Sebang Global Battery Co (XKRX:004490) Beneish M-Score : -2.29 (As of Jun. 01, 2024)

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What is Sebang Global Battery 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:004490' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.35 Max: -1.37
Current: -2.29

During the past 13 years, the highest Beneish M-Score of Sebang Global Battery Co was -1.37. The lowest was -2.83. And the median was -2.35.

Sebang Global Battery Co Beneish M-Score Historical Data

The historical data trend for Sebang Global Battery 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.

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Sebang Global Battery Co Beneish M-Score Chart

Sebang Global Battery Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.53

-2.83

-2.18

-2.23

-2.35

Sebang Global Battery 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															-2.55	-2.52	-2.61	-2.35	-2.29

Competitive Comparison of Sebang Global Battery Co's Beneish M-Score

For the Electrical Equipment & Parts subindustry, Sebang Global Battery 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.

Sebang Global Battery Co's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Sebang Global Battery Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sebang Global Battery Co's Beneish M-Score falls into.

Sebang Global Battery 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 Sebang Global Battery 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 * 1.148

0.528 * 0.8087

0.404 * 1.1506

0.892 * 1.1866

0.115 * 1.0351

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8191

4.679 * -0.014701

0.327 * 1.1085

-2.29

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩373,656 Mil.
Revenue was 466620.253 + 500958.317 + 409122.321 + 396820.708 = ₩1,773,522 Mil.
Gross Profit was 86278.155 + 89544.406 + 64155.005 + 63787.814 = ₩303,765 Mil.
Total Current Assets was ₩1,090,535 Mil.
Total Assets was ₩1,981,184 Mil.
Property, Plant and Equipment(Net PPE) was ₩369,601 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩53,168 Mil.
Selling, General, & Admin. Expense(SGA) was ₩70,772 Mil.
Total Current Liabilities was ₩553,382 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,992 Mil.
Net Income was 42300.712 + 37119.304 + 35837.172 + 27838.84 = ₩143,096 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 41490.696 + 67382.536 + 59899.339 + 3449.342 = ₩172,222 Mil.

Total Receivables was ₩274,299 Mil.
Revenue was 377913.999 + 402405.265 + 354817.828 + 359493.978 = ₩1,494,631 Mil.
Gross Profit was 46764.032 + 61445.643 + 51717.7 + 47090.643 = ₩207,018 Mil.
Total Current Assets was ₩956,644 Mil.
Total Assets was ₩1,698,929 Mil.
Property, Plant and Equipment(Net PPE) was ₩353,940 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩52,971 Mil.
Selling, General, & Admin. Expense(SGA) was ₩72,818 Mil.
Total Current Liabilities was ₩427,834 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,128 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)
	=	(373656.223 / 1773521.599)	/	(274299.069 / 1494631.07)
	=	0.210686	/	0.183523
	=	1.148

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)
	=	(207018.018 / 1494631.07)	/	(303765.38 / 1773521.599)
	=	0.138508	/	0.171278
	=	0.8087

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 - (1090534.877 + 369600.777) / 1981184.48)	/	(1 - (956643.717 + 353939.781) / 1698929.129)
	=	0.262999	/	0.228583
	=	1.1506

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
	=	1773521.599	/	1494631.07
	=	1.1866

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))
	=	(52970.507 / (52970.507 + 353939.781))	/	(53168.48 / (53168.48 + 369600.777))
	=	0.130177	/	0.125762
	=	1.0351

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)
	=	(70772.334 / 1773521.599)	/	(72818.49 / 1494631.07)
	=	0.039905	/	0.04872
	=	0.8191

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)
	=	((4992.076 + 553382.393) / 1981184.48)	/	((4128.075 + 427833.975) / 1698929.129)
	=	0.281839	/	0.254255
	=	1.1085

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
	=	(143096.028 - 0	-	172221.913)	/	1981184.48
	=	-0.014701

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.

Sebang Global Battery Co has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.

Sebang Global Battery Co Beneish M-Score Related Terms

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Sebang Global Battery Co (XKRX:004490) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Sebang Global Battery Co Ltd (XKRX:004490) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

433, Seolleung-ro, Seolleung-ro, Gangnam-gu, Seoul, KOR

Website

http://www.gbattery.com

Sebang Global Battery Co Ltd is a Korea-based company engaged in the manufacture and sale of storage batteries. It offers batteries that are used in automobiles, motorcycles, electric vehicles and industrial machineries such as excavators and bulldozers. The company provides its products under the brand name of ROCKET. It distributes its products within Korean and overseas markets such as the Caribbean Islands, China, Japan, Europe, Middle East and Africa and others.

Sebang Global Battery Co (XKRX:004490) Headlines

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