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Marudai Food Co (TSE:2288) Beneish M-Score : -3.03 (As of Dec. 16, 2024)


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What is Marudai Food 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 -3.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2288' s Beneish M-Score Range Over the Past 10 Years
Min: -3.03   Med: -2.72   Max: -2.35
Current: -3.03

During the past 13 years, the highest Beneish M-Score of Marudai Food Co was -2.35. The lowest was -3.03. And the median was -2.72.


Marudai Food Co Beneish M-Score Historical Data

The historical data trend for Marudai Food 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.

* Premium members only.

Marudai Food Co Beneish M-Score Chart

Marudai Food Co Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.87 -2.52 -2.77 -2.77 -3.03

Marudai Food Co Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - - -3.03 - -

Competitive Comparison of Marudai Food Co's Beneish M-Score

For the Packaged Foods subindustry, Marudai Food 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.


Marudai Food Co's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

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



Marudai Food 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 Marudai Food Co 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 * 1.1375+0.528 * 0.9061+0.404 * 1.3194+0.892 * 1.0308+0.115 * 0.8238
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.159483-0.327 * 1.056
=-3.03

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was 円28,018 Mil.
Revenue was 円228,808 Mil.
Gross Profit was 円34,676 Mil.
Total Current Assets was 円57,078 Mil.
Total Assets was 円121,819 Mil.
Property, Plant and Equipment(Net PPE) was 円42,430 Mil.
Depreciation, Depletion and Amortization(DDA) was 円7,117 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円45,697 Mil.
Long-Term Debt & Capital Lease Obligation was 円8,356 Mil.
Net Income was 円-9,414 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円10,014 Mil.
Total Receivables was 円23,897 Mil.
Revenue was 円221,979 Mil.
Gross Profit was 円30,483 Mil.
Total Current Assets was 円51,416 Mil.
Total Assets was 円126,261 Mil.
Property, Plant and Equipment(Net PPE) was 円57,319 Mil.
Depreciation, Depletion and Amortization(DDA) was 円7,693 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円44,063 Mil.
Long-Term Debt & Capital Lease Obligation was 円8,990 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)
=(28018 / 228808) / (23897 / 221979)
=0.122452 / 0.107654
=1.1375

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)
=(30483 / 221979) / (34676 / 228808)
=0.137324 / 0.151551
=0.9061

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 - (57078 + 42430) / 121819) / (1 - (51416 + 57319) / 126261)
=0.183149 / 0.138808
=1.3194

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
=228808 / 221979
=1.0308

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))
=(7693 / (7693 + 57319)) / (7117 / (7117 + 42430))
=0.118332 / 0.143641
=0.8238

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 / 228808) / (0 / 221979)
=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)
=((8356 + 45697) / 121819) / ((8990 + 44063) / 126261)
=0.443716 / 0.420185
=1.056

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
=(-9414 - 0 - 10014) / 121819
=-0.159483

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.

Marudai Food Co has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.


Marudai Food Co Beneish M-Score Related Terms

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Marudai Food Co Business Description

Traded in Other Exchanges
N/A
Address
21-3, Midori-cho, Takatsuki-shi, Osaka, JPN
Marudai Food Co Ltd is a food manufacturing company, which through its subsidiaries, is engaged in the manufacturing and sale of hams and sausages, including bone-less hams, bacon, wiener sausages, fish hams and sausages.

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