/term/mscore/XKRX:258610 Caelum Co (XKRX:258610) Beneish M-Score
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Caelum Co (XKRX:258610) Beneish M-Score : -5.47 (As of Jun. 20, 2024)


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What is Caelum 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 -5.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:258610' s Beneish M-Score Range Over the Past 10 Years
Min: -5.51   Med: -1   Max: 36.11
Current: -5.47

During the past 8 years, the highest Beneish M-Score of Caelum Co was 36.11. The lowest was -5.51. And the median was -1.00.


Caelum Co Beneish M-Score Historical Data

The historical data trend for Caelum 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.

Caelum Co Beneish M-Score Chart

Caelum Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial 0.19 16.72 -0.22 -1.07 -5.51

Caelum Co Quarterly Data
Jun19 Sep19 Dec19 Mar20 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.72 -3.23 -3.73 -5.51 -5.47

Competitive Comparison of Caelum Co's Beneish M-Score

For the Specialty Industrial Machinery subindustry, Caelum 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.


Caelum Co's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Caelum Co's Beneish M-Score distribution charts can be found below:

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



Caelum 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 Caelum 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 * 0.5515+0.528 * 0.7277+0.404 * 0.5416+0.892 * 1.0162+0.115 * 0.8152
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7562+4.679 * -0.46482-0.327 * 1.3243
=-5.47

* 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 ₩10,458 Mil.
Revenue was 33801.932 + 7340.764 + 10743.575 + 26514.337 = ₩78,401 Mil.
Gross Profit was 2115.685 + 1098.565 + 1584.176 + 1880.783 = ₩6,679 Mil.
Total Current Assets was ₩35,523 Mil.
Total Assets was ₩93,517 Mil.
Property, Plant and Equipment(Net PPE) was ₩40,379 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,034 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,913 Mil.
Total Current Liabilities was ₩49,107 Mil.
Long-Term Debt & Capital Lease Obligation was ₩14,993 Mil.
Net Income was -388.578 + -26456.581 + -10184.933 + -11153.061 = ₩-48,183 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 761.782 + 735.004 + -1609.775 + -4601.612 = ₩-4,715 Mil.
Total Receivables was ₩18,662 Mil.
Revenue was 39818.405 + 14105.217 + 7710.384 + 15519.751 = ₩77,154 Mil.
Gross Profit was 1200.016 + 1437.617 + 869.914 + 1275.588 = ₩4,783 Mil.
Total Current Assets was ₩36,754 Mil.
Total Assets was ₩127,005 Mil.
Property, Plant and Equipment(Net PPE) was ₩46,081 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,685 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,092 Mil.
Total Current Liabilities was ₩53,268 Mil.
Long-Term Debt & Capital Lease Obligation was ₩12,471 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)
=(10458.428 / 78400.608) / (18661.876 / 77153.757)
=0.133397 / 0.241879
=0.5515

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)
=(4783.135 / 77153.757) / (6679.209 / 78400.608)
=0.061995 / 0.085193
=0.7277

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 - (35523.334 + 40378.844) / 93516.924) / (1 - (36754.453 + 46080.947) / 127004.882)
=0.188359 / 0.347778
=0.5416

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
=78400.608 / 77153.757
=1.0162

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))
=(3684.743 / (3684.743 + 46080.947)) / (4033.656 / (4033.656 + 40378.844))
=0.074042 / 0.090823
=0.8152

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)
=(3912.914 / 78400.608) / (5091.816 / 77153.757)
=0.049909 / 0.065996
=0.7562

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)
=((14993.186 + 49107.494) / 93516.924) / ((12470.522 + 53267.863) / 127004.882)
=0.685445 / 0.517605
=1.3243

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
=(-48183.153 - 0 - -4714.601) / 93516.924
=-0.46482

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.

Caelum Co has a M-score of -5.47 suggests that the company is unlikely to be a manipulator.


Caelum Co Beneish M-Score Related Terms

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Caelum Co (XKRX:258610) Business Description

Traded in Other Exchanges
N/A
Address
Mieum-dong, 6, Beombang 2-ro, Gangseo-gu, Busan, KOR, 46727
Caelum Co Ltd manufactures equipment for refinery and power plants. The company provides heat exchanger, column, pressure vessel, shop tank, pipe spool, and others.

Caelum Co (XKRX:258610) Headlines

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