Hyundai Glovis Co (XKRX:086280) Beneish M-Score : -2.95 (As of May. 01, 2024)

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What is Hyundai Glovis 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 -2.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:086280' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.57 Max: -2.16
Current: -2.95

During the past 13 years, the highest Beneish M-Score of Hyundai Glovis Co was -2.16. The lowest was -2.95. And the median was -2.57.

Hyundai Glovis Co Beneish M-Score Historical Data

The historical data trend for Hyundai Glovis 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.

Hyundai Glovis Co Beneish M-Score Chart

Hyundai Glovis Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.60

-2.58

-2.29

-2.60

-2.95

Hyundai Glovis 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															-2.60	-3.04	-3.31	-3.07	-2.95

Competitive Comparison of Hyundai Glovis Co's Beneish M-Score

For the Integrated Freight & Logistics subindustry, Hyundai Glovis 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.

Hyundai Glovis Co's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Hyundai Glovis Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hyundai Glovis Co's Beneish M-Score falls into.

Hyundai Glovis 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 Hyundai Glovis 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 * 0.9814

0.528 * 1.0474

0.404 * 0.9438

0.892 * 0.9519

0.115 * 0.9011

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.246

4.679 * -0.080212

0.327 * 0.9545

-2.95

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₩3,206,059 Mil.
Revenue was 6517405.716 + 6330132.579 + 6534823.929 + 6300834.94 = ₩25,683,197 Mil.
Gross Profit was 520921.805 + 507306.037 + 542931.046 + 520309.837 = ₩2,091,469 Mil.
Total Current Assets was ₩8,771,518 Mil.
Total Assets was ₩14,725,020 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,725,890 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩553,043 Mil.
Selling, General, & Admin. Expense(SGA) was ₩178,760 Mil.
Total Current Liabilities was ₩4,467,588 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,942,652 Mil.
Net Income was 247242.508 + 243952.95 + 288636.15 + 281301.688 = ₩1,061,133 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 320011.197 + 174928.835 + 911805.116 + 835516.392 = ₩2,242,262 Mil.

Total Receivables was ₩3,432,110 Mil.
Revenue was 6811621.358 + 7014133.622 + 6862939.256 + 6293186.736 = ₩26,981,881 Mil.
Gross Profit was 617748.586 + 599264.096 + 556250.783 + 528119.847 = ₩2,301,383 Mil.
Total Current Assets was ₩8,181,858 Mil.
Total Assets was ₩13,877,785 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,470,029 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩465,997 Mil.
Selling, General, & Admin. Expense(SGA) was ₩150,717 Mil.
Total Current Liabilities was ₩4,343,758 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,985,826 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)
	=	(3206059.273 / 25683197.164)	/	(3432109.564 / 26981880.972)
	=	0.124831	/	0.127201
	=	0.9814

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)
	=	(2301383.312 / 26981880.972)	/	(2091468.725 / 25683197.164)
	=	0.085294	/	0.081433
	=	1.0474

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 - (8771518.131 + 4725890.371) / 14725019.904)	/	(1 - (8181858.081 + 4470028.907) / 13877784.5)
	=	0.083369	/	0.088335
	=	0.9438

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
	=	25683197.164	/	26981880.972
	=	0.9519

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))
	=	(465996.945 / (465996.945 + 4470028.907))	/	(553042.829 / (553042.829 + 4725890.371))
	=	0.094407	/	0.104764
	=	0.9011

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)
	=	(178759.545 / 25683197.164)	/	(150717.27 / 26981880.972)
	=	0.00696	/	0.005586
	=	1.246

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)
	=	((1942651.614 + 4467588.471) / 14725019.904)	/	((1985826.256 + 4343758.218) / 13877784.5)
	=	0.43533	/	0.456095
	=	0.9545

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
	=	(1061133.296 - 0	-	2242261.54)	/	14725019.904
	=	-0.080212

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.

Hyundai Glovis Co has a M-score of -2.95 suggests that the company is unlikely to be a manipulator.

Hyundai Glovis Co Beneish M-Score Related Terms

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Hyundai Glovis Co (XKRX:086280) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Hyundai Glovis Co Ltd (XKRX:086280) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

301, Teheran-ro, Gangnam-gu, Seoul, KOR

Website

http://www.glovis.net

Hyundai Glovis Co Ltd is engaged in the comprehensive logistics business. The company offers vehicle transportation services, storage services, inbound and outbound logistics, domestic logistics services, general cargo, military logistics, and consulting services. It offers services to industries including steel, machinery, heavy industries, chemical, energy, and construction. The company provides systematic information on tracking, detention, estimated time of arrival through inbound and outbound logistics system.

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