Miyoshi (SGX:M03) Beneish M-Score : -2.04 (As of Jun. 06, 2024)

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What is Miyoshi 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 -2.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SGX:M03' s Beneish M-Score Range Over the Past 10 Years
Min: -5.08 Med: -2.72 Max: 1.83
Current: -2.04

During the past 13 years, the highest Beneish M-Score of Miyoshi was 1.83. The lowest was -5.08. And the median was -2.72.

Miyoshi Beneish M-Score Historical Data

The historical data trend for Miyoshi'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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Miyoshi Beneish M-Score Chart

Miyoshi Annual Data

Trend

Aug14

Aug15

Aug16

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Beneish M-Score

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-2.74

-5.08

-3.74

-2.06

-2.82

Miyoshi Quarterly Data
	May19	Aug19	Nov19	Feb20	May20	Aug20	Nov20	Feb21	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24
Beneish M-Score	Get a 7-Day Free Trial															-3.05	-2.79	-2.82	-2.44	-2.04

Competitive Comparison of Miyoshi's Beneish M-Score

For the Metal Fabrication subindustry, Miyoshi'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.

Miyoshi's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Miyoshi's Beneish M-Score distribution charts can be found below:

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

Miyoshi 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 Miyoshi 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 * 2.0197

0.528 * 0.8951

0.404 * 0.8469

0.892 * 0.8319

0.115 * 1.037

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2985

4.679 * -0.026362

0.327 * 1.1847

-2.04

This Year (Feb24) TTM:

Last Year (Feb23) TTM:

Total Receivables was S$11.84 Mil.
Revenue was 9.619 + 10.152 + 10.218 + 10.036 = S$40.03 Mil.
Gross Profit was 3.906 + 4.194 + 3.472 + 4.231 = S$15.80 Mil.
Total Current Assets was S$21.17 Mil.
Total Assets was S$50.04 Mil.
Property, Plant and Equipment(Net PPE) was S$22.89 Mil.
Depreciation, Depletion and Amortization(DDA) was S$2.42 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.93 Mil.
Total Current Liabilities was S$18.02 Mil.
Long-Term Debt & Capital Lease Obligation was S$1.89 Mil.
Net Income was -0.656 + -0.234 + -1.444 + 0.136 = S$-2.20 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S$0.00 Mil.
Cash Flow from Operations was -0.856 + 0.892 + -0.59 + -0.325 = S$-0.88 Mil.

Total Receivables was S$7.05 Mil.
Revenue was 10.201 + 13.315 + 13.092 + 11.505 = S$48.11 Mil.
Gross Profit was 4.625 + 4.844 + 3.777 + 3.757 = S$17.00 Mil.
Total Current Assets was S$17.36 Mil.
Total Assets was S$49.70 Mil.
Property, Plant and Equipment(Net PPE) was S$25.34 Mil.
Depreciation, Depletion and Amortization(DDA) was S$2.79 Mil.
Selling, General, & Admin. Expense(SGA) was S$0.86 Mil.
Total Current Liabilities was S$12.63 Mil.
Long-Term Debt & Capital Lease Obligation was S$4.06 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)
	=	(11.837 / 40.025)	/	(7.045 / 48.113)
	=	0.29574	/	0.146426
	=	2.0197

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)
	=	(17.003 / 48.113)	/	(15.803 / 40.025)
	=	0.353397	/	0.394828
	=	0.8951

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 - (21.174 + 22.894) / 50.035)	/	(1 - (17.363 + 25.338) / 49.699)
	=	0.119257	/	0.140808
	=	0.8469

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
	=	40.025	/	48.113
	=	0.8319

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))
	=	(2.786 / (2.786 + 25.338))	/	(2.418 / (2.418 + 22.894))
	=	0.099061	/	0.095528
	=	1.037

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)
	=	(0.929 / 40.025)	/	(0.86 / 48.113)
	=	0.02321	/	0.017875
	=	1.2985

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)
	=	((1.885 + 18.016) / 50.035)	/	((4.057 + 12.628) / 49.699)
	=	0.397742	/	0.335721
	=	1.1847

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
	=	(-2.198 - 0	-	-0.879)	/	50.035
	=	-0.026362

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.

Miyoshi has a M-score of -2.04 suggests that the company is unlikely to be a manipulator.

Miyoshi Beneish M-Score Related Terms

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Miyoshi (SGX:M03) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Products » Miyoshi Ltd (SGX:M03) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

26, Boon Lay Way, No. 01-80, Tradehub 21, Singapore, SGP, 609970

Website

http://www.miyoshi.biz

Miyoshi Ltd is employed in designing and manufacturing mould and precision pressed parts and trading in related products and trading commodities. It operates in four segments. The Data Storage segment is engaged in the manufacture of metal semi-finished components for hard disk drives and removable storage devices, The Consumer Electronics segment is engaged in the manufacture of metal semi-finished components for photocopiers, scanners, and printers, The Automotive segment is engaged in the manufacture of finished products of light electric vehicles and semi-finished metal components and The Other segment includes commodities trading and rental income arising from investment properties.

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