Asflow Co Beneish M-Score Historical Data
The historical data trend for Asflow 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.
Asflow Co Beneish M-Score Chart
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Asflow Co Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.63 |
- |
- |
-1.64 |
-2.28 |
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Asflow Co Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.56 |
-1.86 |
-1.75 |
-2.28 |
- |
Competitive Comparison of Asflow Co's Beneish M-Score
For the Tools & Accessories subindustry, Asflow 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.
Asflow Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Asflow Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asflow Co's Beneish M-Score falls into.
Asflow 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 Asflow 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 * 0 | + | 0.528 * 1.2691 | + | 0.404 * 6.0543 | + | 0.892 * 0.9375 | + | 0.115 * 0.0687 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.0607 | + | 4.679 * 0.018352 | - | 0.327 * 0.9369 |
| = | -1.45 |
* 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 26034.787 + 20708.89 + 18785.175 + 25117.081 = ₩90,646 Mil.
Gross Profit was 5721.808 + 1443.585 + 3794.763 + 5615.572 = ₩16,576 Mil.
Total Current Assets was ₩91,730 Mil.
Total Assets was ₩139,305 Mil.
Property, Plant and Equipment(Net PPE) was ₩0 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,487 Mil.
Selling, General, & Admin. Expense(SGA) was ₩5,462 Mil.
Total Current Liabilities was ₩65,857 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 Mil.
Net Income was 1755.799 + -1656.835 + 816.744 + 1805.271 = ₩2,721 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 0 + 2396.655 + -2747.876 + 515.686 = ₩164 Mil.
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Total Receivables was ₩24,271 Mil.
Revenue was 22262.583 + 25905.183 + 25872.461 + 22650.569 = ₩96,691 Mil.
Gross Profit was 5398.043 + 5631.195 + 5992.859 + 5417.645 = ₩22,440 Mil.
Total Current Assets was ₩71,426 Mil.
Total Assets was ₩120,981 Mil.
Property, Plant and Equipment(Net PPE) was ₩42,730 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,150 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,827 Mil.
Total Current Liabilities was ₩57,218 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,830 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 / 90645.933) | / | (24270.774 / 96690.796) |
| = | 0 | / | 0.251014 |
| | = | 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) |
| = | (22439.742 / 96690.796) | / | (16575.728 / 90645.933) |
| = | 0.232077 | / | 0.182862 |
| | = | 1.2691 |
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 - (91729.7 + 0) / 139305.106) | / | (1 - (71426.45 + 42730.476) / 120981.3) |
| = | 0.341519 | / | 0.056409 |
| | = | 6.0543 |
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 |
| = | 90645.933 | / | 96690.796 |
| | = | 0.9375 |
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)) |
| = | (3150.342 / (3150.342 + 42730.476)) | / | (2487.06 / (2487.06 + 0)) |
| = | 0.068664 | / | 1 |
| | = | 0.0687 |
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) |
| = | (5461.916 / 90645.933) | / | (2827.208 / 96690.796) |
| = | 0.060255 | / | 0.02924 |
| | = | 2.0607 |
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 + 65856.803) / 139305.106) | / | ((3829.661 + 57218.018) / 120981.3) |
| = | 0.472752 | / | 0.504604 |
| | = | 0.9369 |
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 |
| = | (2720.979 - 0 | - | 164.465) | / | 139305.106 |
| | = | 0.018352 |
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.
Asflow Co has a M-score of -1.45 signals that the company is likely to be a manipulator.
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