Keeson Technology Beneish M-Score Historical Data
The historical data trend for Keeson Technology'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.
Keeson Technology Beneish M-Score Chart
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Keeson Technology Annual Data
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Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.89 |
-1.50 |
-2.33 |
-3.63 |
-2.26 |
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Keeson Technology Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Sep21 |
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Mar23 |
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Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.69 |
-2.26 |
-2.49 |
-2.65 |
-2.38 |
Competitive Comparison of Keeson Technology's Beneish M-Score
For the Furnishings, Fixtures & Appliances subindustry, Keeson Technology'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.
Keeson Technology's Beneish M-Score Distribution in the Furnishings, Fixtures & Appliances Industry
For the Furnishings, Fixtures & Appliances industry and Consumer Cyclical sector, Keeson Technology's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Keeson Technology's Beneish M-Score falls into.
Keeson Technology 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 Keeson Technology 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 * 1.3059 | + | 0.528 * 0.9734 | + | 0.404 * 1.0372 | + | 0.892 * 1.0005 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.6234 | + | 4.679 * -0.055351 | - | 0.327 * 0.9741 |
| = | -2.38 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥623 Mil.
Revenue was 763.667 + 702.399 + 755.962 + 716.859 = ¥2,939 Mil.
Gross Profit was 266.007 + 231.544 + 248.407 + 300.819 = ¥1,047 Mil.
Total Current Assets was ¥2,447 Mil.
Total Assets was ¥4,661 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,506 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥252 Mil.
Total Current Liabilities was ¥1,054 Mil.
Long-Term Debt & Capital Lease Obligation was ¥432 Mil.
Net Income was 66.044 + 40.158 + 44.933 + 19.048 = ¥170 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 97.936 + 42.218 + 82.715 + 205.281 = ¥428 Mil.
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Total Receivables was ¥477 Mil.
Revenue was 862.911 + 826.183 + 696.842 + 551.47 = ¥2,937 Mil.
Gross Profit was 327.962 + 260.172 + 249.024 + 181.282 = ¥1,018 Mil.
Total Current Assets was ¥2,953 Mil.
Total Assets was ¥5,026 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,338 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥404 Mil.
Total Current Liabilities was ¥1,173 Mil.
Long-Term Debt & Capital Lease Obligation was ¥472 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) |
| = | (622.669 / 2938.887) | / | (476.586 / 2937.406) |
| = | 0.211872 | / | 0.162247 |
| | = | 1.3059 |
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) |
| = | (1018.44 / 2937.406) | / | (1046.777 / 2938.887) |
| = | 0.346714 | / | 0.356181 |
| | = | 0.9734 |
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 - (2447.368 + 1506.398) / 4660.552) | / | (1 - (2953.131 + 1337.716) / 5025.678) |
| = | 0.151653 | / | 0.146215 |
| | = | 1.0372 |
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 |
| = | 2938.887 | / | 2937.406 |
| | = | 1.0005 |
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 + 1337.716)) | / | (0 / (0 + 1506.398)) |
| = | 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) |
| = | (251.941 / 2938.887) | / | (403.951 / 2937.406) |
| = | 0.085727 | / | 0.13752 |
| | = | 0.6234 |
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) |
| = | ((432.309 + 1054.066) / 4660.552) | / | ((471.948 + 1173.499) / 5025.678) |
| = | 0.318927 | / | 0.327408 |
| | = | 0.9741 |
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 |
| = | (170.183 - 0 | - | 428.15) | / | 4660.552 |
| | = | -0.055351 |
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.
Keeson Technology has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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