LX Holdings Beneish M-Score Historical Data
The historical data trend for LX 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.
LX Holdings Beneish M-Score Chart
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LX Holdings Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-2.29 |
-1.20 |
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LX Holdings Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.29 |
-3.22 |
-2.32 |
-1.53 |
-1.20 |
Competitive Comparison of LX Holdings's Beneish M-Score
For the Conglomerates subindustry, LX 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.
LX Holdings's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, LX Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LX Holdings's Beneish M-Score falls into.
LX 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 LX 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 * 1.2043 | + | 0.528 * 0.9615 | + | 0.404 * 1.0111 | + | 0.892 * 1.6467 | + | 0.115 * 1.02 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4754 | + | 4.679 * 0.065666 | - | 0.327 * 0.5881 |
| = | -1.20 |
* 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 ₩5,551 Mil.
Revenue was 4409 + 65424 + 69673 + 54999 = ₩194,505 Mil.
Gross Profit was 4411 + 65404 + 69657 + 54981 = ₩194,453 Mil.
Total Current Assets was ₩281,829 Mil.
Total Assets was ₩1,905,018 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,766 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,252 Mil.
Selling, General, & Admin. Expense(SGA) was ₩12,507 Mil.
Total Current Liabilities was ₩14,456 Mil.
Long-Term Debt & Capital Lease Obligation was ₩175 Mil.
Net Income was -3112 + 55283 + 59738 + 48370 = ₩160,279 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -351 + 5899 + 24469 + 5167 = ₩35,184 Mil.
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Total Receivables was ₩2,799 Mil.
Revenue was 168 + 30929 + 32609 + 54410 = ₩118,116 Mil.
Gross Profit was 1530 + 30403 + 32057 + 49548 = ₩113,538 Mil.
Total Current Assets was ₩265,887 Mil.
Total Assets was ₩1,698,527 Mil.
Property, Plant and Equipment(Net PPE) was ₩5,493 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,876 Mil.
Selling, General, & Admin. Expense(SGA) was ₩15,977 Mil.
Total Current Liabilities was ₩21,865 Mil.
Long-Term Debt & Capital Lease Obligation was ₩318 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) |
| = | (5551 / 194505) | / | (2799 / 118116) |
| = | 0.028539 | / | 0.023697 |
| | = | 1.2043 |
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) |
| = | (113538 / 118116) | / | (194453 / 194505) |
| = | 0.961241 | / | 0.999733 |
| | = | 0.9615 |
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 - (281829 + 4766) / 1905018) | / | (1 - (265887 + 5493) / 1698527) |
| = | 0.849558 | / | 0.840226 |
| | = | 1.0111 |
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 |
| = | 194505 | / | 118116 |
| | = | 1.6467 |
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)) |
| = | (3876 / (3876 + 5493)) | / | (3252 / (3252 + 4766)) |
| = | 0.413705 | / | 0.405587 |
| | = | 1.02 |
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) |
| = | (12507 / 194505) | / | (15977 / 118116) |
| = | 0.064302 | / | 0.135265 |
| | = | 0.4754 |
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) |
| = | ((175 + 14456) / 1905018) | / | ((318 + 21865) / 1698527) |
| = | 0.00768 | / | 0.01306 |
| | = | 0.5881 |
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 |
| = | (160279 - 0 | - | 35184) | / | 1905018 |
| | = | 0.065666 |
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.
LX Holdings has a M-score of -1.20 signals that the company is likely to be a manipulator.
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