Zaram Technology Beneish M-Score Historical Data
The historical data trend for Zaram Technology'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.
Zaram Technology Beneish M-Score Chart
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Zaram Technology Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-0.89 |
-3.86 |
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Zaram Technology Quarterly Data
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Dec20 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-0.89 |
-3.10 |
-2.21 |
-2.28 |
-3.86 |
Competitive Comparison of Zaram Technology's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Zaram Technology'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.
Zaram Technology's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Zaram Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zaram Technology's Beneish M-Score falls into.
Zaram Technology 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 Zaram Technology 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 * 0.8707 | + | 0.528 * 0.9612 | + | 0.404 * 2.0808 | + | 0.892 * 1.9074 | + | 0.115 * 0.6454 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6043 | + | 4.679 * -0.030444 | - | 0.327 * 8.2655 |
| = | -3.86 |
* 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 ₩11,896 Mil.
Revenue was 5272.213 + 5628.872 + 5311.363 + 5957.942 = ₩22,170 Mil.
Gross Profit was 1147.023 + 1988.639 + 1435.87 + 2065.425 = ₩6,637 Mil.
Total Current Assets was ₩50,211 Mil.
Total Assets was ₩78,440 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,164 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩972 Mil.
Selling, General, & Admin. Expense(SGA) was ₩972 Mil.
Total Current Liabilities was ₩35,423 Mil.
Long-Term Debt & Capital Lease Obligation was ₩214 Mil.
Net Income was 292.878 + 29.453 + 391.065 + 1270.101 = ₩1,983 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 232.744 + -1050.319 + -1283.067 + 6472.193 = ₩4,372 Mil.
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Total Receivables was ₩7,163 Mil.
Revenue was 5143.701 + 2862.913 + 2516.036 + 1100.488 = ₩11,623 Mil.
Gross Profit was 1635.841 + 817.162 + 578.394 + 313.055 = ₩3,344 Mil.
Total Current Assets was ₩29,997 Mil.
Total Assets was ₩37,656 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,415 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩589 Mil.
Selling, General, & Admin. Expense(SGA) was ₩843 Mil.
Total Current Liabilities was ₩1,816 Mil.
Long-Term Debt & Capital Lease Obligation was ₩254 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) |
| = | (11896.27 / 22170.39) | / | (7162.74 / 11623.138) |
| = | 0.536584 | / | 0.616248 |
| | = | 0.8707 |
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) |
| = | (3344.452 / 11623.138) | / | (6636.957 / 22170.39) |
| = | 0.287741 | / | 0.299361 |
| | = | 0.9612 |
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 - (50211.441 + 1163.801) / 78440.341) | / | (1 - (29996.616 + 1415.36) / 37656.261) |
| = | 0.345041 | / | 0.165823 |
| | = | 2.0808 |
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 |
| = | 22170.39 | / | 11623.138 |
| | = | 1.9074 |
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)) |
| = | (588.621 / (588.621 + 1415.36)) | / | (972.052 / (972.052 + 1163.801)) |
| = | 0.293726 | / | 0.455112 |
| | = | 0.6454 |
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) |
| = | (971.665 / 22170.39) | / | (842.986 / 11623.138) |
| = | 0.043827 | / | 0.072527 |
| | = | 0.6043 |
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) |
| = | ((213.643 + 35422.956) / 78440.341) | / | ((254.167 + 1815.627) / 37656.261) |
| = | 0.454315 | / | 0.054965 |
| | = | 8.2655 |
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 |
| = | (1983.497 - 0 | - | 4371.551) | / | 78440.341 |
| | = | -0.030444 |
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.
Zaram Technology has a M-score of -3.86 suggests that the company is unlikely to be a manipulator.
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