Poongwon Precision Co Beneish M-Score Historical Data
The historical data trend for Poongwon Precision 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.
Poongwon Precision Co Beneish M-Score Chart
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Poongwon Precision Co Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.73 |
- |
- |
-0.75 |
-3.81 |
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Poongwon Precision Co Quarterly Data
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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0.56 |
-5.93 |
-4.13 |
-3.81 |
-4.36 |
Competitive Comparison of Poongwon Precision Co's Beneish M-Score
For the Electronic Components subindustry, Poongwon Precision 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.
Poongwon Precision Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, Poongwon Precision Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Poongwon Precision Co's Beneish M-Score falls into.
Poongwon Precision 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 Poongwon Precision 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 * 0.7897 | + | 0.528 * -0.2023 | + | 0.404 * 0.9098 | + | 0.892 * 0.9633 | + | 0.115 * 0.5294 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1095 | + | 4.679 * -0.154809 | - | 0.327 * 1.5716 |
| = | -4.36 |
* 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 ₩8,863 Mil.
Revenue was 12802.214 + 10481.981 + 8728.462 + 11566.493 = ₩43,579 Mil.
Gross Profit was -501.443 + -4057.69 + -2363.15 + -262.472 = ₩-7,185 Mil.
Total Current Assets was ₩28,691 Mil.
Total Assets was ₩107,558 Mil.
Property, Plant and Equipment(Net PPE) was ₩56,868 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩10,222 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,249 Mil.
Total Current Liabilities was ₩40,200 Mil.
Long-Term Debt & Capital Lease Obligation was ₩14,003 Mil.
Net Income was -5798.777 + -11675.304 + -5624.362 + -695.146 = ₩-23,794 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -1309.465 + -6724.878 + -1373.937 + 2265.641 = ₩-7,143 Mil.
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Total Receivables was ₩11,650 Mil.
Revenue was 12277.082 + 10822.552 + 8659.986 + 13479.328 = ₩45,239 Mil.
Gross Profit was -1339.999 + -325.96 + 711.021 + 2463.763 = ₩1,509 Mil.
Total Current Assets was ₩33,466 Mil.
Total Assets was ₩113,273 Mil.
Property, Plant and Equipment(Net PPE) was ₩54,341 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩4,768 Mil.
Selling, General, & Admin. Expense(SGA) was ₩1,169 Mil.
Total Current Liabilities was ₩31,239 Mil.
Long-Term Debt & Capital Lease Obligation was ₩5,083 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) |
| = | (8862.986 / 43579.15) | / | (11650.067 / 45238.948) |
| = | 0.203377 | / | 0.257523 |
| | = | 0.7897 |
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) |
| = | (1508.825 / 45238.948) | / | (-7184.755 / 43579.15) |
| = | 0.033352 | / | -0.164867 |
| | = | -0.2023 |
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 - (28691.394 + 56867.681) / 107557.936) | / | (1 - (33466.14 + 54341.444) / 113273.303) |
| = | 0.20453 | / | 0.224817 |
| | = | 0.9098 |
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 |
| = | 43579.15 | / | 45238.948 |
| | = | 0.9633 |
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)) |
| = | (4767.599 / (4767.599 + 54341.444)) | / | (10222.475 / (10222.475 + 56867.681)) |
| = | 0.080658 | / | 0.152369 |
| | = | 0.5294 |
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) |
| = | (1248.966 / 43579.15) | / | (1168.571 / 45238.948) |
| = | 0.02866 | / | 0.025831 |
| | = | 1.1095 |
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) |
| = | ((14003.076 + 40200.419) / 107557.936) | / | ((5083.49 + 31238.507) / 113273.303) |
| = | 0.503947 | / | 0.320658 |
| | = | 1.5716 |
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 |
| = | (-23793.589 - 0 | - | -7142.639) | / | 107557.936 |
| | = | -0.154809 |
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.
Poongwon Precision Co has a M-score of -4.36 suggests that the company is unlikely to be a manipulator.
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