SK REIT Co Beneish M-Score Historical Data
The historical data trend for SK REIT 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.
SK REIT Co Beneish M-Score Chart
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SK REIT Co Annual Data
|
|
Trend |
Jun21 |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
|
- |
- |
-1.10 |
-1.24 |
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SK REIT Co Semi-Annual Data
|
|
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
- |
- |
- |
- |
Competitive Comparison of SK REIT Co's Beneish M-Score
For the REIT - Office subindustry, SK REIT 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.
SK REIT Co's Beneish M-Score Distribution in the REITs Industry
For the REITs industry and Real Estate sector, SK REIT Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where SK REIT Co's Beneish M-Score falls into.
SK REIT 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 SK REIT 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 * 1.6411 | + | 0.528 * 1 | + | 0.404 * 0.992 | + | 0.892 * 1.7101 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.849 | + | 4.679 * -0.004023 | - | 0.327 * 0.9746 |
| = | -1.24 |
* 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 ₩8,588 Mil.
Revenue was ₩52,248 Mil.
Gross Profit was ₩52,248 Mil.
Total Current Assets was ₩131,519 Mil.
Total Assets was ₩4,301,502 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩11,829 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,781 Mil.
Total Current Liabilities was ₩1,504,103 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,270,665 Mil.
Net Income was ₩4,720 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩22,026 Mil.
|
Total Receivables was ₩3,060 Mil.
Revenue was ₩30,552 Mil.
Gross Profit was ₩30,552 Mil.
Total Current Assets was ₩70,716 Mil.
Total Assets was ₩3,112,703 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,657 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,293 Mil.
Total Current Liabilities was ₩697,462 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,362,713 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) |
| = | (8587.674 / 52247.79) | / | (3059.89 / 30552.281) |
| = | 0.164364 | / | 0.100153 |
| | = | 1.6411 |
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) |
| = | (30552.281 / 30552.281) | / | (52247.79 / 52247.79) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (131519.323 + 0) / 4301502.141) | / | (1 - (70715.92 + 0) / 3112703.087) |
| = | 0.969425 | / | 0.977282 |
| | = | 0.992 |
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 |
| = | 52247.79 | / | 30552.281 |
| | = | 1.7101 |
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)) |
| = | (4657.356 / (4657.356 + 0)) | / | (11829.236 / (11829.236 + 0)) |
| = | 1 | / | 1 |
| | = | 1 |
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) |
| = | (4780.871 / 52247.79) | / | (3292.826 / 30552.281) |
| = | 0.091504 | / | 0.107777 |
| | = | 0.849 |
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) |
| = | ((1270665.379 + 1504103.2) / 4301502.141) | / | ((1362713.462 + 697462.48) / 3112703.087) |
| = | 0.64507 | / | 0.661861 |
| | = | 0.9746 |
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 |
| = | (4719.506 - 0 | - | 22025.932) | / | 4301502.141 |
| | = | -0.004023 |
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.
SK REIT Co has a M-score of -1.24 signals that the company is likely to be a manipulator.
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