Hitachi CableLtd. Beneish M-Score Historical Data
The historical data trend for Hitachi CableLtd.'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.
Hitachi CableLtd. Beneish M-Score Chart
|
Hitachi CableLtd. Annual Data
|
|
Trend |
Mar08 |
Mar09 |
Mar10 |
Mar11 |
Mar12 |
Mar13 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
- |
- |
- |
- |
- |
|
Hitachi CableLtd. Quarterly Data
|
|
Mar11 |
Jun11 |
Sep11 |
Dec11 |
Mar12 |
Jun12 |
Sep12 |
Dec12 |
Mar13 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
- |
- |
- |
- |
0.77 |
Competitive Comparison of Hitachi CableLtd.'s Beneish M-Score
For the Specialty Industrial Machinery subindustry, Hitachi CableLtd.'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.
Hitachi CableLtd.'s Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, Hitachi CableLtd.'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hitachi CableLtd.'s Beneish M-Score falls into.
Hitachi CableLtd. 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 Hitachi CableLtd. 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 * 1.3736 | + | 0.528 * 0.9168 | + | 0.404 * 4.2879 | + | 0.892 * 0.8368 | + | 0.115 * 0.108 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0296 | + | 4.679 * -0.079531 | - | 0.327 * 1.1191 |
| = | -1.52 |
* 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 (Mar13) TTM: | Last Year (Mar12) TTM: |
Total Receivables was 円97,205 Mil.
Revenue was 94176 + 88132 + 88240 + 91415 = 円361,963 Mil.
Gross Profit was 12865 + 11053 + 12456 + 10308 = 円46,682 Mil.
Total Current Assets was 円146,833 Mil.
Total Assets was 円258,577 Mil.
Property, Plant and Equipment(Net PPE) was 円0 Mil.
Depreciation, Depletion and Amortization(DDA) was 円5,971 Mil.
Selling, General, & Admin. Expense(SGA) was 円42,368 Mil.
Total Current Liabilities was 円127,731 Mil.
Long-Term Debt & Capital Lease Obligation was 円34,000 Mil.
Net Income was -1072 + -8840 + 843 + -95 = 円-9,164 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 0 + 0 + 11401 + 0 = 円11,401 Mil.
|
Total Receivables was 円84,564 Mil.
Revenue was 120992 + 101114 + 105442 + 104992 = 円432,540 Mil.
Gross Profit was 14723 + 11725 + 10787 + 13907 = 円51,142 Mil.
Total Current Assets was 円154,144 Mil.
Total Assets was 円245,882 Mil.
Property, Plant and Equipment(Net PPE) was 円66,957 Mil.
Depreciation, Depletion and Amortization(DDA) was 円8,109 Mil.
Selling, General, & Admin. Expense(SGA) was 円49,176 Mil.
Total Current Liabilities was 円103,422 Mil.
Long-Term Debt & Capital Lease Obligation was 円34,000 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) |
| = | (97205 / 361963) | / | (84564 / 432540) |
| = | 0.26855 | / | 0.195506 |
| | = | 1.3736 |
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) |
| = | (51142 / 432540) | / | (46682 / 361963) |
| = | 0.118236 | / | 0.128969 |
| | = | 0.9168 |
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 - (146833 + 0) / 258577) | / | (1 - (154144 + 66957) / 245882) |
| = | 0.43215 | / | 0.100784 |
| | = | 4.2879 |
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 |
| = | 361963 | / | 432540 |
| | = | 0.8368 |
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)) |
| = | (8109 / (8109 + 66957)) | / | (5971 / (5971 + 0)) |
| = | 0.108025 | / | 1 |
| | = | 0.108 |
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) |
| = | (42368 / 361963) | / | (49176 / 432540) |
| = | 0.117051 | / | 0.113691 |
| | = | 1.0296 |
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) |
| = | ((34000 + 127731) / 258577) | / | ((34000 + 103422) / 245882) |
| = | 0.625466 | / | 0.558894 |
| | = | 1.1191 |
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 |
| = | (-9164 - 0 | - | 11401) | / | 258577 |
| | = | -0.079531 |
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.
Hitachi CableLtd. has a M-score of -1.52 signals that the company is likely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSE:5812 has been successfully added to your