JNB Beneish M-Score Historical Data
The historical data trend for JNB'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.
JNB Beneish M-Score Chart
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JNB Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
-2.04 |
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JNB Quarterly Data
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Dec21 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.04 |
Competitive Comparison of JNB's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, JNB'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.
JNB's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, JNB's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JNB's Beneish M-Score falls into.
JNB 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 JNB 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 * 1.5084 | + | 0.528 * 1.0268 | + | 0.404 * 1.1366 | + | 0.892 * 1.047 | + | 0.115 * 1.1122 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7988 | + | 4.679 * -0.04101 | - | 0.327 * 0.9762 |
| = | -2.04 |
* 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 ₩1,595 Mil.
Revenue was 4015.279 + 4228.882 + 3771.213 + 4017.6 = ₩16,033 Mil.
Gross Profit was 1734.28 + 1973.04 + 1515.202 + 1538.645 = ₩6,761 Mil.
Total Current Assets was ₩11,840 Mil.
Total Assets was ₩65,451 Mil.
Property, Plant and Equipment(Net PPE) was ₩33,249 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,100 Mil.
Selling, General, & Admin. Expense(SGA) was ₩711 Mil.
Total Current Liabilities was ₩9,252 Mil.
Long-Term Debt & Capital Lease Obligation was ₩17,584 Mil.
Net Income was 421.037 + 945.671 + 135.716 + 484.836 = ₩1,987 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 1420.58 + 1652.877 + 892.598 + 705.363 = ₩4,671 Mil.
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Total Receivables was ₩1,010 Mil.
Revenue was 3219.532 + 3592.352 + 4954.545 + 3546.685 = ₩15,313 Mil.
Gross Profit was 1206.043 + 1222.691 + 2652.59 + 1549.524 = ₩6,631 Mil.
Total Current Assets was ₩16,476 Mil.
Total Assets was ₩59,802 Mil.
Property, Plant and Equipment(Net PPE) was ₩26,957 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,908 Mil.
Selling, General, & Admin. Expense(SGA) was ₩850 Mil.
Total Current Liabilities was ₩12,738 Mil.
Long-Term Debt & Capital Lease Obligation was ₩12,380 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) |
| = | (1594.739 / 16032.974) | / | (1009.744 / 15313.114) |
| = | 0.099466 | / | 0.06594 |
| | = | 1.5084 |
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) |
| = | (6630.848 / 15313.114) | / | (6761.167 / 16032.974) |
| = | 0.433018 | / | 0.421704 |
| | = | 1.0268 |
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 - (11840.281 + 33248.684) / 65450.969) | / | (1 - (16475.999 + 26956.914) / 59802.139) |
| = | 0.311103 | / | 0.273723 |
| | = | 1.1366 |
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 |
| = | 16032.974 | / | 15313.114 |
| | = | 1.047 |
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)) |
| = | (1907.648 / (1907.648 + 26956.914)) | / | (2100.499 / (2100.499 + 33248.684)) |
| = | 0.06609 | / | 0.059421 |
| | = | 1.1122 |
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) |
| = | (711.043 / 16032.974) | / | (850.161 / 15313.114) |
| = | 0.044349 | / | 0.055518 |
| | = | 0.7988 |
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) |
| = | ((17583.773 + 9252.353) / 65450.969) | / | ((12380.4 + 12738.311) / 59802.139) |
| = | 0.410019 | / | 0.42003 |
| | = | 0.9762 |
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 |
| = | (1987.26 - 0 | - | 4671.418) | / | 65450.969 |
| | = | -0.04101 |
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.
JNB has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.
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