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Mitsuboshi Belting (TSE:5192) Beneish M-Score : -2.37 (As of Dec. 16, 2024)


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What is Mitsuboshi Belting 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:5192' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82   Med: -2.57   Max: -2.37
Current: -2.37

During the past 13 years, the highest Beneish M-Score of Mitsuboshi Belting was -2.37. The lowest was -2.82. And the median was -2.57.


Mitsuboshi Belting Beneish M-Score Historical Data

The historical data trend for Mitsuboshi Belting'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.

Mitsuboshi Belting Beneish M-Score Chart

Mitsuboshi Belting Annual Data
Trend Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23 Mar24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.61 -2.47 -2.48 -2.71 -2.37

Mitsuboshi Belting Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
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 - - -2.37 - -

Competitive Comparison of Mitsuboshi Belting's Beneish M-Score

For the Specialty Industrial Machinery subindustry, Mitsuboshi Belting'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.


Mitsuboshi Belting's Beneish M-Score Distribution in the Industrial Products Industry

For the Industrial Products industry and Industrials sector, Mitsuboshi Belting's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Mitsuboshi Belting's Beneish M-Score falls into.



Mitsuboshi Belting 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 Mitsuboshi Belting 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 * 1.0494+0.528 * 1.0536+0.404 * 1.4095+0.892 * 1.0133+0.115 * 1.028
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.035568-0.327 * 0.9273
=-2.37

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was 円17,712 Mil.
Revenue was 円84,014 Mil.
Gross Profit was 円25,555 Mil.
Total Current Assets was 円80,107 Mil.
Total Assets was 円135,627 Mil.
Property, Plant and Equipment(Net PPE) was 円30,458 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,265 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円23,731 Mil.
Long-Term Debt & Capital Lease Obligation was 円3,000 Mil.
Net Income was 円7,102 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円11,926 Mil.
Total Receivables was 円16,657 Mil.
Revenue was 円82,911 Mil.
Gross Profit was 円26,572 Mil.
Total Current Assets was 円77,331 Mil.
Total Assets was 円121,682 Mil.
Property, Plant and Equipment(Net PPE) was 円28,399 Mil.
Depreciation, Depletion and Amortization(DDA) was 円4,104 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円21,862 Mil.
Long-Term Debt & Capital Lease Obligation was 円4,000 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)
=(17712 / 84014) / (16657 / 82911)
=0.210822 / 0.200902
=1.0494

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)
=(26572 / 82911) / (25555 / 84014)
=0.320488 / 0.304175
=1.0536

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 - (80107 + 30458) / 135627) / (1 - (77331 + 28399) / 121682)
=0.184786 / 0.131096
=1.4095

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
=84014 / 82911
=1.0133

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))
=(4104 / (4104 + 28399)) / (4265 / (4265 + 30458))
=0.126265 / 0.122829
=1.028

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 / 84014) / (0 / 82911)
=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)
=((3000 + 23731) / 135627) / ((4000 + 21862) / 121682)
=0.197092 / 0.212538
=0.9273

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
=(7102 - 0 - 11926) / 135627
=-0.035568

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.

Mitsuboshi Belting has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.


Mitsuboshi Belting Beneish M-Score Related Terms

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Mitsuboshi Belting Business Description

Traded in Other Exchanges
N/A
Address
4 - 1 21 Hamazoe dori, Nagata ku, Hyogo-ken, JPN, 6530024
Mitsuboshi Belting Ltd is involved in the business of Power transmission belts and related products, Conveyor belts and systems and related products, Engineering plastics, Engineering structural foam, Waterproofing and Watershielding sheet, Metal nanoparticle related products. Its products include automobile and motorcycle transmission belts, general industrial transmission belts, pulleys, conveyer belts, systems, engineering plastic materials and processed products, waterproofing materials for construction etc.

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