GOLFZON Co (XKRX:215000) Beneish M-Score : -1.12 (As of May. 15, 2024)

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What is GOLFZON Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score -1.12 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for GOLFZON Co's Beneish M-Score or its related term are showing as below:

XKRX:215000' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.51 Max: -1.12
Current: -1.12

During the past 9 years, the highest Beneish M-Score of GOLFZON Co was -1.12. The lowest was -3.12. And the median was -2.51.

GOLFZON Co Beneish M-Score Historical Data

The historical data trend for GOLFZON 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.

* Premium members only.

GOLFZON Co Beneish M-Score Chart

GOLFZON Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.70

-3.12

-2.75

-2.13

-1.12

GOLFZON Co Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.13	-1.95	-1.97	-1.97	-1.12

Competitive Comparison of GOLFZON Co's Beneish M-Score

For the Electronic Gaming & Multimedia subindustry, GOLFZON 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.

GOLFZON Co's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, GOLFZON Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where GOLFZON Co's Beneish M-Score falls into.

GOLFZON 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 GOLFZON Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.6911

0.528 * 1.0893

0.404 * 1.1863

0.892 * 1.1095

0.115 * 0.9882

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0829

4.679 * 0.106621

0.327 * 0.934

-1.12

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ₩77,652 Mil.
Revenue was 166456.441 + 170007.804 + 161644.937 + 187001.851 = ₩685,111 Mil.
Gross Profit was 85111.738 + 92051.99 + 93224.792 + 100009.173 = ₩370,398 Mil.
Total Current Assets was ₩301,898 Mil.
Total Assets was ₩637,622 Mil.
Property, Plant and Equipment(Net PPE) was ₩210,927 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩48,316 Mil.
Selling, General, & Admin. Expense(SGA) was ₩128,536 Mil.
Total Current Liabilities was ₩151,028 Mil.
Long-Term Debt & Capital Lease Obligation was ₩49,852 Mil.
Net Income was 7308.076 + 22810.832 + 15767.901 + 33625.506 = ₩79,512 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -22290.199 + 6344.356 + 9216.688 + 18257.392 = ₩11,528 Mil.

Total Receivables was ₩41,387 Mil.
Revenue was 141342.888 + 176068.913 + 146236.43 + 153865.755 = ₩617,514 Mil.
Gross Profit was 77602.325 + 98079.101 + 92307.063 + 95682.299 = ₩363,671 Mil.
Total Current Assets was ₩306,730 Mil.
Total Assets was ₩589,996 Mil.
Property, Plant and Equipment(Net PPE) was ₩185,923 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩41,972 Mil.
Selling, General, & Admin. Expense(SGA) was ₩106,990 Mil.
Total Current Liabilities was ₩157,202 Mil.
Long-Term Debt & Capital Lease Obligation was ₩41,813 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)
	=	(77651.826 / 685111.033)	/	(41386.604 / 617513.986)
	=	0.113342	/	0.067021
	=	1.6911

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)
	=	(363670.788 / 617513.986)	/	(370397.693 / 685111.033)
	=	0.588927	/	0.540639
	=	1.0893

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 - (301898.053 + 210926.805) / 637622.472)	/	(1 - (306729.69 + 185922.656) / 589995.643)
	=	0.195723	/	0.16499
	=	1.1863

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
	=	685111.033	/	617513.986
	=	1.1095

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))
	=	(41971.735 / (41971.735 + 185922.656))	/	(48316.358 / (48316.358 + 210926.805))
	=	0.184172	/	0.186375
	=	0.9882

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)
	=	(128536.368 / 685111.033)	/	(106990.161 / 617513.986)
	=	0.187614	/	0.173259
	=	1.0829

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)
	=	((49852.212 + 151027.656) / 637622.472)	/	((41812.903 + 157201.781) / 589995.643)
	=	0.315045	/	0.337316
	=	0.934

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
	=	(79512.315 - 0	-	11528.237)	/	637622.472
	=	0.106621

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.

GOLFZON Co has a M-score of -1.12 signals that the company is likely to be a manipulator.

GOLFZON Co Beneish M-Score Related Terms

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GOLFZON Co (XKRX:215000) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » GOLFZON Co Ltd (XKRX:215000) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Daejeon Expo 97 beongil 40 (doryongdong), Daejeon, KOR

Website

http://golfsimulator.golfzon.com

GOLFZON Co Ltd is a Korea-based company that manufactures golf simulators. The company operates its business through two segments: screen golf segment, which produces and distributes golf simulators through GOLFZON JAPAN and GOLFZON CHINA, and golf maintenance segment which installs and maintains golf simulators. The company distributes its products within domestic market and to overseas markets. GOLFZON VISION is the golf simulator for homes and businesses with 3D graphics technology.

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