ADM Korea Beneish M-Score Historical Data
The historical data trend for ADM Korea'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.
ADM Korea Beneish M-Score Chart
|
ADM Korea Annual Data
|
|
Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
- |
- |
- |
-2.35 |
-0.38 |
|
ADM Korea Quarterly Data
|
|
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
|
|
|
|
|
|
|
|
|
-2.17 |
0.51 |
-1.02 |
-0.38 |
-1.77 |
Competitive Comparison of ADM Korea's Beneish M-Score
For the Medical Care Facilities subindustry, ADM Korea'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.
ADM Korea's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, ADM Korea's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ADM Korea's Beneish M-Score falls into.
ADM Korea 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 ADM Korea 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 | + | 0.528 * 1.4379 | + | 0.404 * 6.1618 | + | 0.892 * 0.8688 | + | 0.115 * 0.2867 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.7411 | + | 4.679 * -0.029893 | - | 0.327 * 1.1331 |
| = | -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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩0 Mil.
Revenue was 2932.547 + 2746.517 + 3255.179 + 4181.404 = ₩13,116 Mil.
Gross Profit was -151.572 + 315.967 + 736.575 + 1491.094 = ₩2,392 Mil.
Total Current Assets was ₩25,000 Mil.
Total Assets was ₩43,465 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,236 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,622 Mil.
Total Current Liabilities was ₩16,051 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was -1396.389 + -1191.05 + -804.751 + -408.801 = ₩-3,801 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + -3565.925 + 706.101 + 358.108 = ₩-2,502 Mil.
|
Total Receivables was ₩4,424 Mil.
Revenue was 3607.096 + 3513.653 + 4018.326 + 3956.52 = ₩15,096 Mil.
Gross Profit was 672.867 + 837.957 + 1250.653 + 1197.373 = ₩3,959 Mil.
Total Current Assets was ₩40,236 Mil.
Total Assets was ₩46,406 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,971 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,194 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,101 Mil.
Total Current Liabilities was ₩14,777 Mil.
Long-Term Debt & Capital Lease Obligation was ₩347 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 / 13115.647) | / | (4423.919 / 15095.595) |
| = | 0 | / | 0.29306 |
| | = | 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) |
| = | (3958.85 / 15095.595) | / | (2392.064 / 13115.647) |
| = | 0.262252 | / | 0.182382 |
| | = | 1.4379 |
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 - (25000.186 + 0) / 43464.818) | / | (1 - (40236.193 + 2970.569) / 46406.17) |
| = | 0.424818 | / | 0.068944 |
| | = | 6.1618 |
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 |
| = | 13115.647 | / | 15095.595 |
| | = | 0.8688 |
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)) |
| = | (1193.88 / (1193.88 + 2970.569)) | / | (1235.639 / (1235.639 + 0)) |
| = | 0.286684 | / | 1 |
| | = | 0.2867 |
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) |
| = | (2621.97 / 13115.647) | / | (1100.929 / 15095.595) |
| = | 0.199912 | / | 0.07293 |
| | = | 2.7411 |
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 + 16051.015) / 43464.818) | / | ((346.909 + 14776.934) / 46406.17) |
| = | 0.369288 | / | 0.325902 |
| | = | 1.1331 |
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 |
| = | (-3800.991 - 0 | - | -2501.716) | / | 43464.818 |
| | = | -0.029893 |
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.
ADM Korea has a M-score of -1.77 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
XKRX:187660 has been successfully added to your