Daeduck Electronics Beneish M-Score Historical Data
The historical data trend for Daeduck Electronics'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.
Daeduck Electronics Beneish M-Score Chart
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Daeduck Electronics Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.95 |
-2.34 |
-2.68 |
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Daeduck Electronics Quarterly Data
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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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-2.34 |
-1.99 |
-2.00 |
-2.64 |
-2.68 |
Competitive Comparison of Daeduck Electronics's Beneish M-Score
For the Electronic Components subindustry, Daeduck Electronics'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.
Daeduck Electronics's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Daeduck Electronics's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Daeduck Electronics's Beneish M-Score falls into.
Daeduck Electronics 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 Daeduck Electronics 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 * 1.0614 | + | 0.528 * 1.1973 | + | 0.404 * 0.8754 | + | 0.892 * 0.9807 | + | 0.115 * 0.9017 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9845 | + | 4.679 * -0.068024 | - | 0.327 * 0.9078 |
| = | -2.68 |
* 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 ₩134,746 Mil.
Revenue was 206477.392 + 232654.03 + 238238.517 + 214765.965 = ₩892,136 Mil.
Gross Profit was 7267.295 + 21563.586 + 23916.109 + 8800.01 = ₩61,547 Mil.
Total Current Assets was ₩465,866 Mil.
Total Assets was ₩1,088,724 Mil.
Property, Plant and Equipment(Net PPE) was ₩568,499 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩117,436 Mil.
Selling, General, & Admin. Expense(SGA) was ₩21,038 Mil.
Total Current Liabilities was ₩159,688 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,648 Mil.
Net Income was 4384.016 + 5176.583 + 12231.292 + 1970.835 = ₩23,763 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 8550.73 + 29277.446 + 17803.921 + 42190.35 = ₩97,822 Mil.
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Total Receivables was ₩129,443 Mil.
Revenue was 234351.659 + 237787.428 + 219859.008 + 217653.391 = ₩909,651 Mil.
Gross Profit was 19762.9 + 13669.149 + 18744.693 + 22958.693 = ₩75,135 Mil.
Total Current Assets was ₩433,050 Mil.
Total Assets was ₩1,127,536 Mil.
Property, Plant and Equipment(Net PPE) was ₩630,174 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩115,050 Mil.
Selling, General, & Admin. Expense(SGA) was ₩21,789 Mil.
Total Current Liabilities was ₩176,729 Mil.
Long-Term Debt & Capital Lease Obligation was ₩13,031 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) |
| = | (134746.481 / 892135.904) | / | (129442.757 / 909651.486) |
| = | 0.151038 | / | 0.142299 |
| | = | 1.0614 |
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) |
| = | (75135.435 / 909651.486) | / | (61547 / 892135.904) |
| = | 0.082598 | / | 0.068988 |
| | = | 1.1973 |
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 - (465866.346 + 568498.647) / 1088723.751) | / | (1 - (433050.451 + 630173.881) / 1127535.53) |
| = | 0.049929 | / | 0.057037 |
| | = | 0.8754 |
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 |
| = | 892135.904 | / | 909651.486 |
| | = | 0.9807 |
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)) |
| = | (115049.543 / (115049.543 + 630173.881)) | / | (117436.356 / (117436.356 + 568498.647)) |
| = | 0.154383 | / | 0.171206 |
| | = | 0.9017 |
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) |
| = | (21037.885 / 892135.904) | / | (21789.171 / 909651.486) |
| = | 0.023581 | / | 0.023953 |
| | = | 0.9845 |
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) |
| = | ((6648.267 + 159688.138) / 1088723.751) | / | ((13030.908 + 176728.998) / 1127535.53) |
| = | 0.152781 | / | 0.168296 |
| | = | 0.9078 |
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 |
| = | (23762.726 - 0 | - | 97822.447) | / | 1088723.751 |
| | = | -0.068024 |
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.
Daeduck Electronics has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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