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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 -2.31 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Komeda Holdings Co's Beneish M-Score or its related term are showing as below:
During the past 9 years, the highest Beneish M-Score of Komeda Holdings Co was -2.03. The lowest was -3.03. And the median was -2.57.
The historical data trend for Komeda 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.
Komeda Holdings Co Annual Data | |||||||||||||||||||
Trend | Feb16 | Feb17 | Feb18 | Feb19 | Feb20 | Feb21 | Feb22 | Feb23 | Feb24 | ||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.05 | -3.00 | -2.54 | -2.61 | -2.59 |
Komeda Holdings Co Quarterly Data | ||||||||||||||||||||
Feb20 | May20 | Aug20 | Nov20 | Feb21 | May21 | Aug21 | Nov21 | Feb22 | May22 | Aug22 | Nov22 | Feb23 | May23 | Aug23 | Nov23 | Feb24 | May24 | Aug24 | Nov24 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-2.58 | -2.59 | -2.57 | -2.31 | - |
For the Restaurants subindustry, Komeda 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.
For the Restaurants industry and Consumer Cyclical sector, Komeda Holdings Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Komeda Holdings Co's Beneish M-Score falls into.
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 Komeda 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 * 1.3254 | + | 0.528 * 1.0065 | + | 0.404 * 0.9826 | + | 0.892 * 1.0976 | + | 0.115 * 0.9784 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0341 | + | 4.679 * -0.044558 | - | 0.327 * 0.9938 | |||||||
= | -2.31 |
* 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 (Aug24) TTM: | Last Year (Aug23) TTM: |
Total Receivables was 円7,637 Mil. Revenue was 12008 + 11050 + 11116 + 10836 = 円45,010 Mil. Gross Profit was 4164 + 3742 + 3666 + 3672 = 円15,244 Mil. Total Current Assets was 円19,789 Mil. Total Assets was 円103,931 Mil. Property, Plant and Equipment(Net PPE) was 円12,954 Mil. Depreciation, Depletion and Amortization(DDA) was 円1,557 Mil. Selling, General, & Admin. Expense(SGA) was 円6,481 Mil. Total Current Liabilities was 円14,032 Mil. Long-Term Debt & Capital Lease Obligation was 円38,392 Mil. Net Income was 1555 + 1437 + 1480 + 1574 = 円6,046 Mil. Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil. Cash Flow from Operations was 3985 + 1068 + 3746 + 1878 = 円10,677 Mil. |
Total Receivables was 円5,250 Mil. Revenue was 10830 + 10454 + 10287 + 9438 = 円41,009 Mil. Gross Profit was 3657 + 3610 + 3478 + 3234 = 円13,979 Mil. Total Current Assets was 円16,211 Mil. Total Assets was 円98,757 Mil. Property, Plant and Equipment(Net PPE) was 円13,701 Mil. Depreciation, Depletion and Amortization(DDA) was 円1,607 Mil. Selling, General, & Admin. Expense(SGA) was 円5,710 Mil. Total Current Liabilities was 円12,235 Mil. Long-Term Debt & Capital Lease Obligation was 円37,890 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) |
= | (7637 / 45010) | / | (5250 / 41009) | |
= | 0.169673 | / | 0.128021 | |
= | 1.3254 |
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) | |
= | (13979 / 41009) | / | (15244 / 45010) | |
= | 0.340876 | / | 0.33868 | |
= | 1.0065 |
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 - (19789 + 12954) / 103931) | / | (1 - (16211 + 13701) / 98757) | |
= | 0.684954 | / | 0.697115 | |
= | 0.9826 |
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 | |
= | 45010 | / | 41009 | |
= | 1.0976 |
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)) |
= | (1607 / (1607 + 13701)) | / | (1557 / (1557 + 12954)) | |
= | 0.104978 | / | 0.107298 | |
= | 0.9784 |
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) |
= | (6481 / 45010) | / | (5710 / 41009) | |
= | 0.14399 | / | 0.139238 | |
= | 1.0341 |
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) |
= | ((38392 + 14032) / 103931) | / | ((37890 + 12235) / 98757) | |
= | 0.504412 | / | 0.507559 | |
= | 0.9938 |
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 | |
= | (6046 - 0 | - | 10677) | / | 103931 | |
= | -0.044558 |
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.
Komeda Holdings Co has a M-score of -2.31 suggests that the company is unlikely to be a manipulator.
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