Yunsung F&C Co Beneish M-Score Historical Data
The historical data trend for Yunsung F&C 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.
Yunsung F&C Co Beneish M-Score Chart
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Yunsung F&C Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-0.97 |
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Yunsung F&C Co Quarterly Data
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Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
-0.97 |
-0.02 |
Competitive Comparison of Yunsung F&C Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, Yunsung F&C 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.
Yunsung F&C Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Yunsung F&C Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Yunsung F&C Co's Beneish M-Score falls into.
Yunsung F&C 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 Yunsung F&C 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 * 1.6201 | + | 0.528 * 1.1516 | + | 0.404 * 1.5126 | + | 0.892 * 1.4096 | + | 0.115 * 0.7316 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0626 | + | 4.679 * 0.264665 | - | 0.327 * 0.8877 |
| = | -0.02 |
* 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 ₩122,858 Mil.
Revenue was 90326.047 + 162569.505 + 29364.541 + 34989.875 = ₩317,250 Mil.
Gross Profit was 18510.025 + 30094.316 + 4544.904 + 6601.503 = ₩59,751 Mil.
Total Current Assets was ₩263,995 Mil.
Total Assets was ₩349,724 Mil.
Property, Plant and Equipment(Net PPE) was ₩75,619 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,449 Mil.
Selling, General, & Admin. Expense(SGA) was ₩16,295 Mil.
Total Current Liabilities was ₩161,199 Mil.
Long-Term Debt & Capital Lease Obligation was ₩15,334 Mil.
Net Income was 12954.608 + 15649.738 + 708.322 + -982.195 = ₩28,330 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 43886.807 + -64701.688 + -40874.811 + -2539.483 = ₩-64,229 Mil.
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Total Receivables was ₩53,795 Mil.
Revenue was 85957.514 + 81426.817 + 20887.17 + 36786.43 = ₩225,058 Mil.
Gross Profit was 12294.249 + 15309.569 + 12913.56 + 8296.468 = ₩48,814 Mil.
Total Current Assets was ₩275,585 Mil.
Total Assets was ₩338,165 Mil.
Property, Plant and Equipment(Net PPE) was ₩56,117 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,378 Mil.
Selling, General, & Admin. Expense(SGA) was ₩10,879 Mil.
Total Current Liabilities was ₩176,286 Mil.
Long-Term Debt & Capital Lease Obligation was ₩16,014 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) |
| = | (122858.443 / 317249.968) | / | (53795.371 / 225057.931) |
| = | 0.387261 | / | 0.239029 |
| | = | 1.6201 |
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) |
| = | (48813.846 / 225057.931) | / | (59750.748 / 317249.968) |
| = | 0.216895 | / | 0.18834 |
| | = | 1.1516 |
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 - (263994.782 + 75618.629) / 349724.173) | / | (1 - (275585.311 + 56116.669) / 338165.373) |
| = | 0.028911 | / | 0.019113 |
| | = | 1.5126 |
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 |
| = | 317249.968 | / | 225057.931 |
| | = | 1.4096 |
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)) |
| = | (2377.761 / (2377.761 + 56116.669)) | / | (4448.811 / (4448.811 + 75618.629)) |
| = | 0.040649 | / | 0.055563 |
| | = | 0.7316 |
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) |
| = | (16295.437 / 317249.968) | / | (10878.908 / 225057.931) |
| = | 0.051365 | / | 0.048338 |
| | = | 1.0626 |
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) |
| = | ((15333.618 + 161199.244) / 349724.173) | / | ((16013.92 + 176286.386) / 338165.373) |
| = | 0.504777 | / | 0.568658 |
| | = | 0.8877 |
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 |
| = | (28330.473 - 0 | - | -64229.175) | / | 349724.173 |
| | = | 0.264665 |
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.
Yunsung F&C Co has a M-score of -0.02 signals that the company is likely to be a manipulator.
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