-Score
For the Apparel Manufacturing subindustry, Nobland International'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.
Nobland International's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Nobland International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Nobland International's Beneish M-Score falls into.
Nobland International 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 Nobland International 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 * 0.7601 | + | 0.528 * 1.1311 | + | 0.404 * 2.0296 | + | 0.892 * 1.4554 | + | 0.115 * 0.8418 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1836 | + | 4.679 * 0.015883 | - | 0.327 * 0.9671 |
| = | -1.77 |
* 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 (Sep23) TTM: |
Total Receivables was ₩89,517 Mil.
Revenue was 129831.299 + 143227.739 + 123470.057 + 95345.422 = ₩491,875 Mil.
Gross Profit was 12441.838 + 28368.952 + 17011.272 + 11992.53 = ₩69,815 Mil.
Total Current Assets was ₩272,934 Mil.
Total Assets was ₩393,903 Mil.
Property, Plant and Equipment(Net PPE) was ₩84,440 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,905 Mil.
Selling, General, & Admin. Expense(SGA) was ₩13,689 Mil.
Total Current Liabilities was ₩176,872 Mil.
Long-Term Debt & Capital Lease Obligation was ₩51,704 Mil.
Net Income was -9078.216 + 6105.71 + -22008.122 + -3978.08 = ₩-28,959 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -13317.558 + 6017.588 + 0 + -27915.054 = ₩-35,215 Mil.
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Total Receivables was ₩80,920 Mil.
Revenue was 134723.897 + 108413.974 + 94822.646 + 0 = ₩337,961 Mil.
Gross Profit was 24146.049 + 14401.801 + 15710.088 + 0 = ₩54,258 Mil.
Total Current Assets was ₩205,534 Mil.
Total Assets was ₩282,964 Mil.
Property, Plant and Equipment(Net PPE) was ₩64,501 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,383 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,947 Mil.
Total Current Liabilities was ₩133,085 Mil.
Long-Term Debt & Capital Lease Obligation was ₩36,698 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) |
| = | (89516.614 / 491874.517) | / | (80919.95 / 337960.517) |
| = | 0.181991 | / | 0.239436 |
| | = | 0.7601 |
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) |
| = | (54257.938 / 337960.517) | / | (69814.592 / 491874.517) |
| = | 0.160545 | / | 0.141936 |
| | = | 1.1311 |
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 - (272934.186 + 84440.253) / 393902.963) | / | (1 - (205533.845 + 64500.625) / 282963.711) |
| = | 0.092735 | / | 0.045692 |
| | = | 2.0296 |
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 |
| = | 491874.517 | / | 337960.517 |
| | = | 1.4554 |
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)) |
| = | (4383.064 / (4383.064 + 64500.625)) | / | (6904.578 / (6904.578 + 84440.253)) |
| = | 0.06363 | / | 0.075588 |
| | = | 0.8418 |
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) |
| = | (13689.301 / 491874.517) | / | (7946.731 / 337960.517) |
| = | 0.027831 | / | 0.023514 |
| | = | 1.1836 |
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) |
| = | ((51704.075 + 176872.005) / 393902.963) | / | ((36697.547 + 133085.059) / 282963.711) |
| = | 0.580285 | / | 0.600015 |
| | = | 0.9671 |
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 |
| = | (-28958.708 - 0 | - | -35215.024) | / | 393902.963 |
| | = | 0.015883 |
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.
Nobland International has a M-score of -1.77 signals that the company is likely to be a manipulator.
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