Posco International Beneish M-Score Historical Data
The historical data trend for Posco International'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.
Posco International Beneish M-Score Chart
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Posco International Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.36 |
-3.10 |
-1.55 |
-2.79 |
-2.43 |
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Posco International 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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-2.79 |
-2.74 |
-3.10 |
-2.96 |
-2.43 |
Competitive Comparison of Posco International's Beneish M-Score
For the Industrial Distribution subindustry, Posco International'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.
Posco International's Beneish M-Score Distribution in the Industrial Distribution Industry
For the Industrial Distribution industry and Industrials sector, Posco International's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Posco International's Beneish M-Score falls into.
Posco International 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 Posco International 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 * 1.3717 | + | 0.528 * 0.7432 | + | 0.404 * 1.0141 | + | 0.892 * 0.8722 | + | 0.115 * 1.4893 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1066 | + | 4.679 * -0.024224 | - | 0.327 * 0.9268 |
| = | -2.43 |
* 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 ₩4,408,576 Mil.
Revenue was 7909426.016 + 8045854.935 + 8870945.828 + 8306594.595 = ₩33,132,821 Mil.
Gross Profit was 383198.19 + 474253.601 + 532000.294 + 450081.718 = ₩1,839,534 Mil.
Total Current Assets was ₩8,077,260 Mil.
Total Assets was ₩16,617,748 Mil.
Property, Plant and Equipment(Net PPE) was ₩4,178,330 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩538,040 Mil.
Selling, General, & Admin. Expense(SGA) was ₩222,477 Mil.
Total Current Liabilities was ₩6,275,479 Mil.
Long-Term Debt & Capital Lease Obligation was ₩3,426,495 Mil.
Net Income was 68806.782 + 200620.748 + 223716.29 + 180741.865 = ₩673,886 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 229449.847 + 975875.217 + -42210.064 + -86679.273 = ₩1,076,436 Mil.
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Total Receivables was ₩3,685,162 Mil.
Revenue was 7966258.036 + 9041217.269 + 11069860.002 + 9912253.023 = ₩37,989,588 Mil.
Gross Profit was 375850.118 + 362585.583 + 468066.095 + 361136.092 = ₩1,567,638 Mil.
Total Current Assets was ₩7,319,472 Mil.
Total Assets was ₩12,516,337 Mil.
Property, Plant and Equipment(Net PPE) was ₩1,957,062 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩400,559 Mil.
Selling, General, & Admin. Expense(SGA) was ₩230,510 Mil.
Total Current Liabilities was ₩5,487,440 Mil.
Long-Term Debt & Capital Lease Obligation was ₩2,397,555 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) |
| = | (4408576.425 / 33132821.374) | / | (3685162.393 / 37989588.33) |
| = | 0.133058 | / | 0.097005 |
| | = | 1.3717 |
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) |
| = | (1567637.888 / 37989588.33) | / | (1839533.803 / 33132821.374) |
| = | 0.041265 | / | 0.05552 |
| | = | 0.7432 |
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 - (8077259.886 + 4178330.012) / 16617748.008) | / | (1 - (7319472.229 + 1957062.268) / 12516336.931) |
| = | 0.2625 | / | 0.258846 |
| | = | 1.0141 |
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 |
| = | 33132821.374 | / | 37989588.33 |
| | = | 0.8722 |
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)) |
| = | (400559 / (400559 + 1957062.268)) | / | (538040 / (538040 + 4178330.012)) |
| = | 0.1699 | / | 0.114079 |
| | = | 1.4893 |
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) |
| = | (222476.768 / 33132821.374) | / | (230509.879 / 37989588.33) |
| = | 0.006715 | / | 0.006068 |
| | = | 1.1066 |
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) |
| = | ((3426495.146 + 6275479.255) / 16617748.008) | / | ((2397555.264 + 5487439.57) / 12516336.931) |
| = | 0.583832 | / | 0.629976 |
| | = | 0.9268 |
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 |
| = | (673885.685 - 0 | - | 1076435.727) | / | 16617748.008 |
| | = | -0.024224 |
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.
Posco International has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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