Aplus Asset Advisor Co (XKRX:244920) Beneish M-Score: -2.33 (As of Jul. 27, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

XKRX:244920 Aplus Asset Advisor Co Ltd XKRX:244920
85 GF Score
Price ₩11,740.00
GF Value ₩8,160.27
Valuation Significantly Overvalued
View Full Analysis

What is Aplus Asset Advisor Co Beneish M-Score?

Aplus Asset Advisor Co XKRX:244920 -2.98% 85 Beneish M-Score is -2.33 as of Jul. 27, 2026. GuruFocus rates XKRX:244920 with a GF Score™ of 85/100 and a GF Value™ of ₩8,160.27 (Significantly Overvalued). Among 399 Insurance companies, Aplus Asset Advisor Co ranks worse than 67.17% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:244920' s Beneish M-Score Range Over the Past 10 Years
Min: -4.25   Med: -2.33   Max: -0.05
Current: -2.33

During the past 8 years, the highest Beneish M-Score of Aplus Asset Advisor Co was -0.05. The lowest was -4.25. And the median was -2.33.

XKRX:244920
85GF Score
Aplus Asset Advisor Co Ltd XKRX:244920
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Aplus Asset Advisor 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 Aplus Asset Advisor 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 * 0.9182+0.528 * 0.9912+0.404 * 1.003+0.892 * 1.2841+0.115 * 0.8629
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0351+4.679 * -0.017396-0.327 * 0.7513
=-2.33

* 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 (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ₩97,984 Mil.
Revenue was 186597.645 + 180749.588 + 176006.026 + 167423.666 = ₩710,777 Mil.
Gross Profit was 119453.554 + 350792.202 + 111897.05 + 105266.457 = ₩687,409 Mil.
Total Current Assets was ₩0 Mil.
Total Assets was ₩533,285 Mil.
Property, Plant and Equipment(Net PPE) was ₩74,276 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩29,965 Mil.
Selling, General, & Admin. Expense(SGA) was ₩552,725 Mil.
Total Current Liabilities was ₩0 Mil.
Long-Term Debt & Capital Lease Obligation was ₩17,918 Mil.
Net Income was 12146.383 + 5766.865 + 4839.393 + 5861.725 = ₩28,614 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 18116.254 + 12581.879 + 6864.442 + 328.746 = ₩37,891 Mil.
 Total Receivables was ₩83,103 Mil.
Revenue was 158287.276 + 146651.474 + 137523.529 + 111041.691 = ₩553,504 Mil.
Gross Profit was 97179.463 + 279964.965 + 86473.746 + 66957.378 = ₩530,576 Mil.
Total Current Assets was ₩0 Mil.
Total Assets was ₩492,129 Mil.
Property, Plant and Equipment(Net PPE) was ₩69,814 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩23,029 Mil.
Selling, General, & Admin. Expense(SGA) was ₩415,817 Mil.
Total Current Liabilities was ₩0 Mil.
Long-Term Debt & Capital Lease Obligation was ₩22,009 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)
=(97984.386 / 710776.925) / (83102.937 / 553503.97)
=0.137855 / 0.15014
=0.9182

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)
=(530575.552 / 553503.97) / (687409.263 / 710776.925)
=0.958576 / 0.967124
=0.9912

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 - (0 + 74276.142) / 533285.035) / (1 - (0 + 69813.868) / 492128.63)
=0.86072 / 0.858139
=1.003

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
=710776.925 / 553503.97
=1.2841

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))
=(23028.912 / (23028.912 + 69813.868)) / (29965.478 / (29965.478 + 74276.142))
=0.248042 / 0.287462
=0.8629

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)
=(552725.451 / 710776.925) / (415816.704 / 553503.97)
=0.777636 / 0.751244
=1.0351

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)
=((17918.166 + 0) / 533285.035) / ((22009.478 + 0) / 492128.63)
=0.0336 / 0.044723
=0.7513

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
=(28614.366 - 0 - 37891.321) / 533285.035
=-0.017396

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.

Aplus Asset Advisor Co has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.33 mean?
Aplus Asset Advisor Co (XKRX:244920) has a Beneish M-Score of -2.33 as of Jul. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aplus Asset Advisor Co and its competitors. According to the industry distribution chart, Aplus Asset Advisor Co ranks #268 out of 399 companies in the Insurance industry, placing it in the top 67.2%.
Is Aplus Asset Advisor Co's Beneish M-Score too high?
Aplus Asset Advisor Co's current Beneish M-Score is -2.33. Based on the distribution chart, Aplus Asset Advisor Co ranks #268 out of 399 companies in the Insurance industry, which is below the industry midpoint. Overall, Aplus Asset Advisor Co has a GF Score™ of 85/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Aplus Asset Advisor Co's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Aplus Asset Advisor Co ranks #268 out of 399 companies for Beneish M-Score. This places Aplus Asset Advisor Co in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aplus Asset Advisor Co and its competitors. Aplus Asset Advisor Co's current Beneish M-Score is -2.33. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aplus Asset Advisor Co stock overvalued right now?
Based on GuruFocus' analysis, Aplus Asset Advisor Co (XKRX:244920) is currently considered Significantly Overvalued. The stock's GF Value™ is ₩8,160.27, compared to a current price of ₩11,740.00 — trading 43.9% above its estimated fair value. The current Beneish M-Score is -2.33. Aplus Asset Advisor Co's overall GF Score™ is 85/100. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Aplus Asset Advisor Co (XKRX:244920), the current Beneish M-Score is -2.33 as of Jul. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Aplus Asset Advisor Co (XKRX:244920) Overvalued in 2026?

Based on GuruFocus' analysis, Aplus Asset Advisor Co stock appears to be overvalued. The current stock price of ₩11,740.00 is trading 43.9% above its estimated GF Value™ of ₩8,160.27. GuruFocus considers Aplus Asset Advisor Co to be Significantly Overvalued.

Key valuation signals for XKRX:244920:

  • Beneish M-Score: -2.33
  • GF Value™: ₩8,160.27 vs. price of ₩11,740.00 (43.9% above fair value)
  • GF Score™: 85/100

No single metric tells the full story. See the XKRX:244920 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Aplus Asset Advisor Co Business Description

Address 1328-3, Seocho-dong, Seocho-gu, A+ Asset Tower, 369, Gangnam-daero, Seoul, KOR, 06621
Aplus Asset Advisor Co Ltd provides financial services. The company provides insurance products and services, insurance advisory services, funeral services, goods insurance services, and other related services.
85GF Score

Get the complete analysis for XKRX:244920

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

₩11,740.00
Price
₩8,160.27
GF Value