LS Materials Co (XKRX:417200) Beneish M-Score : -1.98 (As of Apr. 16, 2025)

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What is LS Materials Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for LS Materials Co's Beneish M-Score or its related term are showing as below:

XKRX:417200' s Beneish M-Score Range Over the Past 10 Years
Min: -1.98 Med: -1.98 Max: -1.98
Current: -1.98

During the past 4 years, the highest Beneish M-Score of LS Materials Co was -1.98. The lowest was -1.98. And the median was -1.98.

LS Materials Co Beneish M-Score Historical Data

The historical data trend for LS Materials 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.

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LS Materials Co Beneish M-Score Chart

LS Materials Co Annual Data

Trend

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

-1.98

LS Materials Co Quarterly Data
	Dec21	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial						-	-	-1.42	-1.32	-1.98

Competitive Comparison of LS Materials Co's Beneish M-Score

For the Electrical Equipment & Parts subindustry, LS Materials 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.

LS Materials Co's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, LS Materials Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where LS Materials Co's Beneish M-Score falls into.

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LS Materials 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 LS Materials Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.8167

0.528 * 1.3579

0.404 * 1.1241

0.892 * 1.0379

0.115 * 1.5167

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2706

4.679 * 0.065548

0.327 * 0.7633

-1.98

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₩27,798 Mil.
Revenue was 37219.86 + 33306.568 + 38924.13 + 32625.048 = ₩142,076 Mil.
Gross Profit was 5484.2 + 3896.55 + 4702.661 + 3941.72 = ₩18,025 Mil.
Total Current Assets was ₩112,023 Mil.
Total Assets was ₩253,147 Mil.
Property, Plant and Equipment(Net PPE) was ₩116,912 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,384 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,092 Mil.
Total Current Liabilities was ₩39,575 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,008 Mil.
Net Income was 1470.413 + 1114.236 + 1480.308 + 1608.147 = ₩5,673 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 3001.393 + -3986.621 + -4459.384 + -5475.579 = ₩-10,920 Mil.

Total Receivables was ₩32,792 Mil.
Revenue was 36294.536 + 29771.754 + 38163.592 + 32654.802 = ₩136,885 Mil.
Gross Profit was 5750.424 + 4734.429 + 8043.998 + 5052.731 = ₩23,582 Mil.
Total Current Assets was ₩178,594 Mil.
Total Assets was ₩266,199 Mil.
Property, Plant and Equipment(Net PPE) was ₩64,955 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,536 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,103 Mil.
Total Current Liabilities was ₩62,003 Mil.
Long-Term Debt & Capital Lease Obligation was ₩799 Mil.

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)
	=	(27797.559 / 142075.606)	/	(32791.839 / 136884.684)
	=	0.195653	/	0.239558
	=	0.8167

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)
	=	(23581.582 / 136884.684)	/	(18025.131 / 142075.606)
	=	0.172273	/	0.12687
	=	1.3579

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 - (112023.019 + 116912.311) / 253147.072)	/	(1 - (178593.741 + 64955.083) / 266198.919)
	=	0.095643	/	0.085087
	=	1.1241

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
	=	142075.606	/	136884.684
	=	1.0379

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))
	=	(5536.148 / (5536.148 + 64955.083))	/	(6384.297 / (6384.297 + 116912.311))
	=	0.078537	/	0.05178
	=	1.5167

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)
	=	(4092.33 / 142075.606)	/	(3103.16 / 136884.684)
	=	0.028804	/	0.02267
	=	1.2706

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)
	=	((6008.311 + 39575.497) / 253147.072)	/	((798.564 + 62003.393) / 266198.919)
	=	0.180068	/	0.235921
	=	0.7633

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
	=	(5673.104 - 0	-	-10920.191)	/	253147.072
	=	0.065548

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.

LS Materials Co has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.

LS Materials Co Beneish M-Score Related Terms

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LS Materials Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » LS Materials Co Ltd (XKRX:417200) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

6th floor, 39, LS-ro 116beon-gil, Dongan-gu, Gyeonggi-do, L S Mtron Tower, Anyang-si, KOR

Website

https://www.lsmaterials.co.kr

LS Materials Co Ltd is a company which produces mid- to large-sized ultra capacitors, which are energy storage devices used in renewable energy, AGVs in smart factories, and electric vehicles. Its main business area is mid- to large-sized cells and module products within ultracapacitors. Medium and large ultracapacitors are used for pitch in wind power generators, industrial AGV power, power devices in trams, smart grid power industry, and auxiliary power in electric vehicles. Medium and large ultracapacitors have a relatively diverse range of applications compared to small capacitors.

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