Kginicis Co Beneish M-Score Historical Data
The historical data trend for Kginicis 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.
Kginicis Co Beneish M-Score Chart
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Kginicis Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.75 |
-2.30 |
-2.76 |
-2.00 |
-1.76 |
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Kginicis Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.79 |
-1.74 |
-2.12 |
-1.76 |
-1.81 |
Competitive Comparison of Kginicis Co's Beneish M-Score
For the Software - Infrastructure subindustry, Kginicis 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.
Kginicis Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Kginicis Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kginicis Co's Beneish M-Score falls into.
Kginicis 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 Kginicis Co 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 * 1.1491 | + | 0.528 * 1.0342 | + | 0.404 * 1.1343 | + | 0.892 * 1.118 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9681 | + | 4.679 * 0.069598 | - | 0.327 * 0.9187 |
| = | -1.81 |
* 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 ₩155,931 Mil.
Revenue was 367765.211 + 353488.828 + 347125.527 + 320571.7 = ₩1,388,951 Mil.
Gross Profit was 76876.79 + 75531.441 + 74310.317 + 70501.55 = ₩297,220 Mil.
Total Current Assets was ₩666,090 Mil.
Total Assets was ₩1,627,774 Mil.
Property, Plant and Equipment(Net PPE) was ₩225,942 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩0 Mil.
Selling, General, & Admin. Expense(SGA) was ₩105,102 Mil.
Total Current Liabilities was ₩714,800 Mil.
Long-Term Debt & Capital Lease Obligation was ₩139,531 Mil.
Net Income was 18559.137 + 20017.952 + 16839.613 + 24245.588 = ₩79,662 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -11823.532 + -8879.431 + 53622.094 + -66546.028 = ₩-33,627 Mil.
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Total Receivables was ₩121,369 Mil.
Revenue was 323605.799 + 328991.332 + 313303.183 + 276399.545 = ₩1,242,300 Mil.
Gross Profit was 67015.584 + 71965.523 + 70383.411 + 65574.745 = ₩274,939 Mil.
Total Current Assets was ₩690,543 Mil.
Total Assets was ₩1,564,809 Mil.
Property, Plant and Equipment(Net PPE) was ₩250,752 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩14,801 Mil.
Selling, General, & Admin. Expense(SGA) was ₩97,102 Mil.
Total Current Liabilities was ₩776,305 Mil.
Long-Term Debt & Capital Lease Obligation was ₩117,623 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) |
| = | (155931.473 / 1388951.266) | / | (121368.537 / 1242299.859) |
| = | 0.112266 | / | 0.097697 |
| | = | 1.1491 |
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) |
| = | (274939.263 / 1242299.859) | / | (297220.098 / 1388951.266) |
| = | 0.221315 | / | 0.213989 |
| | = | 1.0342 |
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 - (666090.348 + 225941.706) / 1627773.932) | / | (1 - (690543.496 + 250752.035) / 1564808.677) |
| = | 0.451993 | / | 0.39846 |
| | = | 1.1343 |
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 |
| = | 1388951.266 | / | 1242299.859 |
| | = | 1.118 |
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)) |
| = | (14801.347 / (14801.347 + 250752.035)) | / | (0 / (0 + 225941.706)) |
| = | 0.055738 | / | 0 |
| | = | 1 |
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) |
| = | (105101.888 / 1388951.266) | / | (97102.004 / 1242299.859) |
| = | 0.07567 | / | 0.078163 |
| | = | 0.9681 |
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) |
| = | ((139530.742 + 714799.997) / 1627773.932) | / | ((117623.365 + 776304.988) / 1564808.677) |
| = | 0.524846 | / | 0.57127 |
| | = | 0.9187 |
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 |
| = | (79662.29 - 0 | - | -33626.897) | / | 1627773.932 |
| | = | 0.069598 |
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.
Kginicis Co has a M-score of -1.81 suggests that the company is unlikely to be a manipulator.
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