C-Site Co Beneish M-Score Historical Data
The historical data trend for C-Site 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.
C-Site Co Beneish M-Score Chart
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C-Site Co Annual Data
|
|
Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-3.01 |
-3.19 |
|
C-Site Co Semi-Annual Data
|
|
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
- |
-3.01 |
- |
-3.19 |
Competitive Comparison of C-Site Co's Beneish M-Score
For the Apparel Manufacturing subindustry, C-Site 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.
C-Site Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, C-Site Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where C-Site Co's Beneish M-Score falls into.
C-Site 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 C-Site 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 * 1.0738 | + | 0.528 * 1.1946 | + | 0.404 * 0.8758 | + | 0.892 * 0.8206 | + | 0.115 * 0.8482 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.089 | + | 4.679 * -0.140288 | - | 0.327 * 0.9563 |
| = | -3.19 |
* 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 ₩20,495 Mil.
Revenue was ₩152,290 Mil.
Gross Profit was ₩30,337 Mil.
Total Current Assets was ₩82,385 Mil.
Total Assets was ₩98,569 Mil.
Property, Plant and Equipment(Net PPE) was ₩14,994 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,740 Mil.
Selling, General, & Admin. Expense(SGA) was ₩7,554 Mil.
Total Current Liabilities was ₩40,556 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,344 Mil.
Net Income was ₩-4,246 Mil.
Gross Profit was ₩0 Mil.
Cash Flow from Operations was ₩9,582 Mil.
|
Total Receivables was ₩23,257 Mil.
Revenue was ₩185,576 Mil.
Gross Profit was ₩44,160 Mil.
Total Current Assets was ₩76,285 Mil.
Total Assets was ₩94,743 Mil.
Property, Plant and Equipment(Net PPE) was ₩17,151 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,496 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,452 Mil.
Total Current Liabilities was ₩40,957 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,158 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) |
| = | (20494.6 / 152290.473) | / | (23256.94 / 185575.942) |
| = | 0.134576 | / | 0.125323 |
| | = | 1.0738 |
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) |
| = | (44160.49 / 185575.942) | / | (30336.603 / 152290.473) |
| = | 0.237965 | / | 0.199202 |
| | = | 1.1946 |
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 - (82385.024 + 14993.567) / 98569.427) | / | (1 - (76284.833 + 17151.327) / 94743.091) |
| = | 0.012081 | / | 0.013794 |
| | = | 0.8758 |
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 |
| = | 152290.473 | / | 185575.942 |
| | = | 0.8206 |
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)) |
| = | (3495.997 / (3495.997 + 17151.327)) | / | (3739.775 / (3739.775 + 14993.567)) |
| = | 0.16932 | / | 0.199632 |
| | = | 0.8482 |
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) |
| = | (7553.58 / 152290.473) | / | (8452.08 / 185575.942) |
| = | 0.0496 | / | 0.045545 |
| | = | 1.089 |
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) |
| = | ((1343.712 + 40556.256) / 98569.427) | / | ((1158.156 + 40956.573) / 94743.091) |
| = | 0.425081 | / | 0.444515 |
| | = | 0.9563 |
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 |
| = | (-4245.996 - 0 | - | 9582.114) | / | 98569.427 |
| | = | -0.140288 |
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.
C-Site Co has a M-score of -3.19 suggests that the company is unlikely to be a manipulator.
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