INKTECH Co Beneish M-Score Historical Data
The historical data trend for INKTECH 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.
INKTECH Co Beneish M-Score Chart
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INKTECH Co Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.60 |
-2.84 |
-2.61 |
-2.57 |
-2.47 |
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INKTECH Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar23 |
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Dec23 |
Mar24 |
| Beneish M-Score |
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-2.69 |
-2.59 |
-2.48 |
-2.47 |
-2.23 |
Competitive Comparison of INKTECH Co's Beneish M-Score
For the Specialty Chemicals subindustry, INKTECH 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.
INKTECH Co's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, INKTECH Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where INKTECH Co's Beneish M-Score falls into.
INKTECH 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 INKTECH 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 * 1.096 | + | 0.528 * 1.1529 | + | 0.404 * 0.8328 | + | 0.892 * 1.0951 | + | 0.115 * 1.2249 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7516 | + | 4.679 * 0.012916 | - | 0.327 * 1.2034 |
| = | -2.23 |
* 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 ₩9,796 Mil.
Revenue was 17030.495 + 17232.503 + 15978.857 + 15723.158 = ₩65,965 Mil.
Gross Profit was 4967.613 + 4208.144 + 4059.4 + 3623.676 = ₩16,859 Mil.
Total Current Assets was ₩37,999 Mil.
Total Assets was ₩143,917 Mil.
Property, Plant and Equipment(Net PPE) was ₩85,492 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,837 Mil.
Selling, General, & Admin. Expense(SGA) was ₩2,921 Mil.
Total Current Liabilities was ₩23,991 Mil.
Long-Term Debt & Capital Lease Obligation was ₩30,570 Mil.
Net Income was 1415.957 + 1764.998 + 932.963 + 229.456 = ₩4,343 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -2239.611 + 937.91 + 904.115 + 2882.072 = ₩2,484 Mil.
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Total Receivables was ₩8,161 Mil.
Revenue was 13874.494 + 15445.768 + 15032.169 + 15884.885 = ₩60,237 Mil.
Gross Profit was 3887.648 + 4500.865 + 4446.501 + 4913.104 = ₩17,748 Mil.
Total Current Assets was ₩32,669 Mil.
Total Assets was ₩126,368 Mil.
Property, Plant and Equipment(Net PPE) was ₩72,163 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩2,955 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,549 Mil.
Total Current Liabilities was ₩15,954 Mil.
Long-Term Debt & Capital Lease Obligation was ₩23,858 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) |
| = | (9795.578 / 65965.013) | / | (8161.355 / 60237.316) |
| = | 0.148497 | / | 0.135487 |
| | = | 1.096 |
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) |
| = | (17748.118 / 60237.316) | / | (16858.833 / 65965.013) |
| = | 0.294637 | / | 0.255572 |
| | = | 1.1529 |
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 - (37999.479 + 85491.751) / 143916.566) | / | (1 - (32669.206 + 72162.689) / 126367.764) |
| = | 0.141925 | / | 0.170422 |
| | = | 0.8328 |
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 |
| = | 65965.013 | / | 60237.316 |
| | = | 1.0951 |
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)) |
| = | (2954.893 / (2954.893 + 72162.689)) | / | (2836.564 / (2836.564 + 85491.751)) |
| = | 0.039337 | / | 0.032114 |
| | = | 1.2249 |
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) |
| = | (2920.81 / 65965.013) | / | (3548.558 / 60237.316) |
| = | 0.044278 | / | 0.05891 |
| | = | 0.7516 |
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) |
| = | ((30570.15 + 23991.316) / 143916.566) | / | ((23858.176 + 15953.941) / 126367.764) |
| = | 0.379119 | / | 0.31505 |
| | = | 1.2034 |
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 |
| = | (4343.374 - 0 | - | 2484.486) | / | 143916.566 |
| | = | 0.012916 |
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.
INKTECH Co has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.
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