Sung Moon Electronics Co (XKRX:014910) Beneish M-Score : -1.82 (As of May. 27, 2024)

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What is Sung Moon Electronics 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.

Good Sign:

Beneish M-Score -1.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

XKRX:014910' s Beneish M-Score Range Over the Past 10 Years
Min: -3.36 Med: -2.74 Max: -1.82
Current: -1.82

During the past 13 years, the highest Beneish M-Score of Sung Moon Electronics Co was -1.82. The lowest was -3.36. And the median was -2.74.

Sung Moon Electronics Co Beneish M-Score Historical Data

The historical data trend for Sung Moon Electronics 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.

Sung Moon Electronics Co Beneish M-Score Chart

Sung Moon Electronics Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.76

-2.79

-2.42

-2.49

-2.58

Sung Moon Electronics Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.58	-1.84	-2.16	-2.58	-1.82

Competitive Comparison of Sung Moon Electronics Co's Beneish M-Score

For the Electronic Components subindustry, Sung Moon Electronics 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.

Sung Moon Electronics Co's Beneish M-Score Distribution in the Hardware Industry

For the Hardware industry and Technology sector, Sung Moon Electronics Co's Beneish M-Score distribution charts can be found below:

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

Sung Moon Electronics 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 Sung Moon Electronics 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 * 1.0993

0.528 * 0.9831

0.404 * 1.3493

0.892 * 0.9163

0.115 * 1.0465

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9163

4.679 * -0.07964

0.327 * 0.8488

-2.63

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ₩13,763 Mil.
Revenue was 11399.587 + 12682.094 + 8493.71 + 12471.91 = ₩45,047 Mil.
Gross Profit was 2170.836 + 1806.403 + 1425.556 + 1832.167 = ₩7,235 Mil.
Total Current Assets was ₩25,915 Mil.
Total Assets was ₩59,462 Mil.
Property, Plant and Equipment(Net PPE) was ₩26,064 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,823 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,323 Mil.
Total Current Liabilities was ₩19,062 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,350 Mil.
Net Income was 609.199 + 487.661 + 112.678 + -3052.614 = ₩-1,843 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 1013.383 + 701.978 + 185.968 + 991.168 = ₩2,892 Mil.

Total Receivables was ₩13,664 Mil.
Revenue was 11416.088 + 12149.044 + 11408.893 + 14189.25 = ₩49,163 Mil.
Gross Profit was 1467.096 + 1650.769 + 1565.781 + 3078.755 = ₩7,762 Mil.
Total Current Assets was ₩35,094 Mil.
Total Assets was ₩57,323 Mil.
Property, Plant and Equipment(Net PPE) was ₩16,883 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,923 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,767 Mil.
Total Current Liabilities was ₩24,319 Mil.
Long-Term Debt & Capital Lease Obligation was ₩0 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)
	=	(13762.72 / 45047.301)	/	(13663.641 / 49163.275)
	=	0.305517	/	0.277924
	=	1.0993

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)
	=	(7762.401 / 49163.275)	/	(7234.962 / 45047.301)
	=	0.15789	/	0.160608
	=	0.9831

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 - (25915.326 + 26064.334) / 59462.332)	/	(1 - (35094.393 + 16882.557) / 57323.018)
	=	0.125839	/	0.093262
	=	1.3493

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
	=	45047.301	/	49163.275
	=	0.9163

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))
	=	(1923.462 / (1923.462 + 16882.557))	/	(2823.386 / (2823.386 + 26064.334))
	=	0.102279	/	0.097737
	=	1.0465

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)
	=	(2323.02 / 45047.301)	/	(2766.914 / 49163.275)
	=	0.051568	/	0.05628
	=	0.9163

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)
	=	((2350 + 19062.103) / 59462.332)	/	((0 + 24319.045) / 57323.018)
	=	0.360095	/	0.424246
	=	0.8488

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
	=	(-1843.076 - 0	-	2892.497)	/	59462.332
	=	-0.07964

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.

Sung Moon Electronics Co has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.

Sung Moon Electronics Co Beneish M-Score Related Terms

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Sung Moon Electronics Co (XKRX:014910) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Hardware » Sung Moon Electronics Co Ltd (XKRX:014910) » Definitions » Beneish M-Score

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Traded in Other Exchanges

014915:Korea

Address

539-4 Segyo-Dong, Pyeongtaek, Gyeonggi-Do, KOR, 450-818

Website

http://www.smec-korea.co.kr

Sung Moon Electronics Co Ltd is a South Korean company engaged in manufacture of electronic capacitors and metallized film for capacitor use. The products of the company include aluminium metallized on PP films and PET films.

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