CC Japanome & Growth Trust (CHIX:CCJIL) Beneish M-Score : 0.00 (As of Dec. 12, 2024)

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What is CC Japanome & Growth Trust Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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.

The historical rank and industry rank for CC Japanome & Growth Trust's Beneish M-Score or its related term are showing as below:

During the past 8 years, the highest Beneish M-Score of CC Japanome & Growth Trust was -4.46. The lowest was -4.46. And the median was -4.46.

CC Japanome & Growth Trust 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 CC Japanome & Growth Trust for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1

0.528 * 1

0.404 * 1

0.892 * 1.2967

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8883

4.679 * 0.177324

0.327 * 0.9748

-1.36

* 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 (Apr24) TTM:

Last Year (Apr22) TTM:

Total Receivables was £0.00 Mil.
Revenue was 46.467 + 16.009 + 23.972 + -10.761 = £75.69 Mil.
Gross Profit was 46.467 + 16.009 + 23.972 + -10.761 = £75.69 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £286.87 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £1.44 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £0.29 Mil.
Net Income was 45.616 + 15.166 + 23.174 + -11.575 = £72.38 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = £0.00 Mil.
Cash Flow from Operations was 12.607 + 3.938 + 2.575 + 2.393 = £21.51 Mil.

Total Receivables was £0.00 Mil.
Revenue was -0.57 + 16.953 + 29.587 + 12.401 = £58.37 Mil.
Gross Profit was -0.57 + 16.953 + 29.587 + 12.401 = £58.37 Mil.
Total Current Assets was £0.00 Mil.
Total Assets was £219.51 Mil.
Property, Plant and Equipment(Net PPE) was £0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was £0.00 Mil.
Selling, General, & Admin. Expense(SGA) was £1.25 Mil.
Total Current Liabilities was £0.00 Mil.
Long-Term Debt & Capital Lease Obligation was £0.23 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)
	=	(0 / 75.687)	/	(0 / 58.371)
	=	0	/	0
	=	1

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)
	=	(58.371 / 58.371)	/	(75.687 / 75.687)
	=	1	/	1
	=	1

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 - (0 + 0) / 286.865)	/	(1 - (0 + 0) / 219.51)
	=	1	/	1
	=	1

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
	=	75.687	/	58.371
	=	1.2967

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))
	=	(0 / (0 + 0))	/	(0 / (0 + 0))
	=		/
	=	1

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)
	=	(1.441 / 75.687)	/	(1.251 / 58.371)
	=	0.019039	/	0.021432
	=	0.8883

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)
	=	((0.288 + 0) / 286.865)	/	((0.226 + 0) / 219.51)
	=	0.001004	/	0.00103
	=	0.9748

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
	=	(72.381 - 0	-	21.513)	/	286.865
	=	0.177324

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.

CC Japanome & Growth Trust has a M-score of -1.36 signals that the company is likely to be a manipulator.

CC Japanome & Growth Trust Beneish M-Score Related Terms

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CC Japanome & Growth Trust Business Description

Industry

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CCJI:UK

Address

125 London Wall, 6th Floor, London, GBR, EC2Y 5AS

Website

https://www.ccjapanincomeandgrowthtrust.com

CC Japan Income & Growth Trust PLC It is a closed-ended investment company. The company's investment objective is to provide shareholders with dividend income combined with capital growth, through investment in equities listed or quoted in Japan.