Enchem Co Beneish M-Score Historical Data
The historical data trend for Enchem 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.
Enchem Co Beneish M-Score Chart
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Enchem Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
0.14 |
- |
-1.13 |
-3.99 |
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Enchem Co Quarterly Data
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Jun20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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-3.08 |
-3.62 |
-3.99 |
-4.38 |
-2.59 |
Competitive Comparison of Enchem Co's Beneish M-Score
For the Electrical Equipment & Parts subindustry, Enchem 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.
Enchem Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Enchem Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Enchem Co's Beneish M-Score falls into.
Enchem 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 Enchem 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 * 2.9642 | + | 0.528 * 1.409 | + | 0.404 * 1.4936 | + | 0.892 * 0.6294 | + | 0.115 * 0.9396 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 3.0754 | + | 4.679 * -0.34088 | - | 0.327 * 1.142 |
| = | -2.59 |
* 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 (Jun24) TTM: | Last Year (Jun23) TTM: |
Total Receivables was ₩108,683 Mil.
Revenue was 108329.336 + 78131.143 + 51815.198 + 110470.08 = ₩348,746 Mil.
Gross Profit was 24027.507 + 6212.48 + -2095.82 + 10907.29 = ₩39,051 Mil.
Total Current Assets was ₩380,767 Mil.
Total Assets was ₩1,128,998 Mil.
Property, Plant and Equipment(Net PPE) was ₩357,790 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩14,174 Mil.
Selling, General, & Admin. Expense(SGA) was ₩27,945 Mil.
Total Current Liabilities was ₩630,784 Mil.
Long-Term Debt & Capital Lease Obligation was ₩39,943 Mil.
Net Income was -11197.858 + -298318.899 + -67568.104 + 6483.413 = ₩-370,601 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -19724.933 + -11221.407 + 39229.491 + 5967.793 = ₩14,251 Mil.
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Total Receivables was ₩58,256 Mil.
Revenue was 116954.622 + 145451.5 + 140552.599 + 151154.362 = ₩554,113 Mil.
Gross Profit was 15919.851 + 25334.277 + 23906.568 + 22261.808 = ₩87,423 Mil.
Total Current Assets was ₩395,111 Mil.
Total Assets was ₩846,204 Mil.
Property, Plant and Equipment(Net PPE) was ₩255,166 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,476 Mil.
Selling, General, & Admin. Expense(SGA) was ₩14,437 Mil.
Total Current Liabilities was ₩407,075 Mil.
Long-Term Debt & Capital Lease Obligation was ₩33,139 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) |
| = | (108682.529 / 348745.757) | / | (58256.303 / 554113.083) |
| = | 0.311638 | / | 0.105134 |
| | = | 2.9642 |
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) |
| = | (87422.504 / 554113.083) | / | (39051.457 / 348745.757) |
| = | 0.15777 | / | 0.111977 |
| | = | 1.409 |
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 - (380766.778 + 357789.985) / 1128998.019) | / | (1 - (395111.353 + 255165.74) / 846204.206) |
| = | 0.34583 | / | 0.231536 |
| | = | 1.4936 |
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 |
| = | 348745.757 | / | 554113.083 |
| | = | 0.6294 |
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)) |
| = | (9475.881 / (9475.881 + 255165.74)) | / | (14174 / (14174 + 357789.985)) |
| = | 0.035806 | / | 0.038106 |
| | = | 0.9396 |
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) |
| = | (27944.908 / 348745.757) | / | (14437.466 / 554113.083) |
| = | 0.08013 | / | 0.026055 |
| | = | 3.0754 |
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) |
| = | ((39943.242 + 630783.528) / 1128998.019) | / | ((33138.559 + 407074.741) / 846204.206) |
| = | 0.59409 | / | 0.520221 |
| | = | 1.142 |
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 |
| = | (-370601.448 - 0 | - | 14250.944) | / | 1128998.019 |
| | = | -0.34088 |
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.
Enchem Co has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.
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