Nittoc Construction Co (TSE:1929) Beneish M-Score : -2.44 (As of Mar. 31, 2025)

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What is Nittoc Construction 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:1929' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.45 Max: -1.88
Current: -2.44

During the past 13 years, the highest Beneish M-Score of Nittoc Construction Co was -1.88. The lowest was -3.04. And the median was -2.45.

Nittoc Construction Co Beneish M-Score Historical Data

The historical data trend for Nittoc Construction 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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Nittoc Construction Co Beneish M-Score Chart

Nittoc Construction Co Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-3.04

-2.14

-2.73

-2.32

-2.44

Nittoc Construction Co Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-2.44	-

Competitive Comparison of Nittoc Construction Co's Beneish M-Score

For the Engineering & Construction subindustry, Nittoc Construction 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.

Nittoc Construction Co's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, Nittoc Construction Co's Beneish M-Score distribution charts can be found below:

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

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Nittoc Construction 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 Nittoc Construction 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 * 0.9922

0.528 * 1.0615

0.404 * 1.3776

0.892 * 0.9858

0.115 * 0.7854

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.024897

0.327 * 0.9623

-2.44

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was 円17,992 Mil.
Revenue was 円71,879 Mil.
Gross Profit was 円12,708 Mil.
Total Current Assets was 円42,222 Mil.
Total Assets was 円54,425 Mil.
Property, Plant and Equipment(Net PPE) was 円6,598 Mil.
Depreciation, Depletion and Amortization(DDA) was 円781 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円16,422 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円3,066 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円4,421 Mil.

Total Receivables was 円18,395 Mil.
Revenue was 円72,918 Mil.
Gross Profit was 円13,685 Mil.
Total Current Assets was 円42,431 Mil.
Total Assets was 円52,809 Mil.
Property, Plant and Equipment(Net PPE) was 円6,430 Mil.
Depreciation, Depletion and Amortization(DDA) was 円583 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円16,559 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
	=	(17992 / 71879)	/	(18395 / 72918)
	=	0.25031	/	0.25227
	=	0.9922

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)
	=	(13685 / 72918)	/	(12708 / 71879)
	=	0.187677	/	0.176797
	=	1.0615

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 - (42222 + 6598) / 54425)	/	(1 - (42431 + 6430) / 52809)
	=	0.102986	/	0.07476
	=	1.3776

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
	=	71879	/	72918
	=	0.9858

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))
	=	(583 / (583 + 6430))	/	(781 / (781 + 6598))
	=	0.083131	/	0.105841
	=	0.7854

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 / 71879)	/	(0 / 72918)
	=	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)
	=	((0 + 16422) / 54425)	/	((0 + 16559) / 52809)
	=	0.301736	/	0.313564
	=	0.9623

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
	=	(3066 - 0	-	4421)	/	54425
	=	-0.024897

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.

Nittoc Construction Co has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.

Nittoc Construction Co Beneish M-Score Related Terms

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Nittoc Construction Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Nittoc Construction Co Ltd (TSE:1929) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

10-6, 3-Chome, Higashi-nihonbashi, 4th, 5th, and 6th Floors, Heiwa Higashi-Nihonbashi Building, Chuo-ku, Tokyo, JPN, 103-0004

Website

http://www.nittoc.co.jp

Nittoc Construction Co Ltd engages in construction and civil engineering business. It offers services in disaster prevention and environmental conservation such as vegetation and re-vegetation, river and shore embankment protection, rock slope failure prevention, temporary anchor works, and structure diagnosis; urban regeneration such as ground improvement, reinforcement works and foundation method, liquification prevention measures, piling, and anchoring; maintenance and renovation such as slope reinforcement, concrete structure upgrade, rock slope diagnosis, diagnosis and investigation and reinforcement of existing structure. In addition, the company offers construction consultancy, grouting, applied engineering, and shield, as well as survey, geological survey, and design services.

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