Nippon Parking Development Co (TSE:2353) Beneish M-Score : -1.98 (As of Apr. 07, 2025)

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What is Nippon Parking Development 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 -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:2353' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.46 Max: -1.98
Current: -1.98

During the past 13 years, the highest Beneish M-Score of Nippon Parking Development Co was -1.98. The lowest was -2.98. And the median was -2.46.

Nippon Parking Development Co Beneish M-Score Historical Data

The historical data trend for Nippon Parking Development 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 Parking Development Co Beneish M-Score Chart

Nippon Parking Development Co Annual Data

Trend

Jul15

Jul16

Jul17

Jul18

Jul19

Jul20

Jul21

Jul22

Jul23

Jul24

Beneish M-Score

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-2.98

-2.18

-2.60

-2.47

-1.98

Nippon Parking Development Co Quarterly Data
	Apr20	Jul20	Oct20	Jan21	Apr21	Jul21	Oct21	Jan22	Apr22	Jul22	Oct22	Jan23	Apr23	Jul23	Oct23	Jan24	Apr24	Jul24	Oct24	Jan25
Beneish M-Score	Get a 7-Day Free Trial															-	-	-1.98	-	-

Competitive Comparison of Nippon Parking Development Co's Beneish M-Score

For the Infrastructure Operations subindustry, Nippon Parking Development 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 Parking Development Co's Beneish M-Score Distribution in the Construction Industry

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

* The bar in red indicates where Nippon Parking Development Co's Beneish M-Score falls into.

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Nippon Parking Development 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 Parking Development 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 * 1.3354

0.528 * 0.9701

0.404 * 1.8919

0.892 * 1.0263

0.115 * 1.0677

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.025956

0.327 * 1.1797

-1.98

This Year (Jul24) TTM:

Last Year (Jul23) TTM:

Total Receivables was 円1,618 Mil.
Revenue was 円32,693 Mil.
Gross Profit was 円12,666 Mil.
Total Current Assets was 円20,970 Mil.
Total Assets was 円42,137 Mil.
Property, Plant and Equipment(Net PPE) was 円15,768 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,580 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円8,027 Mil.
Long-Term Debt & Capital Lease Obligation was 円12,499 Mil.
Net Income was 円5,105 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円6,199 Mil.

Total Receivables was 円1,181 Mil.
Revenue was 円31,855 Mil.
Gross Profit was 円11,972 Mil.
Total Current Assets was 円14,482 Mil.
Total Assets was 円29,007 Mil.
Property, Plant and Equipment(Net PPE) was 円12,561 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,353 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円4,889 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,089 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)
	=	(1618.133 / 32693.336)	/	(1180.667 / 31855.32)
	=	0.049494	/	0.037063
	=	1.3354

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)
	=	(11972.282 / 31855.32)	/	(12665.907 / 32693.336)
	=	0.375833	/	0.387416
	=	0.9701

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 - (20970.16 + 15768.014) / 42136.619)	/	(1 - (14482.074 + 12560.73) / 29007.113)
	=	0.128118	/	0.067718
	=	1.8919

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
	=	32693.336	/	31855.32
	=	1.0263

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))
	=	(1352.769 / (1352.769 + 12560.73))	/	(1579.737 / (1579.737 + 15768.014))
	=	0.097227	/	0.091063
	=	1.0677

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 / 32693.336)	/	(0 / 31855.32)
	=	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)
	=	((12498.55 + 8026.9) / 42136.619)	/	((7089.201 + 4888.552) / 29007.113)
	=	0.487117	/	0.412925
	=	1.1797

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
	=	(5104.882 - 0	-	6198.564)	/	42136.619
	=	-0.025956

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 Parking Development Co has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.

Nippon Parking Development Co Beneish M-Score Related Terms

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Nippon Parking Development Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » Nippon Parking Development Co Ltd (TSE:2353) » Definitions » Beneish M-Score

Traded in Other Exchanges

3SY:Germany

Address

Osaka Fukoku Seimei Building, 2-4 Komatsubara-cho, Kita-ku, Osaka, JPN, 530-0018

Website

http://www.n-p-d.co.jp

Nippon Parking Development Co Ltd provides car parking solutions and services. The company is engaged in providing hospitality management upgrade solutions and planning to use the unused real estate assets for parking solutions. It also provides consultation in other aspects such as depreciation, maintenance, and repair costs of parking facilities. Its client base involves building owners, parking facility owners, hotel business owners, and store owners.

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