Joy Kie Beneish M-Score Historical Data
The historical data trend for Joy Kie'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.
Joy Kie Beneish M-Score Chart
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Joy Kie Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
-1.10 |
-2.65 |
-2.64 |
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Joy Kie Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-0.35 |
-2.64 |
-2.72 |
-2.77 |
-2.81 |
Competitive Comparison of Joy Kie's Beneish M-Score
For the Leisure subindustry, Joy Kie'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.
Joy Kie's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, Joy Kie's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Joy Kie's Beneish M-Score falls into.
Joy Kie 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 Joy Kie 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 * 0.9039 | + | 0.528 * 1.0415 | + | 0.404 * 0.8198 | + | 0.892 * 1.0886 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1635 | + | 4.679 * -0.032713 | - | 0.327 * 1.2746 |
| = | -2.81 |
* 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 ¥415 Mil.
Revenue was 711.645 + 547.62 + 529.37 + 452.599 = ¥2,241 Mil.
Gross Profit was 94.359 + 81.497 + 67.978 + 71.222 = ¥315 Mil.
Total Current Assets was ¥1,739 Mil.
Total Assets was ¥2,086 Mil.
Property, Plant and Equipment(Net PPE) was ¥280 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥128 Mil.
Total Current Liabilities was ¥875 Mil.
Long-Term Debt & Capital Lease Obligation was ¥3 Mil.
Net Income was 26.549 + 34.548 + 21.494 + 10.867 = ¥93 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 119.031 + 55.646 + -91.88 + 78.915 = ¥162 Mil.
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Total Receivables was ¥422 Mil.
Revenue was 516.483 + 549.871 + 487.051 + 505.361 = ¥2,059 Mil.
Gross Profit was 87.713 + 80.347 + 62.13 + 71.236 = ¥301 Mil.
Total Current Assets was ¥1,433 Mil.
Total Assets was ¥1,742 Mil.
Property, Plant and Equipment(Net PPE) was ¥242 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥101 Mil.
Total Current Liabilities was ¥575 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1 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) |
| = | (415.181 / 2241.234) | / | (421.927 / 2058.766) |
| = | 0.185247 | / | 0.204942 |
| | = | 0.9039 |
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) |
| = | (301.426 / 2058.766) | / | (315.056 / 2241.234) |
| = | 0.146411 | / | 0.140573 |
| | = | 1.0415 |
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 - (1739.395 + 280.487) / 2086.424) | / | (1 - (1432.702 + 241.871) / 1742.356) |
| = | 0.031893 | / | 0.038903 |
| | = | 0.8198 |
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 |
| = | 2241.234 | / | 2058.766 |
| | = | 1.0886 |
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 + 241.871)) | / | (0 / (0 + 280.487)) |
| = | 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) |
| = | (127.804 / 2241.234) | / | (100.904 / 2058.766) |
| = | 0.057024 | / | 0.049012 |
| | = | 1.1635 |
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) |
| = | ((3.3 + 874.951) / 2086.424) | / | ((0.852 + 574.559) / 1742.356) |
| = | 0.420936 | / | 0.330249 |
| | = | 1.2746 |
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 |
| = | (93.458 - 0 | - | 161.712) | / | 2086.424 |
| | = | -0.032713 |
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.
Joy Kie has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
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