BG T&A Co (XKRX:046310) Beneish M-Score : -2.75 (As of Jun. 09, 2024)

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What is BG T&A 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for BG T&A Co's Beneish M-Score or its related term are showing as below:

XKRX:046310' s Beneish M-Score Range Over the Past 10 Years
Min: -4.69 Med: -2.31 Max: -1.08
Current: -2.75

During the past 13 years, the highest Beneish M-Score of BG T&A Co was -1.08. The lowest was -4.69. And the median was -2.31.

BG T&A Co Beneish M-Score Historical Data

The historical data trend for BG T&A 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.

BG T&A Co Beneish M-Score Chart

BG T&A Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.69

-2.11

-2.10

-2.62

-1.78

BG T&A 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															-2.40	-2.41	-2.46	-1.78	-2.75

Competitive Comparison of BG T&A Co's Beneish M-Score

For the Communication Equipment subindustry, BG T&A 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.

BG T&A Co's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, BG T&A Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where BG T&A Co's Beneish M-Score falls into.

BG T&A 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 BG T&A 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 * 1.0394

0.528 * 1.0749

0.404 * 0.9041

0.892 * 1.1087

0.115 * 1.2224

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0566

4.679 * -0.095922

0.327 * 0.9163

-2.75

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩30,645 Mil.
Revenue was 32534.155 + 43132.055 + 46190.961 + 44587.672 = ₩166,445 Mil.
Gross Profit was 8355.321 + 9001.156 + 11977.903 + 10472.685 = ₩39,807 Mil.
Total Current Assets was ₩117,728 Mil.
Total Assets was ₩139,755 Mil.
Property, Plant and Equipment(Net PPE) was ₩5,995 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,127 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,985 Mil.
Total Current Liabilities was ₩35,872 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,612 Mil.
Net Income was 2132.283 + 2396.861 + 3579.253 + 2178.573 = ₩10,287 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 11831.502 + 9102.735 + 3888.384 + -1130.056 = ₩23,693 Mil.

Total Receivables was ₩26,595 Mil.
Revenue was 36822.929 + 38763.737 + 41503.881 + 33042.223 = ₩150,133 Mil.
Gross Profit was 9966.712 + 8934.671 + 11990.27 + 7702.544 = ₩38,594 Mil.
Total Current Assets was ₩107,779 Mil.
Total Assets was ₩128,508 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,423 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,083 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,402 Mil.
Total Current Liabilities was ₩35,990 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,627 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)
	=	(30645.285 / 166444.843)	/	(26594.941 / 150132.77)
	=	0.184117	/	0.177143
	=	1.0394

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)
	=	(38594.197 / 150132.77)	/	(39807.065 / 166444.843)
	=	0.257067	/	0.239161
	=	1.0749

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 - (117728.212 + 5994.885) / 139754.733)	/	(1 - (107779.287 + 4423.117) / 128507.563)
	=	0.114713	/	0.126881
	=	0.9041

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
	=	166444.843	/	150132.77
	=	1.1087

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))
	=	(2082.577 / (2082.577 + 4423.117))	/	(2126.817 / (2126.817 + 5994.885))
	=	0.320116	/	0.261868
	=	1.2224

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)
	=	(3985.327 / 166444.843)	/	(3402.302 / 150132.77)
	=	0.023944	/	0.022662
	=	1.0566

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)
	=	((1612.161 + 35872.092) / 139754.733)	/	((1626.658 + 35989.954) / 128507.563)
	=	0.268215	/	0.292719
	=	0.9163

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
	=	(10286.97 - 0	-	23692.565)	/	139754.733
	=	-0.095922

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.

BG T&A Co has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.

BG T&A Co Beneish M-Score Related Terms

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BG T&A Co (XKRX:046310) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » BG T&A Co (XKRX:046310) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

1026-52 Sanbon-dong, 4,5,6F L&C Tower, Gunpo-Si, Gyeonggi, KOR, 435-040

Website

http://www.bgtech.co.kr

BG T&A Co is a South Korea-based company involved in the original development manufacturing (ODM) of wireless communication equipment through its overseas subsidiary BG Tech International. It accommodates four categories of products: radar detectors, including general radar detectors, radar detectors with global positioning system (GPS) systems, remote radar detectors, radar and laser speed trap detectors, and others; two-way radios (TWRs), including marine radios and land mobile radios (LMRs); personal digital assistants (PDAs) for industrial uses, as well as navigations. The company is also involved in the repair and maintenance services for TWRs.

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