UACJ Beneish M-Score Historical Data
The historical data trend for UACJ'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.
UACJ Beneish M-Score Chart
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UACJ Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.37 |
-2.76 |
-2.36 |
-2.42 |
-2.37 |
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UACJ Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-2.37 |
-2.52 |
-2.54 |
-2.54 |
Competitive Comparison of UACJ's Beneish M-Score
For the Aluminum subindustry, UACJ'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.
UACJ's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, UACJ's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where UACJ's Beneish M-Score falls into.
UACJ 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 UACJ 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 * 1.3685 | + | 0.528 * 1.026 | + | 0.404 * 1.0858 | + | 0.892 * 0.9182 | + | 0.115 * 0.7252 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9687 | + | 4.679 * -0.075702 | - | 0.327 * 0.9878 |
| = | -2.54 |
* 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172,849 Mil.
Revenue was 225334 + 223840 + 211103 + 222116 = 円882,393 Mil.
Gross Profit was 25093 + 22175 + 25239 + 25428 = 円97,935 Mil.
Total Current Assets was 円447,435 Mil.
Total Assets was 円918,255 Mil.
Property, Plant and Equipment(Net PPE) was 円382,570 Mil.
Depreciation, Depletion and Amortization(DDA) was 円38,508 Mil.
Selling, General, & Admin. Expense(SGA) was 円52,244 Mil.
Total Current Liabilities was 円374,776 Mil.
Long-Term Debt & Capital Lease Obligation was 円193,585 Mil.
Net Income was 2245 + 1622 + 2927 + 2290 = 円9,084 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 21175 + 26849 + -2292 + 32866 = 円78,598 Mil.
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Total Receivables was 円137,565 Mil.
Revenue was 239641 + 244969 + 256159 + 220259 = 円961,028 Mil.
Gross Profit was 13708 + 18642 + 40693 + 36394 = 円109,437 Mil.
Total Current Assets was 円454,727 Mil.
Total Assets was 円901,082 Mil.
Property, Plant and Equipment(Net PPE) was 円366,602 Mil.
Depreciation, Depletion and Amortization(DDA) was 円26,041 Mil.
Selling, General, & Admin. Expense(SGA) was 円58,738 Mil.
Total Current Liabilities was 円385,454 Mil.
Long-Term Debt & Capital Lease Obligation was 円179,194 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) |
| = | (172849 / 882393) | / | (137565 / 961028) |
| = | 0.195887 | / | 0.143144 |
| | = | 1.3685 |
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) |
| = | (109437 / 961028) | / | (97935 / 882393) |
| = | 0.113875 | / | 0.110988 |
| | = | 1.026 |
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 - (447435 + 382570) / 918255) | / | (1 - (454727 + 366602) / 901082) |
| = | 0.096106 | / | 0.088508 |
| | = | 1.0858 |
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 |
| = | 882393 | / | 961028 |
| | = | 0.9182 |
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)) |
| = | (26041 / (26041 + 366602)) | / | (38508 / (38508 + 382570)) |
| = | 0.066322 | / | 0.091451 |
| | = | 0.7252 |
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) |
| = | (52244 / 882393) | / | (58738 / 961028) |
| = | 0.059207 | / | 0.06112 |
| | = | 0.9687 |
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) |
| = | ((193585 + 374776) / 918255) | / | ((179194 + 385454) / 901082) |
| = | 0.618958 | / | 0.626633 |
| | = | 0.9878 |
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 |
| = | (9084 - 0 | - | 78598) | / | 918255 |
| | = | -0.075702 |
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.
UACJ has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.
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