Samyang Packaging Beneish M-Score Historical Data
The historical data trend for Samyang Packaging'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.
Samyang Packaging Beneish M-Score Chart
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Samyang Packaging Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.80 |
-2.58 |
-2.46 |
-2.62 |
-2.91 |
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Samyang Packaging Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.62 |
-2.50 |
-2.62 |
-3.02 |
-2.91 |
Competitive Comparison of Samyang Packaging's Beneish M-Score
For the Packaging & Containers subindustry, Samyang Packaging'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.
Samyang Packaging's Beneish M-Score Distribution in the Packaging & Containers Industry
For the Packaging & Containers industry and Consumer Cyclical sector, Samyang Packaging's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Samyang Packaging's Beneish M-Score falls into.
Samyang Packaging 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 Samyang Packaging 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 * 0.8119 | + | 0.528 * 1.0003 | + | 0.404 * 0.9753 | + | 0.892 * 1.0627 | + | 0.115 * 0.9366 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9942 | + | 4.679 * -0.061801 | - | 0.327 * 1.0135 |
| = | -2.91 |
* 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 ₩63,683 Mil.
Revenue was 96701.035 + 121672.582 + 125579.988 + 104157.931 = ₩448,112 Mil.
Gross Profit was 12751.013 + 26892.17 + 31968.818 + 16177.708 = ₩87,790 Mil.
Total Current Assets was ₩171,293 Mil.
Total Assets was ₩667,277 Mil.
Property, Plant and Equipment(Net PPE) was ₩301,855 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,314 Mil.
Selling, General, & Admin. Expense(SGA) was ₩36,427 Mil.
Total Current Liabilities was ₩100,991 Mil.
Long-Term Debt & Capital Lease Obligation was ₩151,239 Mil.
Net Income was -5358.693 + 10174.711 + 15057.128 + 567.116 = ₩20,440 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 10869.293 + 40282.665 + 12714.854 + -2188.415 = ₩61,678 Mil.
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Total Receivables was ₩73,808 Mil.
Revenue was 88911.589 + 120852.037 + 120856.943 + 91048.243 = ₩421,669 Mil.
Gross Profit was 12517.332 + 27505.791 + 30567.153 + 12039.702 = ₩82,630 Mil.
Total Current Assets was ₩142,327 Mil.
Total Assets was ₩642,041 Mil.
Property, Plant and Equipment(Net PPE) was ₩308,199 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,122 Mil.
Selling, General, & Admin. Expense(SGA) was ₩34,476 Mil.
Total Current Liabilities was ₩183,018 Mil.
Long-Term Debt & Capital Lease Obligation was ₩56,440 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) |
| = | (63682.981 / 448111.536) | / | (73808.37 / 421668.812) |
| = | 0.142114 | / | 0.175039 |
| | = | 0.8119 |
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) |
| = | (82629.978 / 421668.812) | / | (87789.709 / 448111.536) |
| = | 0.195959 | / | 0.19591 |
| | = | 1.0003 |
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 - (171292.626 + 301855.192) / 667277.22) | / | (1 - (142326.722 + 308199.191) / 642040.554) |
| = | 0.290928 | / | 0.298291 |
| | = | 0.9753 |
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 |
| = | 448111.536 | / | 421668.812 |
| | = | 1.0627 |
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)) |
| = | (4121.792 / (4121.792 + 308199.191)) | / | (4313.936 / (4313.936 + 301855.192)) |
| = | 0.013197 | / | 0.01409 |
| | = | 0.9366 |
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) |
| = | (36427.207 / 448111.536) | / | (34476.078 / 421668.812) |
| = | 0.08129 | / | 0.081761 |
| | = | 0.9942 |
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) |
| = | ((151239.068 + 100990.729) / 667277.22) | / | ((56439.709 + 183017.509) / 642040.554) |
| = | 0.377999 | / | 0.372963 |
| | = | 1.0135 |
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 |
| = | (20440.262 - 0 | - | 61678.397) | / | 667277.22 |
| | = | -0.061801 |
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.
Samyang Packaging has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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