Asicland Co Beneish M-Score Historical Data
The historical data trend for Asicland 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.
Asicland Co Beneish M-Score Chart
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Asicland Co Annual Data
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Dec21 |
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Dec23 |
| Beneish M-Score |
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Asicland Co Quarterly Data
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Dec21 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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6.08 |
Competitive Comparison of Asicland Co's Beneish M-Score
For the Semiconductors subindustry, Asicland 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.
Asicland Co's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Asicland Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asicland Co's Beneish M-Score falls into.
Asicland 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 Asicland 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 * 1.1117 | + | 0.528 * 17.4097 | + | 0.404 * 1.624 | + | 0.892 * 1.2684 | + | 0.115 * 0.9512 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.7661 | + | 4.679 * -0.10071 | - | 0.327 * 1.289 |
| = | 6.08 |
* 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 ₩21,071 Mil.
Revenue was 46139.735 + 14167.089 + 12094.387 + 21656.812 = ₩94,058 Mil.
Gross Profit was -3210.566 + -1134.053 + 455.849 + 4943.284 = ₩1,055 Mil.
Total Current Assets was ₩99,693 Mil.
Total Assets was ₩167,092 Mil.
Property, Plant and Equipment(Net PPE) was ₩46,808 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,459 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,961 Mil.
Total Current Liabilities was ₩62,250 Mil.
Long-Term Debt & Capital Lease Obligation was ₩17,271 Mil.
Net Income was -8827.427 + -5608.496 + -1733.838 + 1742.673 = ₩-14,427 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 19687.064 + 393.683 + -10020.94 + -7659.101 = ₩2,401 Mil.
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Total Receivables was ₩14,943 Mil.
Revenue was 23848.901 + 14670.968 + 15768.395 + 19866.076 = ₩74,154 Mil.
Gross Profit was 5458.58 + 2170.71 + 4541.788 + 2302.389 = ₩14,473 Mil.
Total Current Assets was ₩112,531 Mil.
Total Assets was ₩159,957 Mil.
Property, Plant and Equipment(Net PPE) was ₩35,289 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,759 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,661 Mil.
Total Current Liabilities was ₩46,701 Mil.
Long-Term Debt & Capital Lease Obligation was ₩12,355 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) |
| = | (21070.563 / 94058.023) | / | (14943.284 / 74154.34) |
| = | 0.224017 | / | 0.201516 |
| | = | 1.1117 |
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) |
| = | (14473.467 / 74154.34) | / | (1054.514 / 94058.023) |
| = | 0.19518 | / | 0.011211 |
| | = | 17.4097 |
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 - (99693.245 + 46807.917) / 167092.297) | / | (1 - (112530.621 + 35289.169) / 159957.438) |
| = | 0.123232 | / | 0.07588 |
| | = | 1.624 |
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 |
| = | 94058.023 | / | 74154.34 |
| | = | 1.2684 |
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)) |
| = | (1758.809 / (1758.809 + 35289.169)) | / | (2459.02 / (2459.02 + 46807.917)) |
| = | 0.047474 | / | 0.049912 |
| | = | 0.9512 |
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) |
| = | (5961.163 / 94058.023) | / | (2661.117 / 74154.34) |
| = | 0.063378 | / | 0.035886 |
| | = | 1.7661 |
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) |
| = | ((17271.065 + 62249.88) / 167092.297) | / | ((12355.185 + 46701.009) / 159957.438) |
| = | 0.47591 | / | 0.369199 |
| | = | 1.289 |
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 |
| = | (-14427.088 - 0 | - | 2400.706) | / | 167092.297 |
| | = | -0.10071 |
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.
Asicland Co has a M-score of 6.08 signals that the company is likely to be a manipulator.
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