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TSI Holdings Co (TSE:3608) Beneish M-Score : -2.19 (As of May. 13, 2024)


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What is TSI Holdings 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3608' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71   Med: -2.52   Max: -2.19
Current: -2.19

During the past 13 years, the highest Beneish M-Score of TSI Holdings Co was -2.19. The lowest was -2.71. And the median was -2.52.


TSI Holdings Co Beneish M-Score Historical Data

The historical data trend for TSI 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.

* Premium members only.

TSI Holdings Co Beneish M-Score Chart

TSI Holdings Co Annual Data
Trend Feb15 Feb16 Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.54 -2.25 -2.54 -2.32 -2.19

TSI Holdings Co Quarterly Data
May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24
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 -2.32 - - - -2.19

Competitive Comparison of TSI Holdings Co's Beneish M-Score

For the Apparel Manufacturing subindustry, TSI 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.


TSI Holdings Co's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, TSI Holdings Co's Beneish M-Score distribution charts can be found below:

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



TSI 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 TSI 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 * 1.082+0.528 * 1.008+0.404 * 0.9859+0.892 * 1.006+0.115 * 1.0818
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.040266-0.327 * 0.9746
=-2.19

* 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 (Feb24) TTM:Last Year (Feb23) TTM:
Total Receivables was 円11,681 Mil.
Revenue was 円155,383 Mil.
Gross Profit was 円84,729 Mil.
Total Current Assets was 円70,877 Mil.
Total Assets was 円133,464 Mil.
Property, Plant and Equipment(Net PPE) was 円15,671 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,650 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円28,388 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,631 Mil.
Net Income was 円4,849 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-525 Mil.
Total Receivables was 円10,731 Mil.
Revenue was 円154,456 Mil.
Gross Profit was 円84,901 Mil.
Total Current Assets was 円71,837 Mil.
Total Assets was 円135,427 Mil.
Property, Plant and Equipment(Net PPE) was 円15,304 Mil.
Depreciation, Depletion and Amortization(DDA) was 円3,931 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円26,239 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,014 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)
=(11681 / 155383) / (10731 / 154456)
=0.075176 / 0.069476
=1.082

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)
=(84901 / 154456) / (84729 / 155383)
=0.549678 / 0.545291
=1.008

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 - (70877 + 15671) / 133464) / (1 - (71837 + 15304) / 135427)
=0.351526 / 0.356546
=0.9859

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
=155383 / 154456
=1.006

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))
=(3931 / (3931 + 15304)) / (3650 / (3650 + 15671))
=0.204367 / 0.188914
=1.0818

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 / 155383) / (0 / 154456)
=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)
=((1631 + 28388) / 133464) / ((5014 + 26239) / 135427)
=0.224922 / 0.230774
=0.9746

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
=(4849 - 0 - -525) / 133464
=0.040266

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.

TSI Holdings Co has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.


TSI Holdings Co Beneish M-Score Related Terms

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TSI Holdings Co (TSE:3608) Business Description

Traded in Other Exchanges
Address
Number 7 1-chome, Chiyoda-ku, Tokyo, JPN
TSI Holdings Co Ltd is an apparel manufacturer that owns and licenses dozens of brands that it sells through department stores, other retail stores and shopping centers, and e-commerce channels. More than 90% of the company's sales are in Japan, with the remainder coming from China and other parts of Asia. TSI's highest selling brands, which collectively account for more than half of the company's total revenue, include nano, Natural Beauty Basic, Margaret Howell, Pearly Gates, Rose Bud, Stussy, Proportion Body Dressing, Free's Mart, Human Woman, and Callaway Apparel.

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