Koh Young Technology Beneish M-Score Historical Data
The historical data trend for Koh Young Technology'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.
Koh Young Technology Beneish M-Score Chart
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Koh Young Technology Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.38 |
-2.68 |
-2.62 |
-2.16 |
-2.66 |
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Koh Young Technology 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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-2.33 |
-2.61 |
-3.03 |
-2.66 |
-2.71 |
Competitive Comparison of Koh Young Technology's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Koh Young Technology'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.
Koh Young Technology's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Koh Young Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Koh Young Technology's Beneish M-Score falls into.
Koh Young Technology 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 Koh Young Technology 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 * 1.0308 | + | 0.528 * 0.9989 | + | 0.404 * 1.1394 | + | 0.892 * 0.7941 | + | 0.115 * 0.8076 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2945 | + | 4.679 * -0.025392 | - | 0.327 * 0.8126 |
| = | -2.71 |
* 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 ₩80,686 Mil.
Revenue was 53026.199 + 58838.978 + 50135.571 + 52977.879 = ₩214,979 Mil.
Gross Profit was 33614.148 + 37909.306 + 31835.062 + 34949.121 = ₩138,308 Mil.
Total Current Assets was ₩280,766 Mil.
Total Assets was ₩375,629 Mil.
Property, Plant and Equipment(Net PPE) was ₩63,442 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩12,462 Mil.
Selling, General, & Admin. Expense(SGA) was ₩33,440 Mil.
Total Current Liabilities was ₩49,090 Mil.
Long-Term Debt & Capital Lease Obligation was ₩12,770 Mil.
Net Income was 7282.937 + 1645.782 + 3935.466 + 3866.03 = ₩16,730 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 8009.229 + -6871.591 + 21654.541 + 3475.851 = ₩26,268 Mil.
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Total Receivables was ₩98,576 Mil.
Revenue was 63678.264 + 69658.243 + 72199.903 + 65187.428 = ₩270,724 Mil.
Gross Profit was 40818.793 + 45507.96 + 46466.528 + 41187.262 = ₩173,981 Mil.
Total Current Assets was ₩295,013 Mil.
Total Assets was ₩403,174 Mil.
Property, Plant and Equipment(Net PPE) was ₩78,561 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩12,008 Mil.
Selling, General, & Admin. Expense(SGA) was ₩32,531 Mil.
Total Current Liabilities was ₩65,398 Mil.
Long-Term Debt & Capital Lease Obligation was ₩16,306 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) |
| = | (80686.065 / 214978.627) | / | (98575.843 / 270723.838) |
| = | 0.375321 | / | 0.36412 |
| | = | 1.0308 |
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) |
| = | (173980.543 / 270723.838) | / | (138307.637 / 214978.627) |
| = | 0.64265 | / | 0.643355 |
| | = | 0.9989 |
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 - (280765.72 + 63441.561) / 375628.804) | / | (1 - (295012.666 + 78560.909) / 403174.382) |
| = | 0.08365 | / | 0.073419 |
| | = | 1.1394 |
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 |
| = | 214978.627 | / | 270723.838 |
| | = | 0.7941 |
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)) |
| = | (12008.009 / (12008.009 + 78560.909)) | / | (12461.533 / (12461.533 + 63441.561)) |
| = | 0.132584 | / | 0.164177 |
| | = | 0.8076 |
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) |
| = | (33440.149 / 214978.627) | / | (32530.913 / 270723.838) |
| = | 0.155551 | / | 0.120163 |
| | = | 1.2945 |
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) |
| = | ((12770.199 + 49089.519) / 375628.804) | / | ((16305.854 + 65398.213) / 403174.382) |
| = | 0.164683 | / | 0.202652 |
| | = | 0.8126 |
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 |
| = | (16730.215 - 0 | - | 26268.03) | / | 375628.804 |
| | = | -0.025392 |
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.
Koh Young Technology has a M-score of -2.71 suggests that the company is unlikely to be a manipulator.
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