Maxst Co Beneish M-Score Historical Data
The historical data trend for Maxst 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.
Maxst Co Beneish M-Score Chart
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Maxst Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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- |
- |
- |
-4.04 |
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Maxst Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-3.24 |
-2.57 |
-1.18 |
-1.18 |
4.28 |
Competitive Comparison of Maxst Co's Beneish M-Score
For the Software - Infrastructure subindustry, Maxst 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.
Maxst Co's Beneish M-Score Distribution in the Software Industry
For the Software industry and Technology sector, Maxst Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Maxst Co's Beneish M-Score falls into.
Maxst 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 Maxst 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 * 1.3914 | + | 0.528 * 3.382 | + | 0.404 * 3.2559 | + | 0.892 * 5.1104 | + | 0.115 * 0.9323 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.1726 | + | 4.679 * 0.119682 | - | 0.327 * 1.4115 |
| = | 4.28 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ₩9,698 Mil.
Revenue was 10833.153 + 907.27 + 96.446 + 692.225 = ₩12,529 Mil.
Gross Profit was 2008.715 + 907.27 + 96.446 + 692.225 = ₩3,705 Mil.
Total Current Assets was ₩29,522 Mil.
Total Assets was ₩55,883 Mil.
Property, Plant and Equipment(Net PPE) was ₩3,930 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩1,369 Mil.
Selling, General, & Admin. Expense(SGA) was ₩3,772 Mil.
Total Current Liabilities was ₩30,666 Mil.
Long-Term Debt & Capital Lease Obligation was ₩4,978 Mil.
Net Income was -5985.885 + -3987.137 + -4186.005 + -1363.387 = ₩-15,522 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -4810.427 + -12622.659 + -2406.445 + -2371.048 = ₩-22,211 Mil.
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Total Receivables was ₩1,364 Mil.
Revenue was 69.626 + 655.999 + 344.877 + 1381.191 = ₩2,452 Mil.
Gross Profit was 69.626 + 655.999 + 344.877 + 1381.191 = ₩2,452 Mil.
Total Current Assets was ₩52,303 Mil.
Total Assets was ₩62,770 Mil.
Property, Plant and Equipment(Net PPE) was ₩2,728 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩865 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,276 Mil.
Total Current Liabilities was ₩27,033 Mil.
Long-Term Debt & Capital Lease Obligation was ₩1,331 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) |
| = | (9697.779 / 12529.094) | / | (1363.89 / 2451.693) |
| = | 0.774021 | / | 0.556305 |
| | = | 1.3914 |
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) |
| = | (2451.693 / 2451.693) | / | (3704.656 / 12529.094) |
| = | 1 | / | 0.295684 |
| | = | 3.382 |
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 - (29521.953 + 3930.047) / 55882.921) | / | (1 - (52303.274 + 2728.073) / 62769.575) |
| = | 0.401391 | / | 0.12328 |
| | = | 3.2559 |
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 |
| = | 12529.094 | / | 2451.693 |
| | = | 5.1104 |
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)) |
| = | (865.468 / (865.468 + 2728.073)) | / | (1368.939 / (1368.939 + 3930.047)) |
| = | 0.24084 | / | 0.25834 |
| | = | 0.9323 |
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) |
| = | (3771.605 / 12529.094) | / | (4276.096 / 2451.693) |
| = | 0.301028 | / | 1.74414 |
| | = | 0.1726 |
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) |
| = | ((4978.085 + 30666.133) / 55882.921) | / | ((1331.406 + 27032.724) / 62769.575) |
| = | 0.637837 | / | 0.451877 |
| | = | 1.4115 |
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 |
| = | (-15522.414 - 0 | - | -22210.579) | / | 55882.921 |
| | = | 0.119682 |
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.
Maxst Co has a M-score of 4.28 signals that the company is likely to be a manipulator.
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