LKmyang Co Beneish M-Score Historical Data
The historical data trend for LKmyang 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.
LKmyang Co Beneish M-Score Chart
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LKmyang Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.84 |
-4.15 |
-2.29 |
-3.20 |
-2.45 |
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LKmyang Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-3.20 |
-2.94 |
-3.37 |
-2.83 |
-2.45 |
Competitive Comparison of LKmyang Co's Beneish M-Score
For the Leisure subindustry, LKmyang 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.
LKmyang Co's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, LKmyang Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where LKmyang Co's Beneish M-Score falls into.
LKmyang 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 LKmyang 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 * 1.1831 | + | 0.528 * 1.4198 | + | 0.404 * 1.2028 | + | 0.892 * 0.7104 | + | 0.115 * 0.9708 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5258 | + | 4.679 * -0.022509 | - | 0.327 * 0.947 |
| = | -2.45 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was ₩5,850 Mil.
Revenue was 11438.205 + 9402.537 + 11585.174 + 6605.808 = ₩39,032 Mil.
Gross Profit was 3274.285 + 3113.071 + 3327.09 + 2286.672 = ₩12,001 Mil.
Total Current Assets was ₩19,924 Mil.
Total Assets was ₩39,583 Mil.
Property, Plant and Equipment(Net PPE) was ₩17,148 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,467 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,251 Mil.
Total Current Liabilities was ₩5,622 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,668 Mil.
Net Income was 2051.592 + 54.474 + 10.724 + -1388.201 = ₩729 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4050.715 + -288.684 + 227.821 + -2370.285 = ₩1,620 Mil.
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Total Receivables was ₩6,961 Mil.
Revenue was 17641.158 + 10484.447 + 15210.177 + 11611.29 = ₩54,947 Mil.
Gross Profit was 7598.39 + 4645.264 + 6829.428 + 4914.035 = ₩23,987 Mil.
Total Current Assets was ₩29,732 Mil.
Total Assets was ₩50,214 Mil.
Property, Plant and Equipment(Net PPE) was ₩17,833 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,480 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,000 Mil.
Total Current Liabilities was ₩8,204 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,901 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) |
| = | (5849.951 / 39031.724) | / | (6960.931 / 54947.072) |
| = | 0.149877 | / | 0.126684 |
| | = | 1.1831 |
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) |
| = | (23987.117 / 54947.072) | / | (12001.118 / 39031.724) |
| = | 0.43655 | / | 0.307471 |
| | = | 1.4198 |
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 - (19923.569 + 17147.655) / 39583.128) | / | (1 - (29731.933 + 17833.01) / 50214.186) |
| = | 0.063459 | / | 0.052759 |
| | = | 1.2028 |
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 |
| = | 39031.724 | / | 54947.072 |
| | = | 0.7104 |
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)) |
| = | (3479.812 / (3479.812 + 17833.01)) | / | (3466.909 / (3466.909 + 17147.655)) |
| = | 0.163273 | / | 0.168178 |
| | = | 0.9708 |
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) |
| = | (3251.022 / 39031.724) | / | (2999.513 / 54947.072) |
| = | 0.083292 | / | 0.054589 |
| | = | 1.5258 |
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) |
| = | ((2667.584 + 5622.346) / 39583.128) | / | ((2901.044 + 8204.249) / 50214.186) |
| = | 0.209431 | / | 0.221158 |
| | = | 0.947 |
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 |
| = | (728.589 - 0 | - | 1619.567) | / | 39583.128 |
| | = | -0.022509 |
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.
LKmyang Co has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.
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