Asahi Group Holdings Beneish M-Score Historical Data
The historical data trend for Asahi Group Holdings'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.
Asahi Group Holdings Beneish M-Score Chart
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Asahi Group Holdings Annual Data
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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-2.67 |
-2.63 |
-2.49 |
-2.50 |
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Asahi Group Holdings Quarterly Data
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Mar19 |
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Dec23 |
| Beneish M-Score |
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-2.49 |
-2.43 |
-2.49 |
-2.51 |
-2.50 |
Competitive Comparison of Asahi Group Holdings's Beneish M-Score
For the Beverages - Brewers subindustry, Asahi Group Holdings'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.
Asahi Group Holdings's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Asahi Group Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Asahi Group Holdings's Beneish M-Score falls into.
Asahi Group Holdings 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 Asahi Group Holdings 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 * 1.0158 | + | 0.528 * 1.0176 | + | 0.404 * 0.9959 | + | 0.892 * 1.1027 | + | 0.115 * 1.0081 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9834 | + | 4.679 * -0.03471 | - | 0.327 * 0.9222 |
| = | -2.50 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was 円465,633 Mil.
Revenue was 746087 + 770004 + 696664 + 556335 = 円2,769,090 Mil.
Gross Profit was 261254 + 289820 + 255520 + 192338 = 円998,932 Mil.
Total Current Assets was 円846,953 Mil.
Total Assets was 円5,285,913 Mil.
Property, Plant and Equipment(Net PPE) was 円888,070 Mil.
Depreciation, Depletion and Amortization(DDA) was 円147,992 Mil.
Selling, General, & Admin. Expense(SGA) was 円735,252 Mil.
Total Current Liabilities was 円1,396,950 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,020,950 Mil.
Net Income was 31039 + 67235 + 45828 + 19969 = 円164,071 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 92976 + 159627 + 143638 + -48694 = 円347,547 Mil.
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Total Receivables was 円415,676 Mil.
Revenue was 661164 + 698604 + 654476 + 496863 = 円2,511,107 Mil.
Gross Profit was 241449 + 258715 + 243872 + 177797 = 円921,833 Mil.
Total Current Assets was 円737,529 Mil.
Total Assets was 円4,830,344 Mil.
Property, Plant and Equipment(Net PPE) was 円834,721 Mil.
Depreciation, Depletion and Amortization(DDA) was 円140,419 Mil.
Selling, General, & Admin. Expense(SGA) was 円678,016 Mil.
Total Current Liabilities was 円1,265,946 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,130,042 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) |
| = | (465633 / 2769090) | / | (415676 / 2511107) |
| = | 0.168154 | / | 0.165535 |
| | = | 1.0158 |
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) |
| = | (921833 / 2511107) | / | (998932 / 2769090) |
| = | 0.367102 | / | 0.360744 |
| | = | 1.0176 |
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 - (846953 + 888070) / 5285913) | / | (1 - (737529 + 834721) / 4830344) |
| = | 0.671765 | / | 0.674506 |
| | = | 0.9959 |
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 |
| = | 2769090 | / | 2511107 |
| | = | 1.1027 |
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)) |
| = | (140419 / (140419 + 834721)) | / | (147992 / (147992 + 888070)) |
| = | 0.143999 | / | 0.142841 |
| | = | 1.0081 |
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) |
| = | (735252 / 2769090) | / | (678016 / 2511107) |
| = | 0.265521 | / | 0.270007 |
| | = | 0.9834 |
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) |
| = | ((1020950 + 1396950) / 5285913) | / | ((1130042 + 1265946) / 4830344) |
| = | 0.457423 | / | 0.496028 |
| | = | 0.9222 |
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 |
| = | (164071 - 0 | - | 347547) | / | 5285913 |
| | = | -0.03471 |
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.
Asahi Group Holdings has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.
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