Kirin Holdings Co Beneish M-Score Historical Data
The historical data trend for Kirin Holdings 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.
Kirin Holdings Co Beneish M-Score Chart
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Kirin Holdings Co Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.76 |
-2.74 |
-2.73 |
-2.48 |
-2.53 |
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Kirin Holdings Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
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Mar20 |
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Dec20 |
Mar21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.48 |
-2.52 |
-2.55 |
-2.49 |
-2.53 |
Competitive Comparison of Kirin Holdings Co's Beneish M-Score
For the Beverages - Brewers subindustry, Kirin Holdings 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.
Kirin Holdings Co's Beneish M-Score Distribution in the Beverages - Alcoholic Industry
For the Beverages - Alcoholic industry and Consumer Defensive sector, Kirin Holdings Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kirin Holdings Co's Beneish M-Score falls into.
Kirin Holdings 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 Kirin Holdings 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 * 1.0136 | + | 0.528 * 1.0085 | + | 0.404 * 1.0674 | + | 0.892 * 1.0728 | + | 0.115 * 1.0364 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.994 | + | 4.679 * -0.031541 | - | 0.327 * 1.0452 |
| = | -2.53 |
* 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444,940 Mil.
Revenue was 586522 + 577640 + 519902 + 450329 = 円2,134,393 Mil.
Gross Profit was 270653 + 257975 + 230392 + 204446 = 円963,466 Mil.
Total Current Assets was 円957,821 Mil.
Total Assets was 円2,869,585 Mil.
Property, Plant and Equipment(Net PPE) was 円592,928 Mil.
Depreciation, Depletion and Amortization(DDA) was 円87,227 Mil.
Selling, General, & Admin. Expense(SGA) was 円761,971 Mil.
Total Current Liabilities was 円672,806 Mil.
Long-Term Debt & Capital Lease Obligation was 円555,725 Mil.
Net Income was 28784 + 51922 + 26399 + 5591 = 円112,696 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 75211 + 69069 + 17069 + 41857 = 円203,206 Mil.
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Total Receivables was 円409,168 Mil.
Revenue was 532314 + 540106 + 500304 + 416745 = 円1,989,469 Mil.
Gross Profit was 249054 + 241212 + 229080 + 186367 = 円905,713 Mil.
Total Current Assets was 円887,021 Mil.
Total Assets was 円2,542,263 Mil.
Property, Plant and Equipment(Net PPE) was 円560,642 Mil.
Depreciation, Depletion and Amortization(DDA) was 円85,937 Mil.
Selling, General, & Admin. Expense(SGA) was 円714,554 Mil.
Total Current Liabilities was 円632,695 Mil.
Long-Term Debt & Capital Lease Obligation was 円408,662 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) |
| = | (444940 / 2134393) | / | (409168 / 1989469) |
| = | 0.208462 | / | 0.205667 |
| | = | 1.0136 |
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) |
| = | (905713 / 1989469) | / | (963466 / 2134393) |
| = | 0.455254 | / | 0.4514 |
| | = | 1.0085 |
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 - (957821 + 592928) / 2869585) | / | (1 - (887021 + 560642) / 2542263) |
| = | 0.459591 | / | 0.430561 |
| | = | 1.0674 |
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 |
| = | 2134393 | / | 1989469 |
| | = | 1.0728 |
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)) |
| = | (85937 / (85937 + 560642)) | / | (87227 / (87227 + 592928)) |
| = | 0.13291 | / | 0.128246 |
| | = | 1.0364 |
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) |
| = | (761971 / 2134393) | / | (714554 / 1989469) |
| = | 0.356997 | / | 0.359168 |
| | = | 0.994 |
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) |
| = | ((555725 + 672806) / 2869585) | / | ((408662 + 632695) / 2542263) |
| = | 0.428121 | / | 0.409618 |
| | = | 1.0452 |
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 |
| = | (112696 - 0 | - | 203206) | / | 2869585 |
| | = | -0.031541 |
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.
Kirin Holdings Co has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.
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