LION CHEMTECH CO.LTD (XKRX:171120) Beneish M-Score : -2.12 (As of Apr. 24, 2025)

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What is LION CHEMTECH 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 -2.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for LION CHEMTECH CO.LTD's Beneish M-Score or its related term are showing as below:

XKRX:171120' s Beneish M-Score Range Over the Past 10 Years
Min: -3.43 Med: -2.27 Max: -1.42
Current: -2.12

During the past 13 years, the highest Beneish M-Score of LION CHEMTECH CO.LTD was -1.42. The lowest was -3.43. And the median was -2.27.

LION CHEMTECH CO.LTD Beneish M-Score Historical Data

The historical data trend for LION CHEMTECH 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.

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LION CHEMTECH CO.LTD Beneish M-Score Chart

LION CHEMTECH CO.LTD Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.35

-1.88

-3.43

-2.22

-2.12

LION CHEMTECH CO.LTD 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															-2.22	-2.23	-2.46	-2.75	-2.12

Competitive Comparison of LION CHEMTECH CO.LTD's Beneish M-Score

For the Specialty Chemicals subindustry, LION CHEMTECH 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.

LION CHEMTECH CO.LTD's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, LION CHEMTECH CO.LTD's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where LION CHEMTECH CO.LTD's Beneish M-Score falls into.

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LION CHEMTECH 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 LION CHEMTECH 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 * 1.2819

0.528 * 0.9687

0.404 * 0.4831

0.892 * 1.0843

0.115 * 1.1042

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9535

4.679 * 0.01807

0.327 * 0.5666

-2.12

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩19,244 Mil.
Revenue was 35486.016 + 37137.986 + 42755.357 + 26434.686 = ₩141,814 Mil.
Gross Profit was 6394.031 + 6308.625 + 9059.133 + 4877.194 = ₩26,639 Mil.
Total Current Assets was ₩79,120 Mil.
Total Assets was ₩152,948 Mil.
Property, Plant and Equipment(Net PPE) was ₩58,984 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,951 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,817 Mil.
Total Current Liabilities was ₩21,099 Mil.
Long-Term Debt & Capital Lease Obligation was ₩66 Mil.
Net Income was 3876.619 + 286.97 + 2555.888 + 2104.138 = ₩8,824 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -2013.187 + 5307.124 + 6162.084 + -3396.245 = ₩6,060 Mil.

Total Receivables was ₩13,844 Mil.
Revenue was 27361.64 + 32323.928 + 36730.177 + 34366.966 = ₩130,783 Mil.
Gross Profit was 2758.053 + 6624.875 + 7452.041 + 6963.073 = ₩23,798 Mil.
Total Current Assets was ₩76,931 Mil.
Total Assets was ₩170,954 Mil.
Property, Plant and Equipment(Net PPE) was ₩59,679 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,314 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,527 Mil.
Total Current Liabilities was ₩41,661 Mil.
Long-Term Debt & Capital Lease Obligation was ₩87 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)
	=	(19243.774 / 141814.045)	/	(13844.253 / 130782.711)
	=	0.135697	/	0.105857
	=	1.2819

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)
	=	(23798.042 / 130782.711)	/	(26638.983 / 141814.045)
	=	0.181966	/	0.187844
	=	0.9687

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 - (79120.39 + 58983.722) / 152947.867)	/	(1 - (76931.272 + 59678.705) / 170954.344)
	=	0.097051	/	0.200898
	=	0.4831

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
	=	141814.045	/	130782.711
	=	1.0843

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))
	=	(3314.483 / (3314.483 + 59678.705))	/	(2951.373 / (2951.373 + 58983.722))
	=	0.052617	/	0.047653
	=	1.1042

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)
	=	(8816.804 / 141814.045)	/	(8527.47 / 130782.711)
	=	0.062172	/	0.065203
	=	0.9535

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)
	=	((65.852 + 21098.533) / 152947.867)	/	((87.168 + 41660.995) / 170954.344)
	=	0.138376	/	0.244207
	=	0.5666

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
	=	(8823.615 - 0	-	6059.776)	/	152947.867
	=	0.01807

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.

LION CHEMTECH CO.LTD has a M-score of -2.12 suggests that the company is unlikely to be a manipulator.

LION CHEMTECH CO.LTD Beneish M-Score Related Terms

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LION CHEMTECH CO.LTD Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » LION CHEMTECH CO.LTD (XKRX:171120) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

36, Daedeokdae-ro, 1277 beon-gil, Daedeok-gu, Daejeon, KOR, 306220

Website

http://www.lion-chemtech.co.kr

LION CHEMTECH CO.LTD develops and markets artificial marble and synthetic wax. Its wax product portfolio includes PE wax, PP wax, Functional wax & EBS wax. Its marble portfolio includes TriStone; BlackStone mainly use in kitchen, bathroom, interior, and work of art; and accessories such as shower trays, bathtubs, sink bowls and wash basins, and adhesives.

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