SK Ie Technology Co (XKRX:361610) Beneish M-Score : -4.41 (As of Dec. 12, 2024)

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What is SK Ie Technology 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 -4.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:361610' s Beneish M-Score Range Over the Past 10 Years
Min: -4.41 Med: -1.96 Max: -1.12
Current: -4.41

During the past 5 years, the highest Beneish M-Score of SK Ie Technology Co was -1.12. The lowest was -4.41. And the median was -1.96.

SK Ie Technology Co Beneish M-Score Historical Data

The historical data trend for SK Ie Technology 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.

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SK Ie Technology Co Beneish M-Score Chart

SK Ie Technology Co Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-1.17

-2.54

SK Ie Technology Co Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial													-1.91	-2.54	-3.34	-2.92	-4.41

Competitive Comparison of SK Ie Technology Co's Beneish M-Score

For the Electronic Components subindustry, SK Ie Technology 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.

SK Ie Technology Co's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, SK Ie Technology Co's Beneish M-Score distribution charts can be found below:

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

SK Ie Technology 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 SK Ie Technology Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.6981

0.528 * -1.1537

0.404 * 1.3142

0.892 * 0.5088

0.115 * 1.1077

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.9521

4.679 * -0.012525

0.327 * 0.9827

-4.41

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ₩52,063 Mil.
Revenue was 50761.475 + 61695.093 + 46154.338 + 173738.948 = ₩332,350 Mil.
Gross Profit was -44112.481 + -29459.473 + -33536.161 + 58704.109 = ₩-48,404 Mil.
Total Current Assets was ₩606,749 Mil.
Total Assets was ₩4,056,874 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,312,432 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩157,174 Mil.
Selling, General, & Admin. Expense(SGA) was ₩35,190 Mil.
Total Current Liabilities was ₩271,870 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,423,172 Mil.
Net Income was -36070.593 + -48000.237 + -62482.408 + 73567.792 = ₩-72,985 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 5735.226 + -46176.436 + -9421.346 + 27689.885 = ₩-22,173 Mil.

Total Receivables was ₩146,573 Mil.
Revenue was 181211.116 + 151762.068 + 142856.173 + 177384.207 = ₩653,214 Mil.
Gross Profit was 39548.958 + 28560.38 + 26660.649 + 14984.781 = ₩109,755 Mil.
Total Current Assets was ₩910,798 Mil.
Total Assets was ₩3,947,094 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,934,359 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩155,027 Mil.
Selling, General, & Admin. Expense(SGA) was ₩35,431 Mil.
Total Current Liabilities was ₩797,960 Mil.
Long-Term Debt & Capital Lease Obligation was ₩880,320 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)
	=	(52063.143 / 332349.854)	/	(146572.725 / 653213.564)
	=	0.156652	/	0.224387
	=	0.6981

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)
	=	(109754.768 / 653213.564)	/	(-48404.006 / 332349.854)
	=	0.168023	/	-0.145642
	=	-1.1537

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 - (606748.838 + 3312431.767) / 4056874.491)	/	(1 - (910797.806 + 2934358.99) / 3947093.813)
	=	0.033941	/	0.025826
	=	1.3142

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
	=	332349.854	/	653213.564
	=	0.5088

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))
	=	(155027.274 / (155027.274 + 2934358.99))	/	(157173.695 / (157173.695 + 3312431.767))
	=	0.050181	/	0.0453
	=	1.1077

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)
	=	(35189.825 / 332349.854)	/	(35430.532 / 653213.564)
	=	0.105882	/	0.05424
	=	1.9521

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)
	=	((1423172.199 + 271870.239) / 4056874.491)	/	((880319.685 + 797959.93) / 3947093.813)
	=	0.41782	/	0.425194
	=	0.9827

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
	=	(-72985.446 - 0	-	-22172.671)	/	4056874.491
	=	-0.012525

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.

SK Ie Technology Co has a M-score of -4.41 suggests that the company is unlikely to be a manipulator.

SK Ie Technology Co Beneish M-Score Related Terms

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SK Ie Technology Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » SK Ie Technology Co Ltd (XKRX:361610) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

SK Building, 26, Jongno, Jongno-gu, Seoul, KOR

Website

http://www.skietechnology.com

SK Ie Technology Co Ltd is a material service provider. Its business of Lithium-ion Battery Separator develop separators, a key component in lithium-ion batteries, by applying chemical technologies. The company's Flexible Cover Window is a material, consisting of transparent Pl film and hard coat, to replace the glass cover window of foldable phones, IT devices, and automotive displays.

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