Bluetop Co Beneish M-Score Historical Data
The historical data trend for Bluetop 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.
Bluetop Co Beneish M-Score Chart
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Bluetop Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.60 |
-2.73 |
-2.58 |
-2.36 |
-2.44 |
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Bluetop Co Semi-Annual Data
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Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.60 |
-2.73 |
-2.58 |
-2.36 |
-2.44 |
Competitive Comparison of Bluetop Co's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Bluetop 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.
Bluetop Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Bluetop Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bluetop Co's Beneish M-Score falls into.
Bluetop 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 Bluetop 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 * 0.9977 | + | 0.528 * 1.2563 | + | 0.404 * 1.4359 | + | 0.892 * 0.9451 | + | 0.115 * 1.0057 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9695 | + | 4.679 * -0.045484 | - | 0.327 * 1.028 |
| = | -2.44 |
* 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 (Dec23) TTM: |
Total Receivables was ₩10,727 Mil.
Revenue was ₩45,026 Mil.
Gross Profit was ₩5,278 Mil.
Total Current Assets was ₩23,305 Mil.
Total Assets was ₩45,367 Mil.
Property, Plant and Equipment(Net PPE) was ₩19,683 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,940 Mil.
Selling, General, & Admin. Expense(SGA) was ₩821 Mil.
Total Current Liabilities was ₩28,016 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,404 Mil.
Net Income was ₩-1,351 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩713 Mil.
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Total Receivables was ₩11,376 Mil.
Revenue was ₩47,642 Mil.
Gross Profit was ₩7,016 Mil.
Total Current Assets was ₩23,885 Mil.
Total Assets was ₩45,174 Mil.
Property, Plant and Equipment(Net PPE) was ₩19,640 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,948 Mil.
Selling, General, & Admin. Expense(SGA) was ₩896 Mil.
Total Current Liabilities was ₩27,587 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,847 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) |
| = | (10727.049 / 45026.364) | / | (11376.431 / 47641.599) |
| = | 0.238239 | / | 0.238792 |
| | = | 0.9977 |
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) |
| = | (7015.977 / 47641.599) | / | (5278.236 / 45026.364) |
| = | 0.147266 | / | 0.117225 |
| | = | 1.2563 |
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 - (23305.4 + 19682.878) / 45366.511) | / | (1 - (23884.885 + 19640.063) / 45174.223) |
| = | 0.052423 | / | 0.036509 |
| | = | 1.4359 |
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 |
| = | 45026.364 | / | 47641.599 |
| | = | 0.9451 |
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)) |
| = | (1948.206 / (1948.206 + 19640.063)) | / | (1940.287 / (1940.287 + 19682.878)) |
| = | 0.090244 | / | 0.089732 |
| | = | 1.0057 |
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) |
| = | (820.757 / 45026.364) | / | (895.767 / 47641.599) |
| = | 0.018228 | / | 0.018802 |
| | = | 0.9695 |
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) |
| = | ((3403.924 + 28015.728) / 45366.511) | / | ((2846.566 + 27587.202) / 45174.223) |
| = | 0.692574 | / | 0.673698 |
| | = | 1.028 |
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 |
| = | (-1350.642 - 0 | - | 712.809) | / | 45366.511 |
| | = | -0.045484 |
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.
Bluetop Co has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.
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