LX Holdings Beneish M-Score Historical Data
The historical data trend for LX Holdings'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.
LX Holdings Beneish M-Score Chart
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LX Holdings Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-2.29 |
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LX Holdings Quarterly Data
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Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
0.50 |
-1.19 |
-2.29 |
-4.52 |
Competitive Comparison of LX Holdings's Beneish M-Score
For the Conglomerates subindustry, LX Holdings'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.
LX Holdings's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, LX Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LX Holdings's Beneish M-Score falls into.
LX Holdings 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 LX Holdings 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 | + | 0.528 * 0.7939 | + | 0.404 * 0.9939 | + | 0.892 * 0.3518 | + | 0.115 * 0.4841 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.8207 | + | 4.679 * 4.0E-6 | - | 0.327 * 1.1862 |
| = | -4.52 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩0 Mil.
Revenue was 9176 + 168 + 30929 + 32609 = ₩72,882 Mil.
Gross Profit was 9176 + 1530 + 30403 + 32057 = ₩73,166 Mil.
Total Current Assets was ₩303,034 Mil.
Total Assets was ₩1,759,265 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,979 Mil.
Selling, General, & Admin. Expense(SGA) was ₩18,228 Mil.
Total Current Liabilities was ₩41,259 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 48370 + -5363 + 21445 + 22274 = ₩86,726 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 3886 + 5689 + 77144 = ₩86,719 Mil.
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Total Receivables was ₩71,052 Mil.
Revenue was 54410 + 4966 + 69950 + 77857 = ₩207,183 Mil.
Gross Profit was 49548 + -21305 + 73169 + 63704 = ₩165,116 Mil.
Total Current Assets was ₩277,694 Mil.
Total Assets was ₩1,693,134 Mil.
Property, Plant and Equipment(Net PPE) was ₩5,380 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,048 Mil.
Selling, General, & Admin. Expense(SGA) was ₩18,370 Mil.
Total Current Liabilities was ₩33,335 Mil.
Long-Term Debt & Capital Lease Obligation was ₩138 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) |
| = | (0 / 72882) | / | (71052 / 207183) |
| = | 0 | / | 0.342943 |
| | = | 0 |
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) |
| = | (165116 / 207183) | / | (73166 / 72882) |
| = | 0.796957 | / | 1.003897 |
| | = | 0.7939 |
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 - (303034 + 0) / 1759265) | / | (1 - (277694 + 5380) / 1693134) |
| = | 0.82775 | / | 0.832811 |
| | = | 0.9939 |
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 |
| = | 72882 | / | 207183 |
| | = | 0.3518 |
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)) |
| = | (5048 / (5048 + 5380)) | / | (2979 / (2979 + 0)) |
| = | 0.484081 | / | 1 |
| | = | 0.4841 |
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) |
| = | (18228 / 72882) | / | (18370 / 207183) |
| = | 0.250103 | / | 0.088666 |
| | = | 2.8207 |
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) |
| = | ((0 + 41259) / 1759265) | / | ((138 + 33335) / 1693134) |
| = | 0.023452 | / | 0.01977 |
| | = | 1.1862 |
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 |
| = | (86726 - 0 | - | 86719) | / | 1759265 |
| | = | 4.0E-6 |
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.
LX Holdings has a M-score of -4.52 suggests that the company is unlikely to be a manipulator.
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