Incon Co Beneish M-Score Historical Data
The historical data trend for Incon 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.
Incon Co Beneish M-Score Chart
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Incon 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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-3.34 |
-1.90 |
-2.26 |
-2.88 |
-3.79 |
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Incon Co 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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-2.88 |
-2.25 |
-2.71 |
-3.08 |
-3.79 |
Competitive Comparison of Incon Co's Beneish M-Score
For the Security & Protection Services subindustry, Incon 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.
Incon Co's Beneish M-Score Distribution in the Business Services Industry
For the Business Services industry and Industrials sector, Incon Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Incon Co's Beneish M-Score falls into.
Incon 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 Incon 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 * 1.1164 | + | 0.528 * 0.9677 | + | 0.404 * 1.1742 | + | 0.892 * 1.1468 | + | 0.115 * 1.1708 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9965 | + | 4.679 * -0.373974 | - | 0.327 * 0.6129 |
| = | -3.79 |
* 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 ₩6,059 Mil.
Revenue was 21782.145 + 15711.867 + 14976.361 + 10958.418 = ₩63,429 Mil.
Gross Profit was 3474.907 + 2346.515 + 2475.967 + 1369.691 = ₩9,667 Mil.
Total Current Assets was ₩47,195 Mil.
Total Assets was ₩92,368 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,002 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩633 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,102 Mil.
Total Current Liabilities was ₩6,782 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,435 Mil.
Net Income was -21497.745 + 1403.344 + -11760.704 + 270.945 = ₩-31,584 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 3202.023 + 411.665 + 867.34 + -1521.948 = ₩2,959 Mil.
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Total Receivables was ₩4,733 Mil.
Revenue was 22202.4 + 9871.847 + 14698.088 + 8536.773 = ₩55,309 Mil.
Gross Profit was 3018.086 + 1676.221 + 2216.407 + 1246.797 = ₩8,158 Mil.
Total Current Assets was ₩74,935 Mil.
Total Assets was ₩128,280 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,468 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩889 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,839 Mil.
Total Current Liabilities was ₩18,175 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,712 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) |
| = | (6059.289 / 63428.791) | / | (4732.517 / 55309.108) |
| = | 0.095529 | / | 0.085565 |
| | = | 1.1164 |
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) |
| = | (8157.511 / 55309.108) | / | (9667.08 / 63428.791) |
| = | 0.147489 | / | 0.152408 |
| | = | 0.9677 |
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 - (47194.892 + 3002.285) / 92368.055) | / | (1 - (74935.161 + 3468.479) / 128279.554) |
| = | 0.456553 | / | 0.388806 |
| | = | 1.1742 |
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 |
| = | 63428.791 | / | 55309.108 |
| | = | 1.1468 |
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)) |
| = | (888.576 / (888.576 + 3468.479)) | / | (633.277 / (633.277 + 3002.285)) |
| = | 0.20394 | / | 0.17419 |
| | = | 1.1708 |
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) |
| = | (2101.595 / 63428.791) | / | (1839.051 / 55309.108) |
| = | 0.033133 | / | 0.03325 |
| | = | 0.9965 |
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) |
| = | ((2435.044 + 6782.494) / 92368.055) | / | ((2711.637 + 18175.202) / 128279.554) |
| = | 0.099791 | / | 0.162823 |
| | = | 0.6129 |
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 |
| = | (-31584.16 - 0 | - | 2959.08) | / | 92368.055 |
| | = | -0.373974 |
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.
Incon Co has a M-score of -3.79 suggests that the company is unlikely to be a manipulator.
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