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Kotobukiya Co (TSE:7809) Beneish M-Score : -2.82 (As of Jun. 15, 2024)


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What is Kotobukiya Co Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Kotobukiya Co's Beneish M-Score or its related term are showing as below:

TSE:7809' s Beneish M-Score Range Over the Past 10 Years
Min: -3.15   Med: -2.72   Max: -1.76
Current: -2.82

During the past 9 years, the highest Beneish M-Score of Kotobukiya Co was -1.76. The lowest was -3.15. And the median was -2.72.


Kotobukiya Co Beneish M-Score Historical Data

The historical data trend for Kotobukiya 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.

* Premium members only.

Kotobukiya Co Beneish M-Score Chart

Kotobukiya Co Annual Data
Trend Jun15 Jun16 Jun17 Jun18 Jun19 Jun20 Jun21 Jun22 Jun23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.60 -2.99 -3.15 -1.76 -2.82

Kotobukiya Co Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -2.82 - - -

Competitive Comparison of Kotobukiya Co's Beneish M-Score

For the Leisure subindustry, Kotobukiya 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.


Kotobukiya Co's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, Kotobukiya Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Kotobukiya Co's Beneish M-Score falls into.



Kotobukiya 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 Kotobukiya 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 * 0.8639+0.528 * 1.1393+0.404 * 0.9743+0.892 * 1.2664+0.115 * 0.8693
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.121224-0.327 * 0.7986
=-2.82

* 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 円1,870 Mil.
Revenue was 円18,100 Mil.
Gross Profit was 円6,240 Mil.
Total Current Assets was 円7,726 Mil.
Total Assets was 円11,511 Mil.
Property, Plant and Equipment(Net PPE) was 円3,306 Mil.
Depreciation, Depletion and Amortization(DDA) was 円953 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,643 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,027 Mil.
Net Income was 円1,758 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円3,153 Mil.
Total Receivables was 円1,709 Mil.
Revenue was 円14,292 Mil.
Gross Profit was 円5,614 Mil.
Total Current Assets was 円6,999 Mil.
Total Assets was 円10,621 Mil.
Property, Plant and Equipment(Net PPE) was 円3,168 Mil.
Depreciation, Depletion and Amortization(DDA) was 円765 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,515 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,881 Mil.




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)
=(1870.218 / 18099.716) / (1709.497 / 14292.351)
=0.103329 / 0.119609
=0.8639

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)
=(5614.102 / 14292.351) / (6240.307 / 18099.716)
=0.392805 / 0.344774
=1.1393

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 - (7725.857 + 3305.736) / 11510.812) / (1 - (6998.846 + 3167.908) / 10620.556)
=0.041632 / 0.042729
=0.9743

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
=18099.716 / 14292.351
=1.2664

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))
=(765.474 / (765.474 + 3167.908)) / (953.499 / (953.499 + 3305.736))
=0.19461 / 0.223866
=0.8693

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)
=(0 / 18099.716) / (0 / 14292.351)
=0 / 0
=1

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)
=((2026.693 + 2643) / 11510.812) / ((2880.624 + 2514.631) / 10620.556)
=0.405679 / 0.508001
=0.7986

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
=(1757.654 - 0 - 3153.038) / 11510.812
=-0.121224

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.

Kotobukiya Co has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.


Kotobukiya Co Beneish M-Score Related Terms

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Kotobukiya Co (TSE:7809) Business Description

Traded in Other Exchanges
N/A
Address
Midori-Cho 4-5, Kotobukiya Building, Tachikawa, Tokyo, JPN, 190-8542
Kotobukiya Co Ltd is a Japanese firm engaged in the design, development, creation, wholesale, retail and import, export of toy and novelty. It also offers design services, merchandise design, model construction material, and event and promotion creation. It also sells books, artworks, figures, character goods.

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