Asahi Intecc Co Beneish M-Score Historical Data
The historical data trend for Asahi Intecc 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.
Asahi Intecc Co Beneish M-Score Chart
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Asahi Intecc Co Annual Data
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| Beneish M-Score |
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-2.26 |
-2.71 |
-2.09 |
-2.17 |
-2.62 |
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Asahi Intecc Co Quarterly Data
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| Beneish M-Score |
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-2.62 |
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Competitive Comparison of Asahi Intecc Co's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Asahi Intecc 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.
Asahi Intecc Co's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Asahi Intecc Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asahi Intecc Co's Beneish M-Score falls into.
Asahi Intecc 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 Asahi Intecc 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 * 0.9055 | + | 0.528 * 1.0062 | + | 0.404 * 0.8608 | + | 0.892 * 1.0982 | + | 0.115 * 1.0093 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9029 | + | 4.679 * -0.034939 | - | 0.327 * 1.0007 |
| = | -2.68 |
* 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 (Jun23) TTM: | Last Year (Jun22) TTM: |
Total Receivables was $103.8 Mil.
Revenue was $637.4 Mil.
Gross Profit was $416.2 Mil.
Total Current Assets was $638.5 Mil.
Total Assets was $1,221.3 Mil.
Property, Plant and Equipment(Net PPE) was $379.8 Mil.
Depreciation, Depletion and Amortization(DDA) was $61.6 Mil.
Selling, General, & Admin. Expense(SGA) was $21.4 Mil.
Total Current Liabilities was $186.2 Mil.
Long-Term Debt & Capital Lease Obligation was $27.5 Mil.
Net Income was $92.7 Mil.
Gross Profit was $0.0 Mil.
Cash Flow from Operations was $135.4 Mil.
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Total Receivables was $104.4 Mil.
Revenue was $580.4 Mil.
Gross Profit was $381.3 Mil.
Total Current Assets was $594.3 Mil.
Total Assets was $1,158.0 Mil.
Property, Plant and Equipment(Net PPE) was $340.1 Mil.
Depreciation, Depletion and Amortization(DDA) was $55.8 Mil.
Selling, General, & Admin. Expense(SGA) was $21.6 Mil.
Total Current Liabilities was $155.0 Mil.
Long-Term Debt & Capital Lease Obligation was $47.5 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) |
| = | (103.836 / 637.395) | / | (104.41 / 580.374) |
| = | 0.162907 | / | 0.179901 |
| | = | 0.9055 |
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) |
| = | (381.317 / 580.374) | / | (416.191 / 637.395) |
| = | 0.657019 | / | 0.652956 |
| | = | 1.0062 |
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 - (638.527 + 379.766) / 1221.324) | / | (1 - (594.266 + 340.104) / 1157.993) |
| = | 0.166238 | / | 0.193113 |
| | = | 0.8608 |
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 |
| = | 637.395 | / | 580.374 |
| | = | 1.0982 |
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)) |
| = | (55.785 / (55.785 + 340.104)) | / | (61.624 / (61.624 + 379.766)) |
| = | 0.140911 | / | 0.139613 |
| | = | 1.0093 |
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) |
| = | (21.414 / 637.395) | / | (21.596 / 580.374) |
| = | 0.033596 | / | 0.03721 |
| | = | 0.9029 |
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) |
| = | ((27.533 + 186.165) / 1221.324) | / | ((47.506 + 154.977) / 1157.993) |
| = | 0.174972 | / | 0.174857 |
| | = | 1.0007 |
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 |
| = | (92.715 - 0 | - | 135.387) | / | 1221.324 |
| | = | -0.034939 |
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.
Asahi Intecc Co has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.
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