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09Women Co (XKRX:366030) Beneish M-Score : -2.28 (As of Oct. 31, 2024)


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What is 09Women 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 -2.28 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for 09Women Co's Beneish M-Score or its related term are showing as below:

XKRX:366030' s Beneish M-Score Range Over the Past 10 Years
Min: -2.36   Med: -2.2   Max: -1.62
Current: -2.28

During the past 5 years, the highest Beneish M-Score of 09Women Co was -1.62. The lowest was -2.36. And the median was -2.20.


09Women Co Beneish M-Score Historical Data

The historical data trend for 09Women 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.

09Women Co Beneish M-Score Chart

09Women Co Annual Data
Trend Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
- - - -1.88 -2.17

09Women Co Quarterly Data
Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.36 -2.22 -2.17 -2.36 -2.28

Competitive Comparison of 09Women Co's Beneish M-Score

For the Internet Retail subindustry, 09Women 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.


09Women Co's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, 09Women Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where 09Women Co's Beneish M-Score falls into.



09Women 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 09Women 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 * 1.0102+0.528 * 0.9701+0.404 * 2.0609+0.892 * 0.8761+0.115 * 1.1068
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1107+4.679 * -0.021787-0.327 * 1.0046
=-2.28

* 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 (Jun24) TTM:Last Year (Jun23) TTM:
Total Receivables was ₩2,329 Mil.
Revenue was 15455.545 + 10003.976 + 13467.205 + 11637.445 = ₩50,564 Mil.
Gross Profit was 7135.177 + 4704.565 + 6196.956 + 5278.502 = ₩23,315 Mil.
Total Current Assets was ₩54,148 Mil.
Total Assets was ₩79,452 Mil.
Property, Plant and Equipment(Net PPE) was ₩17,258 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩932 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,417 Mil.
Total Current Liabilities was ₩4,269 Mil.
Long-Term Debt & Capital Lease Obligation was ₩111 Mil.
Net Income was 2843.995 + 1742.321 + 2979.629 + 1935.647 = ₩9,502 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 4884.987 + 124.853 + 4285.697 + 1937.084 = ₩11,233 Mil.
Total Receivables was ₩2,631 Mil.
Revenue was 16971.866 + 10932.961 + 15332.596 + 14478.086 = ₩57,716 Mil.
Gross Profit was 7788.318 + 4883.879 + 6594.342 + 6549.189 = ₩25,816 Mil.
Total Current Assets was ₩49,034 Mil.
Total Assets was ₩64,651 Mil.
Property, Plant and Equipment(Net PPE) was ₩12,439 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩748 Mil.
Selling, General, & Admin. Expense(SGA) was ₩8,649 Mil.
Total Current Liabilities was ₩3,295 Mil.
Long-Term Debt & Capital Lease Obligation was ₩253 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)
=(2328.533 / 50564.171) / (2630.88 / 57715.509)
=0.046051 / 0.045584
=1.0102

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)
=(25815.728 / 57715.509) / (23315.2 / 50564.171)
=0.447293 / 0.461101
=0.9701

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 - (54147.855 + 17257.905) / 79451.732) / (1 - (49034.194 + 12439.497) / 64650.557)
=0.101269 / 0.049139
=2.0609

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
=50564.171 / 57715.509
=0.8761

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))
=(747.974 / (747.974 + 12439.497)) / (932.191 / (932.191 + 17257.905))
=0.056719 / 0.051247
=1.1068

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)
=(8416.811 / 50564.171) / (8649.438 / 57715.509)
=0.166458 / 0.149863
=1.1107

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)
=((110.818 + 4269.313) / 79451.732) / ((252.534 + 3295.124) / 64650.557)
=0.055129 / 0.054874
=1.0046

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
=(9501.592 - 0 - 11232.621) / 79451.732
=-0.021787

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.

09Women Co has a M-score of -2.28 suggests that the company is unlikely to be a manipulator.


09Women Co Beneish M-Score Related Terms

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09Women Co Business Description

Traded in Other Exchanges
N/A
Address
1525, Pyeonghwa-ro, Yangju-si, Gyeonggi-do, KOR
09Women Co Ltd is engaged in wholesale and distribution of plus-size women's clothing through its own online shopping site.

09Women Co Headlines

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