Manyo Co Beneish M-Score Historical Data
The historical data trend for Manyo 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.
Manyo Co Beneish M-Score Chart
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Manyo Co Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.03 |
-2.50 |
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Manyo Co Quarterly Data
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.03 |
- |
-2.23 |
-2.92 |
-2.50 |
Competitive Comparison of Manyo Co's Beneish M-Score
For the Household & Personal Products subindustry, Manyo 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.
Manyo Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Manyo Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Manyo Co's Beneish M-Score falls into.
Manyo 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 Manyo 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 * 1.0567 | + | 0.528 * 1.0326 | + | 0.404 * 0.6946 | + | 0.892 * 1.2183 | + | 0.115 * 1.5589 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9745 | + | 4.679 * -0.013446 | - | 0.327 * 1.5149 |
| = | -2.50 |
* 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 ₩4,391 Mil.
Revenue was 31459.883 + 28820.364 + 36628.304 + 31010.484 = ₩127,919 Mil.
Gross Profit was 19135.307 + 18310.802 + 22588.286 + 18910.14 = ₩78,945 Mil.
Total Current Assets was ₩121,345 Mil.
Total Assets was ₩129,498 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,444 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,267 Mil.
Selling, General, & Admin. Expense(SGA) was ₩51,719 Mil.
Total Current Liabilities was ₩14,292 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,372 Mil.
Net Income was 3612.506 + 3209.826 + 6592.049 + 2953.484 = ₩16,368 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 6682.914 + 4155.646 + -331.492 + 7602.023 = ₩18,109 Mil.
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Total Receivables was ₩3,411 Mil.
Revenue was 31368.642 + 26459.728 + 24964.379 + 22208.183 = ₩105,001 Mil.
Gross Profit was 20359.379 + 16786.281 + 15409.854 + 14356.218 = ₩66,912 Mil.
Total Current Assets was ₩99,147 Mil.
Total Assets was ₩105,467 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,972 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,042 Mil.
Selling, General, & Admin. Expense(SGA) was ₩43,566 Mil.
Total Current Liabilities was ₩8,309 Mil.
Long-Term Debt & Capital Lease Obligation was ₩113 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) |
| = | (4391.238 / 127919.035) | / | (3411.168 / 105000.932) |
| = | 0.034328 | / | 0.032487 |
| | = | 1.0567 |
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) |
| = | (66911.732 / 105000.932) | / | (78944.535 / 127919.035) |
| = | 0.637249 | / | 0.617145 |
| | = | 1.0326 |
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 - (121344.798 + 4444.164) / 129497.653) | / | (1 - (99146.672 + 1971.56) / 105466.996) |
| = | 0.028639 | / | 0.041233 |
| | = | 0.6946 |
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 |
| = | 127919.035 | / | 105000.932 |
| | = | 1.2183 |
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)) |
| = | (1042.381 / (1042.381 + 1971.56)) | / | (1267.11 / (1267.11 + 4444.164)) |
| = | 0.345853 | / | 0.221861 |
| | = | 1.5589 |
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) |
| = | (51719.479 / 127919.035) | / | (43565.507 / 105000.932) |
| = | 0.404314 | / | 0.414906 |
| | = | 0.9745 |
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) |
| = | ((1372.493 + 14292.152) / 129497.653) | / | ((113.041 + 8308.636) / 105466.996) |
| = | 0.120965 | / | 0.079851 |
| | = | 1.5149 |
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 |
| = | (16367.865 - 0 | - | 18109.091) | / | 129497.653 |
| | = | -0.013446 |
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.
Manyo Co has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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