TY Holdings Beneish M-Score Historical Data
The historical data trend for TY Holdings'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.
TY Holdings Beneish M-Score Chart
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TY Holdings Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
0.33 |
-4.89 |
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TY Holdings Quarterly Data
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-0.30 |
-2.54 |
-2.54 |
-4.89 |
-2.92 |
Competitive Comparison of TY Holdings's Beneish M-Score
For the Broadcasting subindustry, TY Holdings'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.
TY Holdings's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, TY Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TY Holdings's Beneish M-Score falls into.
TY Holdings 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 TY Holdings 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 * 2.9002 | + | 0.528 * 1.3196 | + | 0.404 * 0.7018 | + | 0.892 * 0.9501 | + | 0.115 * 0.8832 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3163 | + | 4.679 * -0.414593 | - | 0.327 * 1.5782 |
| = | -2.92 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩451,959 Mil.
Revenue was 22684.447 + 71430.147 + 98142.689 + 98512.321 = ₩290,770 Mil.
Gross Profit was 5107.741 + 18205.992 + 26541.039 + 19147.014 = ₩69,002 Mil.
Total Current Assets was ₩669,141 Mil.
Total Assets was ₩2,117,752 Mil.
Property, Plant and Equipment(Net PPE) was ₩538,286 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩31,310 Mil.
Selling, General, & Admin. Expense(SGA) was ₩33,252 Mil.
Total Current Liabilities was ₩647,891 Mil.
Long-Term Debt & Capital Lease Obligation was ₩608,097 Mil.
Net Income was -72373.88 + -866330.584 + 19647.574 + 14618.059 = ₩-904,439 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -50143.761 + -20919.531 + 19862.278 + 24767.155 = ₩-26,434 Mil.
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Total Receivables was ₩164,026 Mil.
Revenue was 25188.686 + 77051.299 + 101360.996 + 102453.54 = ₩306,055 Mil.
Gross Profit was 7936.708 + 18117.93 + 38061.864 + 31725.579 = ₩95,842 Mil.
Total Current Assets was ₩378,897 Mil.
Total Assets was ₩2,664,177 Mil.
Property, Plant and Equipment(Net PPE) was ₩653,507 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩33,347 Mil.
Selling, General, & Admin. Expense(SGA) was ₩26,591 Mil.
Total Current Liabilities was ₩562,191 Mil.
Long-Term Debt & Capital Lease Obligation was ₩438,970 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) |
| = | (451958.915 / 290769.604) | / | (164026.159 / 306054.521) |
| = | 1.554354 | / | 0.535938 |
| | = | 2.9002 |
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) |
| = | (95842.081 / 306054.521) | / | (69001.786 / 290769.604) |
| = | 0.313154 | / | 0.237307 |
| | = | 1.3196 |
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 - (669141.47 + 538286.181) / 2117752.253) | / | (1 - (378896.724 + 653507.25) / 2664177.039) |
| = | 0.429854 | / | 0.612487 |
| | = | 0.7018 |
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 |
| = | 290769.604 | / | 306054.521 |
| | = | 0.9501 |
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)) |
| = | (33346.93 / (33346.93 + 653507.25)) | / | (31309.525 / (31309.525 + 538286.181)) |
| = | 0.04855 | / | 0.054968 |
| | = | 0.8832 |
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) |
| = | (33251.994 / 290769.604) | / | (26590.506 / 306054.521) |
| = | 0.114359 | / | 0.086882 |
| | = | 1.3163 |
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) |
| = | ((608097.413 + 647890.799) / 2117752.253) | / | ((438969.863 + 562190.612) / 2664177.039) |
| = | 0.593076 | / | 0.375786 |
| | = | 1.5782 |
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 |
| = | (-904438.831 - 0 | - | -26433.859) | / | 2117752.253 |
| | = | -0.414593 |
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.
TY Holdings has a M-score of -2.92 suggests that the company is unlikely to be a manipulator.
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