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BayCurrent (TSE:6532) Beneish M-Score : -2.36 (As of Apr. 07, 2025)


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What is BayCurrent 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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:6532' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91   Med: -2.26   Max: -2.02
Current: -2.36

During the past 9 years, the highest Beneish M-Score of BayCurrent was -2.02. The lowest was -2.91. And the median was -2.26.


BayCurrent Beneish M-Score Historical Data

The historical data trend for BayCurrent'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.

BayCurrent Beneish M-Score Chart

BayCurrent Annual Data
Trend Feb16 Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.47 -2.70 -2.02 -2.17 -2.12

BayCurrent 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 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 -2.18 -2.12 -2.50 -2.43 -2.36

Competitive Comparison of BayCurrent's Beneish M-Score

For the Consulting Services subindustry, BayCurrent'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.


BayCurrent's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, BayCurrent's Beneish M-Score distribution charts can be found below:

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


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BayCurrent 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 BayCurrent 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 * 1.0855+0.528 * 1.0368+0.404 * 0.804+0.892 * 1.2344+0.115 * 1.1177
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0039+4.679 * -0.031364-0.327 * 0.9065
=-2.36

* 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 (Nov24) TTM:Last Year (Nov23) TTM:
Total Receivables was 円16,860 Mil.
Revenue was 29431 + 26797 + 27297 + 26192 = 円109,717 Mil.
Gross Profit was 15859 + 13210 + 14624 + 14662 = 円58,355 Mil.
Total Current Assets was 円75,319 Mil.
Total Assets was 円111,721 Mil.
Property, Plant and Equipment(Net PPE) was 円12,181 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,639 Mil.
Selling, General, & Admin. Expense(SGA) was 円19,586 Mil.
Total Current Liabilities was 円20,190 Mil.
Long-Term Debt & Capital Lease Obligation was 円5,739 Mil.
Net Income was 7832 + 6395 + 6973 + 7786 = 円28,986 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 9732 + 4605 + 11485 + 6668 = 円32,490 Mil.
Total Receivables was 円12,582 Mil.
Revenue was 23991 + 22008 + 21718 + 21163 = 円88,880 Mil.
Gross Profit was 13085 + 11576 + 11943 + 12408 = 円49,012 Mil.
Total Current Assets was 円57,221 Mil.
Total Assets was 円88,999 Mil.
Property, Plant and Equipment(Net PPE) was 円7,779 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,933 Mil.
Selling, General, & Admin. Expense(SGA) was 円15,805 Mil.
Total Current Liabilities was 円15,268 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,519 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)
=(16860 / 109717) / (12582 / 88880)
=0.153668 / 0.141562
=1.0855

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)
=(49012 / 88880) / (58355 / 109717)
=0.55144 / 0.531868
=1.0368

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 - (75319 + 12181) / 111721) / (1 - (57221 + 7779) / 88999)
=0.216799 / 0.269655
=0.804

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
=109717 / 88880
=1.2344

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))
=(1933 / (1933 + 7779)) / (2639 / (2639 + 12181))
=0.199032 / 0.17807
=1.1177

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)
=(19586 / 109717) / (15805 / 88880)
=0.178514 / 0.177824
=1.0039

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)
=((5739 + 20190) / 111721) / ((7519 + 15268) / 88999)
=0.232087 / 0.256037
=0.9065

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
=(28986 - 0 - 32490) / 111721
=-0.031364

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.

BayCurrent has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.


BayCurrent Beneish M-Score Related Terms

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BayCurrent Business Description

Traded in Other Exchanges
Address
1-3-1 Azabudai, Mori JP Tower, Azabudai Hills, Minato-ku, Tokyo, JPN, 106-0041
BayCurrent Inc offers comprehensive consulting services in a wide variety of industries. It offers strategy Business Process Consulting, Information Technology (IT) Consulting, and System Integration. The strategy Business Process Consulting covers company or business strategy, M&A alliances, digital strategy, turn-around, globalization, innovation, and marketing or sales strategy. The IT Consulting includes IT strategy, governance, organizational improvement, cost optimization, architecture, asset evaluation, talent development, and Request for Proposal (RFP) creation. The System Integration handles system design, development and infrastructure operation and maintenance.

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