Daemyoung Energy Co Beneish M-Score Historical Data
The historical data trend for Daemyoung Energy 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.
Daemyoung Energy Co Beneish M-Score Chart
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Daemyoung Energy Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.49 |
-1.73 |
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Daemyoung Energy Co Quarterly Data
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Sep20 |
Dec20 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.14 |
-1.73 |
-2.26 |
-0.50 |
-2.64 |
Competitive Comparison of Daemyoung Energy Co's Beneish M-Score
For the Utilities - Renewable subindustry, Daemyoung Energy 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.
Daemyoung Energy Co's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry
For the Utilities - Independent Power Producers industry and Utilities sector, Daemyoung Energy Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Daemyoung Energy Co's Beneish M-Score falls into.
Daemyoung Energy 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 Daemyoung Energy 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 * 1.0389 | + | 0.528 * 1.3185 | + | 0.404 * 1.4928 | + | 0.892 * 0.7997 | + | 0.115 * 0.9454 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7835 | + | 4.679 * -0.05028 | - | 0.327 * 1.0372 |
| = | -2.64 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₩18,211 Mil.
Revenue was 17432.755 + 14892.306 + 14841.583 + 12128.773 = ₩59,295 Mil.
Gross Profit was 3129.913 + 3220.036 + 6149.189 + 6254.24 = ₩18,753 Mil.
Total Current Assets was ₩130,033 Mil.
Total Assets was ₩359,675 Mil.
Property, Plant and Equipment(Net PPE) was ₩113,304 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,495 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,618 Mil.
Total Current Liabilities was ₩84,672 Mil.
Long-Term Debt & Capital Lease Obligation was ₩132,826 Mil.
Net Income was 3779.276 + -1057.564 + 4348.561 + 2662.151 = ₩9,732 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 15398.133 + 849.511 + 8691.148 + 2878.094 = ₩27,817 Mil.
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Total Receivables was ₩21,921 Mil.
Revenue was 11950.98 + 12556.508 + 25004.213 + 24637.228 = ₩74,149 Mil.
Gross Profit was 3263.481 + 1976.345 + 12762.642 + 12917.162 = ₩30,920 Mil.
Total Current Assets was ₩150,998 Mil.
Total Assets was ₩344,025 Mil.
Property, Plant and Equipment(Net PPE) was ₩118,484 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,345 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,537 Mil.
Total Current Liabilities was ₩31,432 Mil.
Long-Term Debt & Capital Lease Obligation was ₩169,142 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) |
| = | (18210.726 / 59295.417) | / | (21920.719 / 74148.929) |
| = | 0.307119 | / | 0.295631 |
| | = | 1.0389 |
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) |
| = | (30919.63 / 74148.929) | / | (18753.378 / 59295.417) |
| = | 0.416994 | / | 0.31627 |
| | = | 1.3185 |
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 - (130033.099 + 113304.265) / 359675.248) | / | (1 - (150997.903 + 118484.437) / 344024.832) |
| = | 0.323453 | / | 0.216678 |
| | = | 1.4928 |
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 |
| = | 59295.417 | / | 74148.929 |
| | = | 0.7997 |
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)) |
| = | (9344.503 / (9344.503 + 118484.437)) | / | (9494.94 / (9494.94 + 113304.265)) |
| = | 0.073102 | / | 0.077321 |
| | = | 0.9454 |
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) |
| = | (3617.932 / 59295.417) | / | (2536.631 / 74148.929) |
| = | 0.061015 | / | 0.03421 |
| | = | 1.7835 |
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) |
| = | ((132826.154 + 84672.264) / 359675.248) | / | ((169141.883 + 31431.882) / 344024.832) |
| = | 0.604708 | / | 0.583021 |
| | = | 1.0372 |
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 |
| = | (9732.424 - 0 | - | 27816.886) | / | 359675.248 |
| | = | -0.05028 |
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.
Daemyoung Energy Co has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.
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