Nippon Beet Sugar Manufacturing Co (TSE:2108) Beneish M-Score : -2.81 (As of Apr. 06, 2025)

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What is Nippon Beet Sugar Manufacturing 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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2108' s Beneish M-Score Range Over the Past 10 Years
Min: -2.81 Med: -2.42 Max: -2.11
Current: -2.81

During the past 13 years, the highest Beneish M-Score of Nippon Beet Sugar Manufacturing Co was -2.11. The lowest was -2.81. And the median was -2.42.

Nippon Beet Sugar Manufacturing Co Beneish M-Score Historical Data

The historical data trend for Nippon Beet Sugar Manufacturing 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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Nippon Beet Sugar Manufacturing Co Beneish M-Score Chart

Nippon Beet Sugar Manufacturing Co Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-2.70

-2.31

-2.62

-2.11

-2.81

Nippon Beet Sugar Manufacturing 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															-	-	-	-2.81	-

Competitive Comparison of Nippon Beet Sugar Manufacturing Co's Beneish M-Score

For the Confectioners subindustry, Nippon Beet Sugar Manufacturing 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.

Nippon Beet Sugar Manufacturing Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Nippon Beet Sugar Manufacturing Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nippon Beet Sugar Manufacturing Co's Beneish M-Score falls into.

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Nippon Beet Sugar Manufacturing 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 Nippon Beet Sugar Manufacturing 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 * 0.8155

0.528 * 1.1709

0.404 * 1.2843

0.892 * 1.0659

0.115 * 0.9114

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8857

4.679 * -0.109035

0.327 * 0.7594

-2.81

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was 円8,902 Mil.
Revenue was 円69,297 Mil.
Gross Profit was 円13,781 Mil.
Total Current Assets was 円50,931 Mil.
Total Assets was 円103,022 Mil.
Property, Plant and Equipment(Net PPE) was 円24,276 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,624 Mil.
Selling, General, & Admin. Expense(SGA) was 円12,869 Mil.
Total Current Liabilities was 円19,554 Mil.
Long-Term Debt & Capital Lease Obligation was 円48 Mil.
Net Income was 円1,811 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円13,044 Mil.

Total Receivables was 円10,241 Mil.
Revenue was 円65,013 Mil.
Gross Profit was 円15,139 Mil.
Total Current Assets was 円57,054 Mil.
Total Assets was 円103,149 Mil.
Property, Plant and Equipment(Net PPE) was 円24,411 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,382 Mil.
Selling, General, & Admin. Expense(SGA) was 円13,632 Mil.
Total Current Liabilities was 円25,724 Mil.
Long-Term Debt & Capital Lease Obligation was 円119 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)
	=	(8902 / 69297)	/	(10241 / 65013)
	=	0.128462	/	0.157522
	=	0.8155

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)
	=	(15139 / 65013)	/	(13781 / 69297)
	=	0.232861	/	0.198869
	=	1.1709

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 - (50931 + 24276) / 103022)	/	(1 - (57054 + 24411) / 103149)
	=	0.269991	/	0.21022
	=	1.2843

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
	=	69297	/	65013
	=	1.0659

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))
	=	(2382 / (2382 + 24411))	/	(2624 / (2624 + 24276))
	=	0.088904	/	0.097546
	=	0.9114

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)
	=	(12869 / 69297)	/	(13632 / 65013)
	=	0.185708	/	0.209681
	=	0.8857

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)
	=	((48 + 19554) / 103022)	/	((119 + 25724) / 103149)
	=	0.19027	/	0.25054
	=	0.7594

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
	=	(1811 - 0	-	13044)	/	103022
	=	-0.109035

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.

Nippon Beet Sugar Manufacturing Co has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.

Nippon Beet Sugar Manufacturing Co Beneish M-Score Related Terms

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Nippon Beet Sugar Manufacturing Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Nippon Beet Sugar Manufacturing Co Ltd (TSE:2108) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

3-12-14 Mita-cho, Minato-ku, Tokyo, JPN, 108-0073

Website

http://www.nitten.co.jp

Nippon Beet Sugar Manufacturing Co Ltd is a Japan-based company that operates in the food business. The primary activity of the group includes the manufacture and sale of functional foods such as beet sugar, refined sugar, feed, paper cylinders, yeast, seeds, oligosaccharides, and the like, sales of agricultural equipment, and real estate leasing business. Geographically, the activities of the group functioned throughout the region of Japan.

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