Ghost Studio Co Beneish M-Score Historical Data
The historical data trend for Ghost Studio 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.
Ghost Studio Co Beneish M-Score Chart
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Ghost Studio Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
39.20 |
-2.19 |
-1.45 |
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Ghost Studio Co Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.38 |
-1.45 |
-2.33 |
-2.75 |
-2.90 |
Competitive Comparison of Ghost Studio Co's Beneish M-Score
For the Electronic Gaming & Multimedia subindustry, Ghost Studio 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.
Ghost Studio Co's Beneish M-Score Distribution in the Interactive Media Industry
For the Interactive Media industry and Communication Services sector, Ghost Studio Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Ghost Studio Co's Beneish M-Score falls into.
Ghost Studio 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 Ghost Studio 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 * 0.7469 | + | 0.528 * 1.2213 | + | 0.404 * 1.3493 | + | 0.892 * 0.9259 | + | 0.115 * 2.2536 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7398 | + | 4.679 * -0.032631 | - | 0.327 * 2.2824 |
| = | -2.90 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ₩7,258 Mil.
Revenue was 19971.033 + 22014.259 + 23153.495 + 25333.602 = ₩90,472 Mil.
Gross Profit was 10216.189 + 12003.209 + 12048.579 + 12857.282 = ₩47,125 Mil.
Total Current Assets was ₩88,322 Mil.
Total Assets was ₩175,363 Mil.
Property, Plant and Equipment(Net PPE) was ₩11,488 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,916 Mil.
Selling, General, & Admin. Expense(SGA) was ₩12,932 Mil.
Total Current Liabilities was ₩13,167 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,050 Mil.
Net Income was 3846.001 + 5429.551 + 5312.173 + 2524.639 = ₩17,112 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4616.402 + 10220.804 + 3736.527 + 4260.929 = ₩22,835 Mil.
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Total Receivables was ₩10,496 Mil.
Revenue was 23699.562 + 25907.558 + 23626.015 + 24480.423 = ₩97,714 Mil.
Gross Profit was 14925.414 + 17081.959 + 15125.36 + 15028.951 = ₩62,162 Mil.
Total Current Assets was ₩94,637 Mil.
Total Assets was ₩141,532 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,703 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,284 Mil.
Selling, General, & Admin. Expense(SGA) was ₩18,880 Mil.
Total Current Liabilities was ₩6,348 Mil.
Long-Term Debt & Capital Lease Obligation was ₩94 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) |
| = | (7258.386 / 90472.389) | / | (10495.668 / 97713.558) |
| = | 0.080228 | / | 0.107413 |
| | = | 0.7469 |
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) |
| = | (62161.684 / 97713.558) | / | (47125.259 / 90472.389) |
| = | 0.636162 | / | 0.52088 |
| | = | 1.2213 |
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 - (88321.993 + 11487.912) / 175362.95) | / | (1 - (94636.795 + 1702.502) / 141532.278) |
| = | 0.430838 | / | 0.319312 |
| | = | 1.3493 |
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 |
| = | 90472.389 | / | 97713.558 |
| | = | 0.9259 |
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)) |
| = | (2284.097 / (2284.097 + 1702.502)) | / | (3916.225 / (3916.225 + 11487.912)) |
| = | 0.572944 | / | 0.254232 |
| | = | 2.2536 |
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) |
| = | (12932.155 / 90472.389) | / | (18879.548 / 97713.558) |
| = | 0.14294 | / | 0.193213 |
| | = | 0.7398 |
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) |
| = | ((5050.495 + 13167.499) / 175362.95) | / | ((93.911 + 6348.149) / 141532.278) |
| = | 0.103887 | / | 0.045517 |
| | = | 2.2824 |
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 |
| = | (17112.364 - 0 | - | 22834.662) | / | 175362.95 |
| | = | -0.032631 |
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.
Ghost Studio Co has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.
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