Eusu Holdings Co (XKRX:000700) Beneish M-Score : -2.35 (As of Jun. 09, 2024)

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What is Eusu Holdings Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Eusu Holdings Co's Beneish M-Score or its related term are showing as below:

XKRX:000700' s Beneish M-Score Range Over the Past 10 Years
Min: -14.59 Med: -2.4 Max: 27.82
Current: -2.35

During the past 13 years, the highest Beneish M-Score of Eusu Holdings Co was 27.82. The lowest was -14.59. And the median was -2.40.

Eusu Holdings Co Beneish M-Score Historical Data

The historical data trend for Eusu Holdings 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.

* Premium members only.

Eusu Holdings Co Beneish M-Score Chart

Eusu Holdings Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.78

-1.14

-1.58

-2.77

-2.89

Eusu Holdings Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-3.12	-3.35	-3.48	-2.89	-2.35

Competitive Comparison of Eusu Holdings Co's Beneish M-Score

For the Marine Shipping subindustry, Eusu Holdings 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.

Eusu Holdings Co's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Eusu Holdings Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Eusu Holdings Co's Beneish M-Score falls into.

Eusu Holdings 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 Eusu Holdings Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.5438

0.528 * 0.856

0.404 * 0.9124

0.892 * 0.7335

0.115 * 1.026

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4661

4.679 * 0.008754

0.327 * 0.9574

-2.35

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩64,639 Mil.
Revenue was 97074.743 + 92705.807 + 85799.342 + 83832.242 = ₩359,412 Mil.
Gross Profit was 19085.682 + 16905.746 + 21402.306 + 20081.852 = ₩77,476 Mil.
Total Current Assets was ₩335,845 Mil.
Total Assets was ₩524,949 Mil.
Property, Plant and Equipment(Net PPE) was ₩18,009 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩7,230 Mil.
Selling, General, & Admin. Expense(SGA) was ₩10,525 Mil.
Total Current Liabilities was ₩73,341 Mil.
Long-Term Debt & Capital Lease Obligation was ₩6,149 Mil.
Net Income was 2546.926 + -2083.816 + 5255.105 + 3354.831 = ₩9,073 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -7346.729 + 2763.23 + 3434.504 + 5626.591 = ₩4,478 Mil.

Total Receivables was ₩57,081 Mil.
Revenue was 79435.711 + 115947.979 + 146609.471 + 148002.91 = ₩489,996 Mil.
Gross Profit was 17974.23 + 21105.681 + 25671.239 + 25667.471 = ₩90,419 Mil.
Total Current Assets was ₩321,072 Mil.
Total Assets was ₩523,045 Mil.
Property, Plant and Equipment(Net PPE) was ₩15,140 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,303 Mil.
Selling, General, & Admin. Expense(SGA) was ₩9,787 Mil.
Total Current Liabilities was ₩74,380 Mil.
Long-Term Debt & Capital Lease Obligation was ₩8,343 Mil.

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)
	=	(64638.78 / 359412.134)	/	(57081.283 / 489996.071)
	=	0.179846	/	0.116493
	=	1.5438

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)
	=	(90418.621 / 489996.071)	/	(77475.586 / 359412.134)
	=	0.184529	/	0.215562
	=	0.856

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 - (335844.81 + 18008.981) / 524949.244)	/	(1 - (321071.827 + 15140.185) / 523044.647)
	=	0.325928	/	0.357202
	=	0.9124

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
	=	359412.134	/	489996.071
	=	0.7335

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))
	=	(6302.714 / (6302.714 + 15140.185))	/	(7230.374 / (7230.374 + 18008.981))
	=	0.29393	/	0.286472
	=	1.026

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)
	=	(10524.786 / 359412.134)	/	(9786.548 / 489996.071)
	=	0.029283	/	0.019973
	=	1.4661

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)
	=	((6149.183 + 73340.563) / 524949.244)	/	((8343.255 + 74380.147) / 523044.647)
	=	0.151424	/	0.158157
	=	0.9574

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
	=	(9073.046 - 0	-	4477.596)	/	524949.244
	=	0.008754

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.

Eusu Holdings Co has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.

Eusu Holdings Co Beneish M-Score Related Terms

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Eusu Holdings Co (XKRX:000700) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Eusu Holdings Co Ltd (XKRX:000700) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Road 25, Yeongdeungpo-gu, Seoul International Financial, Seoul, KOR

Website

http://www.eusu-holdings.com

Eusu Holdings Co Ltd is a Korea-based company engaged in the provisions of shipping and logistics services. The company provides marine transportation, shipbuilding consulting and other related services. In addition, it also renders service which includes ship design and construction supervision, certification management consulting, purchase and distribution of ship supplies, the supply of oils, and safety management consulting. The company's logistics services consist of air and marine shipping, overland, and railroad transport, customs, project goods transport, warehouse storage and many more.

Eusu Holdings Co (XKRX:000700) Headlines

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