Zaram Technology Beneish M-Score Historical Data
The historical data trend for Zaram Technology'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.
Zaram Technology Beneish M-Score Chart
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Zaram Technology Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-0.89 |
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Zaram Technology Quarterly Data
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Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-2.41 |
-0.89 |
-3.10 |
Competitive Comparison of Zaram Technology's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Zaram Technology'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.
Zaram Technology's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Zaram Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zaram Technology's Beneish M-Score falls into.
Zaram Technology 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 Zaram Technology 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 * 0.593 | + | 0.528 * 1.053 | + | 0.404 * 1.8444 | + | 0.892 * 1.1764 | + | 0.115 * 1.0078 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9607 | + | 4.679 * 0.00611 | - | 0.327 * 3.4832 |
| = | -3.10 |
* 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 ₩3,814 Mil.
Revenue was 5957.942 + 5143.701 + 2862.913 + 2516.036 = ₩16,481 Mil.
Gross Profit was 2065.425 + 1635.841 + 817.162 + 578.394 = ₩5,097 Mil.
Total Current Assets was ₩32,826 Mil.
Total Assets was ₩40,806 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,260 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩633 Mil.
Selling, General, & Admin. Expense(SGA) was ₩844 Mil.
Total Current Liabilities was ₩3,769 Mil.
Long-Term Debt & Capital Lease Obligation was ₩176 Mil.
Net Income was 1270.101 + -143.359 + -376.991 + -211.09 = ₩539 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 6472.193 + -5437.309 + 271.688 + -1017.248 = ₩289 Mil.
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Total Receivables was ₩5,468 Mil.
Revenue was 1100.488 + 2472.786 + 4205.929 + 6230.118 = ₩14,009 Mil.
Gross Profit was 313.055 + 651.157 + 1383.59 + 2214.272 = ₩4,562 Mil.
Total Current Assets was ₩34,657 Mil.
Total Assets was ₩39,106 Mil.
Property, Plant and Equipment(Net PPE) was ₩957 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩487 Mil.
Selling, General, & Admin. Expense(SGA) was ₩747 Mil.
Total Current Liabilities was ₩997 Mil.
Long-Term Debt & Capital Lease Obligation was ₩88 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) |
| = | (3814.383 / 16480.592) | / | (5468.129 / 14009.321) |
| = | 0.231447 | / | 0.390321 |
| | = | 0.593 |
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) |
| = | (4562.074 / 14009.321) | / | (5096.822 / 16480.592) |
| = | 0.325646 | / | 0.309262 |
| | = | 1.053 |
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 - (32825.88 + 1260.357) / 40805.613) | / | (1 - (34657.058 + 957.49) / 39105.93) |
| = | 0.164668 | / | 0.08928 |
| | = | 1.8444 |
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 |
| = | 16480.592 | / | 14009.321 |
| | = | 1.1764 |
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)) |
| = | (486.517 / (486.517 + 957.49)) | / | (632.935 / (632.935 + 1260.357)) |
| = | 0.336921 | / | 0.334304 |
| | = | 1.0078 |
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) |
| = | (843.708 / 16480.592) | / | (746.526 / 14009.321) |
| = | 0.051194 | / | 0.053288 |
| | = | 0.9607 |
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) |
| = | ((175.65 + 3768.672) / 40805.613) | / | ((87.892 + 997.344) / 39105.93) |
| = | 0.096661 | / | 0.027751 |
| | = | 3.4832 |
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 |
| = | (538.661 - 0 | - | 289.324) | / | 40805.613 |
| | = | 0.00611 |
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.
Zaram Technology has a M-score of -3.10 suggests that the company is unlikely to be a manipulator.
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