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Sungeel Hitech Co (XKRX:365340) Beneish M-Score : -0.40 (As of May. 20, 2024)


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What is Sungeel Hitech 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 -0.4 higher than -1.78, which implies that the company might have manipulated its financial results.

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

XKRX:365340' s Beneish M-Score Range Over the Past 10 Years
Min: -0.4   Med: -0.4   Max: -0.4
Current: -0.4

During the past 5 years, the highest Beneish M-Score of Sungeel Hitech Co was -0.40. The lowest was -0.40. And the median was -0.40.


Sungeel Hitech Co Beneish M-Score Historical Data

The historical data trend for Sungeel Hitech 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.

Sungeel Hitech Co Beneish M-Score Chart

Sungeel Hitech Co Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
- - - - -0.40

Sungeel Hitech Co Quarterly Data
Mar21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only - - - -2.35 -0.40

Competitive Comparison of Sungeel Hitech Co's Beneish M-Score

For the Electrical Equipment & Parts subindustry, Sungeel Hitech 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.


Sungeel Hitech Co's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Sungeel Hitech Co's Beneish M-Score distribution charts can be found below:

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



Sungeel Hitech 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 Sungeel Hitech 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 * 2.1487+0.528 * 2.8085+0.404 * 1.2224+0.892 * 0.9165+0.115 * 1.5227
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.6085+4.679 * 0.04935-0.327 * 1.3963
=-0.40

* 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 ₩28,828 Mil.
Revenue was 43241.259 + 59067.871 + 63516.939 + 81541.718 = ₩247,368 Mil.
Gross Profit was -12925.77 + 242.946 + 14932.627 + 20141.95 = ₩22,392 Mil.
Total Current Assets was ₩145,952 Mil.
Total Assets was ₩575,068 Mil.
Property, Plant and Equipment(Net PPE) was ₩353,930 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩13,859 Mil.
Selling, General, & Admin. Expense(SGA) was ₩16,229 Mil.
Total Current Liabilities was ₩120,435 Mil.
Long-Term Debt & Capital Lease Obligation was ₩111,184 Mil.
Net Income was 14361.025 + -9427.864 + 12635.272 + 7228.171 = ₩24,797 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -5994.851 + 1293.215 + 1563.605 + -445.228 = ₩-3,583 Mil.
Total Receivables was ₩14,638 Mil.
Revenue was 71685.462 + 72615.557 + 74044.919 + 51549.583 = ₩269,896 Mil.
Gross Profit was 9817.852 + 21614.138 + 23131.266 + 14049.899 = ₩68,613 Mil.
Total Current Assets was ₩215,338 Mil.
Total Assets was ₩420,548 Mil.
Property, Plant and Equipment(Net PPE) was ₩160,228 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩9,753 Mil.
Selling, General, & Admin. Expense(SGA) was ₩11,008 Mil.
Total Current Liabilities was ₩88,673 Mil.
Long-Term Debt & Capital Lease Obligation was ₩32,640 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)
=(28827.507 / 247367.787) / (14638.322 / 269895.521)
=0.116537 / 0.054237
=2.1487

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)
=(68613.155 / 269895.521) / (22391.753 / 247367.787)
=0.254221 / 0.09052
=2.8085

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 - (145951.587 + 353929.64) / 575068.417) / (1 - (215337.851 + 160227.946) / 420547.882)
=0.130745 / 0.106961
=1.2224

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
=247367.787 / 269895.521
=0.9165

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))
=(9752.626 / (9752.626 + 160227.946)) / (13858.794 / (13858.794 + 353929.64))
=0.057375 / 0.037681
=1.5227

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)
=(16228.851 / 247367.787) / (11008.04 / 269895.521)
=0.065606 / 0.040786
=1.6085

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)
=((111184.116 + 120435.283) / 575068.417) / ((32639.998 + 88672.931) / 420547.882)
=0.402768 / 0.288464
=1.3963

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
=(24796.604 - 0 - -3583.259) / 575068.417
=0.04935

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.

Sungeel Hitech Co has a M-score of -0.40 signals that the company is likely to be a manipulator.


Sungeel Hitech Co Beneish M-Score Related Terms

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Sungeel Hitech Co (XKRX:365340) Business Description

Traded in Other Exchanges
N/A
Address
143-12, Gunsansandan-ro, Jeollabuk-do, Bieungdo-dong, Gunsan-si, KOR
Sungeel Hitech Co Ltd operates as a battery recycling company. The company provides lithium-ion battery recycling, sustainable rechargeable battery recycling, waste batteries full circulatory recycling, and circulation services. It also engages in producing high-purity battery materials such as nickel, cobalt, lithium, and others from the battery powder.

Sungeel Hitech Co (XKRX:365340) Headlines

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