Dongkuk Holdings Beneish M-Score Historical Data
The historical data trend for Dongkuk 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.
Dongkuk Holdings Beneish M-Score Chart
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Dongkuk Holdings Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.85 |
-3.13 |
-1.88 |
-2.03 |
2.57 |
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Dongkuk Holdings Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.03 |
-2.12 |
-3.59 |
-3.23 |
2.57 |
Competitive Comparison of Dongkuk Holdings's Beneish M-Score
For the Steel subindustry, Dongkuk 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.
Dongkuk Holdings's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, Dongkuk Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Dongkuk Holdings's Beneish M-Score falls into.
Dongkuk 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 Dongkuk 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 * 0.4271 | + | 0.528 * 0.9723 | + | 0.404 * 15.8009 | + | 0.892 * 0.8793 | + | 0.115 * 0.3113 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.4205 | + | 4.679 * -0.060562 | - | 0.327 * 0.5145 |
| = | 2.57 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₩334,434 Mil.
Revenue was 456968.309 + 448849.025 + 464693.704 + 1917225.9 = ₩3,287,737 Mil.
Gross Profit was 32639.801 + 41942.923 + 58171.767 + 266958.707 = ₩399,713 Mil.
Total Current Assets was ₩919,871 Mil.
Total Assets was ₩2,421,648 Mil.
Property, Plant and Equipment(Net PPE) was ₩453,263 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩98,495 Mil.
Selling, General, & Admin. Expense(SGA) was ₩107,687 Mil.
Total Current Liabilities was ₩540,824 Mil.
Long-Term Debt & Capital Lease Obligation was ₩28,706 Mil.
Net Income was 616837.882 + 11899.965 + -213250.813 + -101477.456 = ₩314,010 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 133190.313 + 46633.749 + 137643.525 + 143202.115 = ₩460,670 Mil.
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Total Receivables was ₩890,396 Mil.
Revenue was 509072.293 + 543194.162 + 555300.453 + 2131317.296 = ₩3,738,884 Mil.
Gross Profit was 32775.507 + 51207.079 + 56627.303 + 301377.875 = ₩441,988 Mil.
Total Current Assets was ₩2,774,283 Mil.
Total Assets was ₩6,451,248 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,500,187 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩205,963 Mil.
Selling, General, & Admin. Expense(SGA) was ₩86,211 Mil.
Total Current Liabilities was ₩2,824,096 Mil.
Long-Term Debt & Capital Lease Obligation was ₩124,824 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) |
| = | (334434.456 / 3287736.938) | / | (890395.903 / 3738884.204) |
| = | 0.101722 | / | 0.238145 |
| | = | 0.4271 |
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) |
| = | (441987.764 / 3738884.204) | / | (399713.198 / 3287736.938) |
| = | 0.118214 | / | 0.121577 |
| | = | 0.9723 |
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 - (919871.143 + 453263.219) / 2421648.337) | / | (1 - (2774282.526 + 3500186.527) / 6451247.797) |
| = | 0.432975 | / | 0.027402 |
| | = | 15.8009 |
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 |
| = | 3287736.938 | / | 3738884.204 |
| | = | 0.8793 |
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)) |
| = | (205963 / (205963 + 3500186.527)) | / | (98495 / (98495 + 453263.219)) |
| = | 0.055573 | / | 0.178511 |
| | = | 0.3113 |
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) |
| = | (107686.69 / 3287736.938) | / | (86211.419 / 3738884.204) |
| = | 0.032754 | / | 0.023058 |
| | = | 1.4205 |
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) |
| = | ((28705.847 + 540823.935) / 2421648.337) | / | ((124823.684 + 2824096.284) / 6451247.797) |
| = | 0.235183 | / | 0.457108 |
| | = | 0.5145 |
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 |
| = | (314009.578 - 0 | - | 460669.702) | / | 2421648.337 |
| | = | -0.060562 |
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.
Dongkuk Holdings has a M-score of 2.57 signals that the company is likely to be a manipulator.
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