Visang Education Beneish M-Score Historical Data
The historical data trend for Visang Education'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.
Visang Education Beneish M-Score Chart
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Visang Education Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.65 |
-3.39 |
-2.87 |
-2.64 |
-2.70 |
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Visang Education 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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-2.91 |
-2.62 |
-2.53 |
-2.70 |
-2.46 |
Competitive Comparison of Visang Education's Beneish M-Score
For the Publishing subindustry, Visang Education'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.
Visang Education's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Visang Education's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Visang Education's Beneish M-Score falls into.
Visang Education 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 Visang Education 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 * 1.0395 | + | 0.528 * 0.9094 | + | 0.404 * 1.7956 | + | 0.892 * 1.0151 | + | 0.115 * 1.2967 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9418 | + | 4.679 * -0.046902 | - | 0.327 * 1.3928 |
| = | -2.46 |
* 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 ₩68,669 Mil.
Revenue was 65550.807 + 88293.279 + 49427.049 + 48664.577 = ₩251,936 Mil.
Gross Profit was 44418.835 + 52222.635 + 30404.359 + 30459.337 = ₩157,505 Mil.
Total Current Assets was ₩124,650 Mil.
Total Assets was ₩378,481 Mil.
Property, Plant and Equipment(Net PPE) was ₩129,760 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩12,215 Mil.
Selling, General, & Admin. Expense(SGA) was ₩116,156 Mil.
Total Current Liabilities was ₩189,876 Mil.
Long-Term Debt & Capital Lease Obligation was ₩260 Mil.
Net Income was 3845.02 + 2537.505 + -4437.469 + -3459.655 = ₩-1,515 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 12268.347 + 11456.584 + 397.337 + -7885.277 = ₩16,237 Mil.
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Total Receivables was ₩65,076 Mil.
Revenue was 65986.487 + 88788.205 + 49327.593 + 44091.692 = ₩248,194 Mil.
Gross Profit was 37950.793 + 51975.478 + 26145.503 + 25038.849 = ₩141,111 Mil.
Total Current Assets was ₩118,330 Mil.
Total Assets was ₩299,588 Mil.
Property, Plant and Equipment(Net PPE) was ₩126,564 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩15,893 Mil.
Selling, General, & Admin. Expense(SGA) was ₩121,499 Mil.
Total Current Liabilities was ₩107,517 Mil.
Long-Term Debt & Capital Lease Obligation was ₩539 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) |
| = | (68668.609 / 251935.712) | / | (65076.198 / 248193.977) |
| = | 0.272564 | / | 0.262199 |
| | = | 1.0395 |
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) |
| = | (141110.623 / 248193.977) | / | (157505.166 / 251935.712) |
| = | 0.56855 | / | 0.62518 |
| | = | 0.9094 |
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 - (124649.849 + 129760.388) / 378481.241) | / | (1 - (118329.576 + 126563.841) / 299587.597) |
| = | 0.327813 | / | 0.182565 |
| | = | 1.7956 |
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 |
| = | 251935.712 | / | 248193.977 |
| | = | 1.0151 |
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)) |
| = | (15892.513 / (15892.513 + 126563.841)) | / | (12215.144 / (12215.144 + 129760.388)) |
| = | 0.111561 | / | 0.086037 |
| | = | 1.2967 |
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) |
| = | (116156.402 / 251935.712) | / | (121499.276 / 248193.977) |
| = | 0.461056 | / | 0.489534 |
| | = | 0.9418 |
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) |
| = | ((259.756 + 189876.265) / 378481.241) | / | ((538.99 + 107516.719) / 299587.597) |
| = | 0.502366 | / | 0.360682 |
| | = | 1.3928 |
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 |
| = | (-1514.599 - 0 | - | 16236.991) | / | 378481.241 |
| | = | -0.046902 |
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.
Visang Education has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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