Asahi Kasei Beneish M-Score Historical Data
The historical data trend for Asahi Kasei'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 Kasei Beneish M-Score Chart
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Asahi Kasei Annual Data
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| Beneish M-Score |
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-2.58 |
-2.58 |
-2.76 |
-2.26 |
-2.74 |
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Asahi Kasei Quarterly Data
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| Beneish M-Score |
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-2.74 |
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Competitive Comparison of Asahi Kasei's Beneish M-Score
For the Chemicals subindustry, Asahi Kasei'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 Kasei's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, Asahi Kasei's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asahi Kasei's Beneish M-Score falls into.
Asahi Kasei 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 Kasei 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 * 0.9196 | + | 0.528 * 1.102 | + | 0.404 * 0.8773 | + | 0.892 * 0.9827 | + | 0.115 * 0.9221 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.052718 | - | 0.327 * 1.0946 |
| = | -2.85 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $3,312 Mil.
Revenue was $20,398 Mil.
Gross Profit was $5,789 Mil.
Total Current Assets was $11,134 Mil.
Total Assets was $25,845 Mil.
Property, Plant and Equipment(Net PPE) was $6,522 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,322 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $6,824 Mil.
Long-Term Debt & Capital Lease Obligation was $4,548 Mil.
Net Income was $-683 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $679 Mil.
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Total Receivables was $3,665 Mil.
Revenue was $20,757 Mil.
Gross Profit was $6,492 Mil.
Total Current Assets was $11,252 Mil.
Total Assets was $28,244 Mil.
Property, Plant and Equipment(Net PPE) was $6,791 Mil.
Depreciation, Depletion and Amortization(DDA) was $1,249 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $7,791 Mil.
Long-Term Debt & Capital Lease Obligation was $3,563 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) |
| = | (3311.969 / 20398.005) | / | (3665.074 / 20757.05) |
| = | 0.162367 | / | 0.17657 |
| | = | 0.9196 |
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) |
| = | (6491.701 / 20757.05) | / | (5788.95 / 20398.005) |
| = | 0.312747 | / | 0.2838 |
| | = | 1.102 |
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 - (11133.826 + 6521.569) / 25844.792) | / | (1 - (11251.798 + 6790.628) / 28243.788) |
| = | 0.316868 | / | 0.36119 |
| | = | 0.8773 |
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 |
| = | 20398.005 | / | 20757.05 |
| | = | 0.9827 |
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)) |
| = | (1249.218 / (1249.218 + 6790.628)) | / | (1321.602 / (1321.602 + 6521.569)) |
| = | 0.155378 | / | 0.168504 |
| | = | 0.9221 |
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 / 20398.005) | / | (0 / 20757.05) |
| = | 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) |
| = | ((4548.335 + 6824.283) / 25844.792) | / | ((3563.074 + 7791.114) / 28243.788) |
| = | 0.440035 | / | 0.402007 |
| | = | 1.0946 |
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 |
| = | (-683.144 - 0 | - | 679.344) | / | 25844.792 |
| | = | -0.052718 |
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 Kasei has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.
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