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Nordmason Co (XKRX:317860) Beneish M-Score : -3.00 (As of Mar. 26, 2025)


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

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

XKRX:317860' s Beneish M-Score Range Over the Past 10 Years
Min: -3.44   Med: -2.73   Max: -1.94
Current: -3

During the past 8 years, the highest Beneish M-Score of Nordmason Co was -1.94. The lowest was -3.44. And the median was -2.73.


Nordmason Co Beneish M-Score Historical Data

The historical data trend for Nordmason 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.

Nordmason Co Beneish M-Score Chart

Nordmason Co Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial -1.94 -2.33 -2.73 -3.43 -3.00

Nordmason Co Semi-Annual Data
Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score Get a 7-Day Free Trial -1.94 -2.33 -2.73 -3.43 -3.00

Competitive Comparison of Nordmason Co's Beneish M-Score

For the Household & Personal Products subindustry, Nordmason 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.


Nordmason Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Nordmason Co's Beneish M-Score distribution charts can be found below:

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



Nordmason 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 Nordmason 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 * 0.7159+0.528 * 0.8451+0.404 * 1.0394+0.892 * 1.1109+0.115 * 1.3425
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8829+4.679 * -0.066392-0.327 * 1.1236
=-3.00

* 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 ₩2,457 Mil.
Revenue was ₩21,651 Mil.
Gross Profit was ₩12,392 Mil.
Total Current Assets was ₩7,006 Mil.
Total Assets was ₩24,403 Mil.
Property, Plant and Equipment(Net PPE) was ₩12,808 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩613 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,212 Mil.
Total Current Liabilities was ₩10,713 Mil.
Long-Term Debt & Capital Lease Obligation was ₩7,167 Mil.
Net Income was ₩-889 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩731 Mil.
Total Receivables was ₩3,089 Mil.
Revenue was ₩19,489 Mil.
Gross Profit was ₩9,426 Mil.
Total Current Assets was ₩7,811 Mil.
Total Assets was ₩23,055 Mil.
Property, Plant and Equipment(Net PPE) was ₩11,073 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩723 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,372 Mil.
Total Current Liabilities was ₩8,472 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,564 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)
=(2456.628 / 21650.736) / (3088.979 / 19488.557)
=0.113466 / 0.158502
=0.7159

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)
=(9426.28 / 19488.557) / (12391.893 / 21650.736)
=0.483683 / 0.572354
=0.8451

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 - (7005.862 + 12808.144) / 24402.528) / (1 - (7811.454 + 11072.772) / 23055.248)
=0.188035 / 0.180914
=1.0394

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
=21650.736 / 19488.557
=1.1109

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))
=(722.933 / (722.933 + 11072.772)) / (612.698 / (612.698 + 12808.144))
=0.061288 / 0.045653
=1.3425

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)
=(8211.862 / 21650.736) / (8371.865 / 19488.557)
=0.379288 / 0.429578
=0.8829

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)
=((7167.297 + 10713.381) / 24402.528) / ((6563.791 + 8471.823) / 23055.248)
=0.732739 / 0.652156
=1.1236

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
=(-888.945 - 0 - 731.182) / 24402.528
=-0.066392

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.

Nordmason Co has a M-score of -3.00 suggests that the company is unlikely to be a manipulator.


Nordmason Co Beneish M-Score Related Terms

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Nordmason Co Business Description

Traded in Other Exchanges
N/A
Address
30th, Jandari-ro, Seogyo-dong, Mapo-gu, 2nd Floor, Seoul, KOR, 04042
Nordmason Co Ltd is engaged in the business of skin care related products.

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