Dai Nippon Printing Co (Dai Nippon Printing Co) Beneish M-Score : -2.36 (As of Apr. 26, 2024)

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What is Dai Nippon Printing 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DNPLY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76 Med: -2.55 Max: -2.36
Current: -2.36

During the past 13 years, the highest Beneish M-Score of Dai Nippon Printing Co was -2.36. The lowest was -2.76. And the median was -2.55.

Dai Nippon Printing Co Beneish M-Score Historical Data

The historical data trend for Dai Nippon Printing 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.

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Dai Nippon Printing Co Beneish M-Score Chart

Dai Nippon Printing Co Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-2.76

-2.74

-2.39

-2.43

-2.36

Dai Nippon Printing Co Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-	-2.36	-	-	-

Competitive Comparison of Dai Nippon Printing Co's Beneish M-Score

For the Specialty Business Services subindustry, Dai Nippon Printing 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.

Dai Nippon Printing Co's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, Dai Nippon Printing Co's Beneish M-Score distribution charts can be found below:

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

Dai Nippon Printing 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 Dai Nippon Printing Co 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 * 0.9936

0.528 * 1.0251

0.404 * 0.9322

0.892 * 0.9063

0.115 * 1.0201

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * 0.02606

0.327 * 1.01

-2.46

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was $2,467 Mil.
Revenue was $10,274 Mil.
Gross Profit was $2,184 Mil.
Total Current Assets was $6,008 Mil.
Total Assets was $13,694 Mil.
Property, Plant and Equipment(Net PPE) was $3,265 Mil.
Depreciation, Depletion and Amortization(DDA) was $391 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $2,982 Mil.
Long-Term Debt & Capital Lease Obligation was $910 Mil.
Net Income was $641 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $284 Mil.

Total Receivables was $2,740 Mil.
Revenue was $11,336 Mil.
Gross Profit was $2,470 Mil.
Total Current Assets was $6,787 Mil.
Total Assets was $15,826 Mil.
Property, Plant and Equipment(Net PPE) was $3,558 Mil.
Depreciation, Depletion and Amortization(DDA) was $436 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $3,425 Mil.
Long-Term Debt & Capital Lease Obligation was $1,028 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)
	=	(2467.084 / 10273.566)	/	(2739.519 / 11335.609)
	=	0.240139	/	0.241674
	=	0.9936

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)
	=	(2470.353 / 11335.609)	/	(2184.009 / 10273.566)
	=	0.217929	/	0.212585
	=	1.0251

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 - (6007.55 + 3265.113) / 13693.888)	/	(1 - (6787.238 + 3557.803) / 15826.346)
	=	0.322861	/	0.346341
	=	0.9322

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
	=	10273.566	/	11335.609
	=	0.9063

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))
	=	(435.791 / (435.791 + 3557.803))	/	(391.137 / (391.137 + 3265.113))
	=	0.109123	/	0.106978
	=	1.0201

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 / 10273.566)	/	(0 / 11335.609)
	=	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)
	=	((909.689 + 2981.881) / 13693.888)	/	((1028.004 + 3424.835) / 15826.346)
	=	0.284183	/	0.281356
	=	1.01

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
	=	(641.099 - 0	-	284.242)	/	13693.888
	=	0.02606

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.

Dai Nippon Printing Co has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.

Dai Nippon Printing Co Beneish M-Score Related Terms

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Dai Nippon Printing Co (Dai Nippon Printing Co) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » Dai Nippon Printing Co Ltd (OTCPK:DNPLY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

DNPCF:USA 7912:Japan

Address

1-1, Ichigaya-Kagacho, 1-chome, Shinjuku-ku, Tokyo, JPN, 162-8001

Website

https://www.dnp.co.jp

Dai Nippon Printing is a provider of printing services. The company offers publishing and printing solutions used for printing magazines, newspapers, textbooks, catalogs, calendars, flyers, pamphlets, and posters, as well as personalized mail, smart cards, SIM cards, merchandise vouchers, bank books, and business forms. Dai Nippon Printing also produces packaging for processed foods, toiletries and pharmaceuticals, barrier film for packages, biomass plastic film, PET plastic bottles, and aseptic filling systems, as well as display components such as LCDs, optical films, semiconductor photomasks, hard-disk suspensions, camera modules, near-field communication modules, and electronic paper display systems. The company operates primarily in Japan.