ICH Co Beneish M-Score Historical Data
The historical data trend for ICH 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.
ICH Co Beneish M-Score Chart
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ICH Co Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.41 |
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ICH Co Quarterly Data
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Mar21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
| Beneish M-Score |
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- |
-1.10 |
-1.41 |
-2.13 |
-2.31 |
Competitive Comparison of ICH Co's Beneish M-Score
For the Electronic Components subindustry, ICH 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.
ICH Co's Beneish M-Score Distribution in the Hardware Industry
For the Hardware industry and Technology sector, ICH Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ICH Co's Beneish M-Score falls into.
ICH 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 ICH 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 * 0.7767 | + | 0.528 * -0.2912 | + | 0.404 * 0.865 | + | 0.892 * 2.3494 | + | 0.115 * 0.6887 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6584 | + | 4.679 * -0.014773 | - | 0.327 * 1.1358 |
| = | -2.31 |
* 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 ₩8,665 Mil.
Revenue was 14246.987 + 18403.05 + 15904.766 + 11676.957 = ₩60,232 Mil.
Gross Profit was 1935.353 + 7544.59 + 5773.943 + 482.271 = ₩15,736 Mil.
Total Current Assets was ₩38,959 Mil.
Total Assets was ₩121,681 Mil.
Property, Plant and Equipment(Net PPE) was ₩61,663 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩5,647 Mil.
Selling, General, & Admin. Expense(SGA) was ₩6,231 Mil.
Total Current Liabilities was ₩43,411 Mil.
Long-Term Debt & Capital Lease Obligation was ₩22,587 Mil.
Net Income was -1583 + 1303.526 + 920.131 + -4956.518 = ₩-4,316 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was -1570.713 + 2329.832 + -222.395 + -3054.983 = ₩-2,518 Mil.
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Total Receivables was ₩4,749 Mil.
Revenue was 8956.793 + 6654.18 + 2597.492 + 7428.711 = ₩25,637 Mil.
Gross Profit was -309.582 + 326.954 + -6151.758 + 4184.11 = ₩-1,950 Mil.
Total Current Assets was ₩35,852 Mil.
Total Assets was ₩114,329 Mil.
Property, Plant and Equipment(Net PPE) was ₩55,603 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩3,410 Mil.
Selling, General, & Admin. Expense(SGA) was ₩4,028 Mil.
Total Current Liabilities was ₩30,298 Mil.
Long-Term Debt & Capital Lease Obligation was ₩24,298 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) |
| = | (8664.794 / 60231.76) | / | (4748.624 / 25637.176) |
| = | 0.143858 | / | 0.185224 |
| | = | 0.7767 |
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) |
| = | (-1950.276 / 25637.176) | / | (15736.157 / 60231.76) |
| = | -0.076072 | / | 0.26126 |
| | = | -0.2912 |
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 - (38959.048 + 61662.907) / 121680.667) | / | (1 - (35851.961 + 55602.827) / 114329.412) |
| = | 0.173065 | / | 0.200076 |
| | = | 0.865 |
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 |
| = | 60231.76 | / | 25637.176 |
| | = | 2.3494 |
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)) |
| = | (3409.93 / (3409.93 + 55602.827)) | / | (5647.35 / (5647.35 + 61662.907)) |
| = | 0.057783 | / | 0.0839 |
| | = | 0.6887 |
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) |
| = | (6230.858 / 60231.76) | / | (4027.884 / 25637.176) |
| = | 0.103448 | / | 0.157111 |
| | = | 0.6584 |
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) |
| = | ((22586.826 + 43410.637) / 121680.667) | / | ((24298.358 + 30297.72) / 114329.412) |
| = | 0.542382 | / | 0.477533 |
| | = | 1.1358 |
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 |
| = | (-4315.861 - 0 | - | -2518.259) | / | 121680.667 |
| | = | -0.014773 |
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.
ICH Co has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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