Kolon Industries Beneish M-Score Historical Data
The historical data trend for Kolon Industries'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.
Kolon Industries Beneish M-Score Chart
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Kolon Industries Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.81 |
-2.43 |
-2.36 |
-2.70 |
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Kolon Industries 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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-2.47 |
-2.54 |
-2.57 |
-2.70 |
-2.75 |
Competitive Comparison of Kolon Industries's Beneish M-Score
For the Chemicals subindustry, Kolon Industries'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.
Kolon Industries's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Kolon Industries's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kolon Industries's Beneish M-Score falls into.
Kolon Industries 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 Kolon Industries 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 * 0 | + | 0.528 * 1.0191 | + | 0.404 * 3.5623 | + | 0.892 * 0.9387 | + | 0.115 * 0.0837 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.12 | + | 4.679 * -0.064112 | - | 0.327 * 0.7366 |
| = | -2.75 |
* 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 ₩0 Mil.
Revenue was 1161195.912 + 1301401.779 + 1183345.83 + 1347219.784 = ₩4,993,163 Mil.
Gross Profit was 302977.906 + 375687.561 + 284614.003 + 359758.568 = ₩1,323,038 Mil.
Total Current Assets was ₩2,467,186 Mil.
Total Assets was ₩6,212,883 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩188,190 Mil.
Selling, General, & Admin. Expense(SGA) was ₩829,746 Mil.
Total Current Liabilities was ₩2,495,664 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 17933.33 + -9203.07 + -8755.799 + 35501.228 = ₩35,476 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 223747.833 + 24265.908 + 185782.6 = ₩433,796 Mil.
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Total Receivables was ₩881,459 Mil.
Revenue was 1229190.529 + 1442568.153 + 1258885.654 + 1388316.207 = ₩5,318,961 Mil.
Gross Profit was 301721.694 + 388819.63 + 341073.858 + 404702.861 = ₩1,436,318 Mil.
Total Current Assets was ₩2,480,731 Mil.
Total Assets was ₩6,115,195 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,599,525 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩237,483 Mil.
Selling, General, & Admin. Expense(SGA) was ₩789,187 Mil.
Total Current Liabilities was ₩2,764,139 Mil.
Long-Term Debt & Capital Lease Obligation was ₩570,505 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) |
| = | (0 / 4993163.305) | / | (881458.686 / 5318960.543) |
| = | 0 | / | 0.16572 |
| | = | 0 |
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) |
| = | (1436318.043 / 5318960.543) | / | (1323038.038 / 4993163.305) |
| = | 0.270037 | / | 0.26497 |
| | = | 1.0191 |
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 - (2467185.755 + 0) / 6212883.3) | / | (1 - (2480730.55 + 2599525.428) / 6115195.261) |
| = | 0.602892 | / | 0.169241 |
| | = | 3.5623 |
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 |
| = | 4993163.305 | / | 5318960.543 |
| | = | 0.9387 |
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)) |
| = | (237482.72 / (237482.72 + 2599525.428)) | / | (188190.47 / (188190.47 + 0)) |
| = | 0.083709 | / | 1 |
| | = | 0.0837 |
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) |
| = | (829746.021 / 4993163.305) | / | (789187.022 / 5318960.543) |
| = | 0.166176 | / | 0.148372 |
| | = | 1.12 |
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) |
| = | ((0 + 2495664.457) / 6212883.3) | / | ((570505.115 + 2764139.147) / 6115195.261) |
| = | 0.401692 | / | 0.545305 |
| | = | 0.7366 |
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 |
| = | (35475.689 - 0 | - | 433796.341) | / | 6212883.3 |
| | = | -0.064112 |
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.
Kolon Industries has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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