Samsung Electro-Mechanics Co (XKRX:009150) Beneish M-Score : -2.53 (As of May. 07, 2024)

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What is Samsung Electro-Mechanics 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:009150' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19 Med: -2.74 Max: -2.27
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Samsung Electro-Mechanics Co was -2.27. The lowest was -3.19. And the median was -2.74.

Samsung Electro-Mechanics Co Beneish M-Score Historical Data

The historical data trend for Samsung Electro-Mechanics 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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Samsung Electro-Mechanics Co Beneish M-Score Chart

Samsung Electro-Mechanics Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.58

-3.06

-2.55

-2.73

-2.53

Samsung Electro-Mechanics Co Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.73	-2.88	-2.62	-2.59	-2.53

Competitive Comparison of Samsung Electro-Mechanics Co's Beneish M-Score

For the Electronic Components subindustry, Samsung Electro-Mechanics 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.

Samsung Electro-Mechanics Co's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Samsung Electro-Mechanics Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Samsung Electro-Mechanics Co's Beneish M-Score falls into.

Samsung Electro-Mechanics 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 Samsung Electro-Mechanics 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 * 1.2357

0.528 * 1.2432

0.404 * 0.9214

0.892 * 0.9453

0.115 * 1.1036

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0909

4.679 * -0.064969

0.327 * 1.0225

-2.53

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₩1,241,171 Mil.
Revenue was 2306222.295 + 2360940.581 + 2220522.779 + 2021762.829 = ₩8,909,448 Mil.
Gross Profit was 387387.068 + 464125.242 + 481740.065 + 387621.954 = ₩1,720,874 Mil.
Total Current Assets was ₩5,208,418 Mil.
Total Assets was ₩11,657,872 Mil.
Property, Plant and Equipment(Net PPE) was ₩5,710,493 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩836,669 Mil.
Selling, General, & Admin. Expense(SGA) was ₩241,872 Mil.
Total Current Liabilities was ₩2,900,460 Mil.
Long-Term Debt & Capital Lease Obligation was ₩266,618 Mil.
Net Income was 43429.075 + 155530.563 + 112593.574 + 111403.495 = ₩422,957 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 176125.192 + 397837.132 + 418332.487 + 188065.305 = ₩1,180,360 Mil.

Total Receivables was ₩1,062,544 Mil.
Revenue was 1968429.601 + 2383749.92 + 2455606.771 + 2616765.576 = ₩9,424,552 Mil.
Gross Profit was 371612.021 + 576708.077 + 636036.942 + 678789.044 = ₩2,263,146 Mil.
Total Current Assets was ₩4,888,319 Mil.
Total Assets was ₩10,997,171 Mil.
Property, Plant and Equipment(Net PPE) was ₩5,352,320 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩878,799 Mil.
Selling, General, & Admin. Expense(SGA) was ₩234,550 Mil.
Total Current Liabilities was ₩2,525,123 Mil.
Long-Term Debt & Capital Lease Obligation was ₩396,694 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)
	=	(1241171.267 / 8909448.484)	/	(1062544.49 / 9424551.868)
	=	0.13931	/	0.112742
	=	1.2357

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)
	=	(2263146.084 / 9424551.868)	/	(1720874.329 / 8909448.484)
	=	0.240133	/	0.193152
	=	1.2432

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 - (5208418.321 + 5710492.653) / 11657871.602)	/	(1 - (4888318.771 + 5352320.316) / 10997170.899)
	=	0.063387	/	0.068793
	=	0.9214

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
	=	8909448.484	/	9424551.868
	=	0.9453

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))
	=	(878798.867 / (878798.867 + 5352320.316))	/	(836669.01 / (836669.01 + 5710492.653))
	=	0.141034	/	0.127791
	=	1.1036

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)
	=	(241871.526 / 8909448.484)	/	(234549.817 / 9424551.868)
	=	0.027148	/	0.024887
	=	1.0909

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)
	=	((266617.707 + 2900459.629) / 11657871.602)	/	((396693.998 + 2525123.48) / 10997170.899)
	=	0.271669	/	0.265688
	=	1.0225

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
	=	(422956.707 - 0	-	1180360.116)	/	11657871.602
	=	-0.064969

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.

Samsung Electro-Mechanics Co has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.

Samsung Electro-Mechanics Co Beneish M-Score Related Terms

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Samsung Electro-Mechanics Co (XKRX:009150) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Samsung Electro-Mechanics Co Ltd (XKRX:009150) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

009155:Korea

Address

Samsung Seocho-Tower 1320-10, 21st floor, Seocho 2-Dong, Seoul, KOR, 135-857

Website

http://www.samsungsem.co.kr

Samsung Electro-Mechanics, or Semco, manufactures various electronic components. The company operates three major segments; component solution, module solution, and substrate solution, and its main products are multilayer ceramic capacitors, or MLCCs, camera modules, semiconductor packages, and printed circuit boards. Semco is the global second MLCC supplier. Samsung Electronics, one of the largest consumer electronics and semiconductor companies, is Semco's largest shareholder.

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