Sinsiway Co Beneish M-Score Historical Data
The historical data trend for Sinsiway 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.
Sinsiway Co Beneish M-Score Chart
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Sinsiway Co Annual Data
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Trend |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-3.14 |
-2.86 |
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Sinsiway Co Quarterly Data
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Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.14 |
- |
-3.27 |
-3.07 |
-2.86 |
Competitive Comparison of Sinsiway Co's Beneish M-Score
For the Software - Infrastructure subindustry, Sinsiway 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.
Sinsiway Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Sinsiway Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sinsiway Co's Beneish M-Score falls into.
Sinsiway 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 Sinsiway 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 * 0.6307 | + | 0.528 * 0.9567 | + | 0.404 * 0.7878 | + | 0.892 * 1.1306 | + | 0.115 * 0.9507 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8628 | + | 4.679 * -0.040791 | - | 0.327 * 0.6335 |
| = | -2.86 |
* 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 ₩1,624 Mil.
Revenue was 4991.061 + 2498.084 + 2533.279 + 1803.101 = ₩11,826 Mil.
Gross Profit was 3576.181 + 1505.455 + 1607.798 + 1027.947 = ₩7,717 Mil.
Total Current Assets was ₩18,374 Mil.
Total Assets was ₩25,307 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,412 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩285 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,024 Mil.
Total Current Liabilities was ₩2,438 Mil.
Long-Term Debt & Capital Lease Obligation was ₩166 Mil.
Net Income was 1770.06 + 375.213 + 537.106 + -171.994 = ₩2,510 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 3094.999 + 474.432 + 477.469 + -504.222 = ₩3,543 Mil.
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Total Receivables was ₩2,277 Mil.
Revenue was 4480.07 + 1708.858 + 2745.433 + 1524.991 = ₩10,459 Mil.
Gross Profit was 2566.906 + 1001.246 + 1968.419 + 993.498 = ₩6,530 Mil.
Total Current Assets was ₩15,514 Mil.
Total Assets was ₩22,923 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,510 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩276 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,049 Mil.
Total Current Liabilities was ₩2,814 Mil.
Long-Term Debt & Capital Lease Obligation was ₩909 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) |
| = | (1623.875 / 11825.525) | / | (2277.135 / 10459.352) |
| = | 0.137319 | / | 0.217713 |
| | = | 0.6307 |
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) |
| = | (6530.069 / 10459.352) | / | (7717.381 / 11825.525) |
| = | 0.624328 | / | 0.652604 |
| | = | 0.9567 |
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 - (18374.436 + 4411.536) / 25307.015) | / | (1 - (15514.304 + 4509.573) / 22922.545) |
| = | 0.099618 | / | 0.126455 |
| | = | 0.7878 |
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 |
| = | 11825.525 | / | 10459.352 |
| | = | 1.1306 |
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)) |
| = | (276.065 / (276.065 + 4509.573)) | / | (284.986 / (284.986 + 4411.536)) |
| = | 0.057686 | / | 0.06068 |
| | = | 0.9507 |
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) |
| = | (1023.619 / 11825.525) | / | (1049.284 / 10459.352) |
| = | 0.08656 | / | 0.10032 |
| | = | 0.8628 |
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) |
| = | ((165.672 + 2437.773) / 25307.015) | / | ((908.66 + 2813.634) / 22922.545) |
| = | 0.102874 | / | 0.162386 |
| | = | 0.6335 |
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 |
| = | (2510.385 - 0 | - | 3542.678) | / | 25307.015 |
| | = | -0.040791 |
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.
Sinsiway Co has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.
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