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Invites Biocore Co (XKRX:216400) Beneish M-Score : -3.16 (As of Apr. 10, 2025)


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What is Invites Biocore Co 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 -3.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Invites Biocore Co's Beneish M-Score or its related term are showing as below:

XKRX:216400' s Beneish M-Score Range Over the Past 10 Years
Min: -3.9   Med: -2.99   Max: -0.81
Current: -3.16

During the past 10 years, the highest Beneish M-Score of Invites Biocore Co was -0.81. The lowest was -3.90. And the median was -2.99.


Invites Biocore Co Beneish M-Score Historical Data

The historical data trend for Invites Biocore 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.

* Premium members only.

Invites Biocore Co Beneish M-Score Chart

Invites Biocore Co Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.33 -3.90 -0.81 -1.85 -3.16

Invites Biocore Co Semi-Annual Data
Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.33 -3.90 -0.81 -1.85 -3.16

Competitive Comparison of Invites Biocore Co's Beneish M-Score

For the Biotechnology subindustry, Invites Biocore 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.


Invites Biocore Co's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Invites Biocore Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Invites Biocore Co's Beneish M-Score falls into.


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Invites Biocore 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 Invites Biocore 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 * 0.8161+0.528 * 1.099+0.404 * 1.2466+0.892 * 0.9699+0.115 * 1.2333
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.557+4.679 * -0.153261-0.327 * 1.0707
=-3.16

* 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 ₩9,308 Mil.
Revenue was ₩21,646 Mil.
Gross Profit was ₩4,516 Mil.
Total Current Assets was ₩16,173 Mil.
Total Assets was ₩98,007 Mil.
Property, Plant and Equipment(Net PPE) was ₩6,422 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,505 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,049 Mil.
Total Current Liabilities was ₩52,649 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,756 Mil.
Net Income was ₩-7,981 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩7,040 Mil.
Total Receivables was ₩11,761 Mil.
Revenue was ₩22,319 Mil.
Gross Profit was ₩5,117 Mil.
Total Current Assets was ₩38,973 Mil.
Total Assets was ₩114,081 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,695 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,622 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,942 Mil.
Total Current Liabilities was ₩58,635 Mil.
Long-Term Debt & Capital Lease Obligation was ₩512 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)
=(9307.981 / 21645.709) / (11760.557 / 22318.543)
=0.430015 / 0.526941
=0.8161

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)
=(5117.066 / 22318.543) / (4515.73 / 21645.709)
=0.229274 / 0.20862
=1.099

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 - (16172.885 + 6421.973) / 98007.229) / (1 - (38972.676 + 4695.342) / 114081.41)
=0.769457 / 0.617221
=1.2466

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
=21645.709 / 22318.543
=0.9699

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))
=(3621.589 / (3621.589 + 4695.342)) / (3505.154 / (3505.154 + 6421.973))
=0.435448 / 0.353088
=1.2333

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)
=(1049.244 / 21645.709) / (1942.31 / 22318.543)
=0.048474 / 0.087027
=0.557

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)
=((1756.269 + 52649.1) / 98007.229) / ((511.848 + 58634.612) / 114081.41)
=0.555116 / 0.518458
=1.0707

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
=(-7981.016 - 0 - 7039.677) / 98007.229
=-0.153261

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.

Invites Biocore Co has a M-score of -3.16 suggests that the company is unlikely to be a manipulator.


Invites Biocore Co Beneish M-Score Related Terms

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Invites Biocore Co Business Description

Traded in Other Exchanges
N/A
Address
60-21, Gasan-dong, IT Mi-Rae Tower, 9th Floor, Geumcheon-gu, Seoul, KOR
Invites Biocore Co Ltd, formerly Biocore Co Ltd is a biotechnology company. It experiments on biological organism for pharmaceutical companies, CRO, health care institutions and to pharmaceutical related research centers.

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