Methodology
How Maegim's grades are computed — from what data and by what principles. The indicator list and scoring principles are fully public.
Three axes, ten indicators
1. Financial strengthDebt, liquidity, profitability — the strength to endure
- Debt-to-equity ratioTotal liabilities ÷ total equity × 100. Lower means less financial burden.
- Current ratioCurrent assets ÷ current liabilities × 100.
- Operating marginOperating income ÷ revenue × 100.
- ROE (return on equity)Net income ÷ equity × 100.
2. Growth momentumDirection of revenue and core profit — the strength to grow
- Revenue growth (YoY)Revenue growth vs. the prior fiscal year.
- Revenue 3-year CAGRCompound annual growth rate of revenue over three fiscal years.
- Operating income change (YoY)Operating income change vs. the prior fiscal year.
- Operating income change (3Y)Operating income change vs. three fiscal years ago.
3. Price attractivenessPrice relative to earnings and book — how attractive today's price is
- P/E (price-to-earnings)Market cap ÷ net income. Scored relative to sector peers; lower means cheaper per unit of earnings.
- P/B (price-to-book)Market cap ÷ book equity. Scored relative to sector peers.
Financials and holding companies are scored on a reduced indicator set that excludes revenue-based metrics (operating margin, revenue growth, current ratio, debt ratio) due to sector accounting differences.
Scoring principles
① Sector-relative scoring — the 'normal range' of debt ratios and margins differs by industry, so each indicator is scored as a percentile within its sector (16 sectors).
② Fixed thresholds — the weighted total is mapped to S–F against pre-set thresholds, so S grades don't inflate even when the whole market deteriorates.
③ Boundary damping — a buffer zone prevents grades from flipping day-to-day when the total hovers near a threshold.
Withheld ratings
Stocks without a recent annual report, core accounts, or market data are marked 'Not rated' instead of being force-scored. Withholding signals missing information, not a bad grade, and scoring resumes automatically once data is confirmed.
Update cycle
All stocks are re-scored once per business day. Financials automatically reflect new filings and corrections; prices use the latest confirmed figures from public APIs.
On disclosure
What we evaluate (the indicator list), why (selection rationale), and how (sector-relative scoring + fixed thresholds) are fully public. Each stock also exposes its indicator values, position vs. sector median, and links to the original filings.
The exact weights and threshold values are not disclosed — to allow continuous improvement and prevent score gaming. This is a stated principle, not a hidden one.
Data sources
Financial statements from FSS DART annual reports and prices from FSC Open Data. Every source is publicly accessible.