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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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Japan Medical Dynamic Marketing's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Japan Medical Dynamic Marketing was -2.38. The lowest was -2.93. And the median was -2.54.
The historical data trend for Japan Medical Dynamic Marketing'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.
Japan Medical Dynamic Marketing Annual Data | |||||||||||||||||||||
Trend | Mar15 | Mar16 | Mar17 | Mar18 | Mar19 | Mar20 | Mar21 | Mar22 | Mar23 | Mar24 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.53 | -2.55 | -2.44 | -2.58 | -2.51 |
Japan Medical Dynamic Marketing Quarterly Data | ||||||||||||||||||||
Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | Mar24 | |
Beneish M-Score | Get a 7-Day Free Trial | -2.58 | - | - | - | -2.51 |
For the Medical Devices subindustry, Japan Medical Dynamic Marketing'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.
For the Medical Devices & Instruments industry and Healthcare sector, Japan Medical Dynamic Marketing's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Japan Medical Dynamic Marketing's Beneish M-Score falls into.
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 Japan Medical Dynamic Marketing 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 * 1.0317 | + | 0.528 * 1.031 | + | 0.404 * 0.8626 | + | 0.892 * 1.0878 | + | 0.115 * 1.0365 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.0208 | + | 4.679 * -0.026464 | - | 0.327 * 0.9153 | |||||||
= | -2.51 |
* 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5,915 Mil. Revenue was 円23,178 Mil. Gross Profit was 円14,762 Mil. Total Current Assets was 円21,583 Mil. Total Assets was 円31,486 Mil. Property, Plant and Equipment(Net PPE) was 円8,321 Mil. Depreciation, Depletion and Amortization(DDA) was 円1,595 Mil. Selling, General, & Admin. Expense(SGA) was 円4,426 Mil. Total Current Liabilities was 円4,031 Mil. Long-Term Debt & Capital Lease Obligation was 円294 Mil. Net Income was 円1,272 Mil. Gross Profit was 円0 Mil. Cash Flow from Operations was 円2,105 Mil. |
Total Receivables was 円5,271 Mil. Revenue was 円21,308 Mil. Gross Profit was 円13,993 Mil. Total Current Assets was 円19,975 Mil. Total Assets was 円29,435 Mil. Property, Plant and Equipment(Net PPE) was 円7,745 Mil. Depreciation, Depletion and Amortization(DDA) was 円1,550 Mil. Selling, General, & Admin. Expense(SGA) was 円3,986 Mil. Total Current Liabilities was 円3,627 Mil. Long-Term Debt & Capital Lease Obligation was 円790 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) |
= | (5915.467 / 23177.747) | / | (5270.93 / 21307.946) | |
= | 0.255222 | / | 0.247369 | |
= | 1.0317 |
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) | |
= | (13992.648 / 21307.946) | / | (14762.232 / 23177.747) | |
= | 0.656687 | / | 0.636914 | |
= | 1.031 |
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 - (21582.88 + 8320.618) / 31485.859) | / | (1 - (19975.079 + 7744.756) / 29434.714) | |
= | 0.050256 | / | 0.05826 | |
= | 0.8626 |
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 | |
= | 23177.747 | / | 21307.946 | |
= | 1.0878 |
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)) |
= | (1549.812 / (1549.812 + 7744.756)) | / | (1595.185 / (1595.185 + 8320.618)) | |
= | 0.166744 | / | 0.160873 | |
= | 1.0365 |
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) |
= | (4425.788 / 23177.747) | / | (3985.738 / 21307.946) | |
= | 0.19095 | / | 0.187054 | |
= | 1.0208 |
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) |
= | ((294.449 + 4030.51) / 31485.859) | / | ((790.411 + 3627.191) / 29434.714) | |
= | 0.137362 | / | 0.150081 | |
= | 0.9153 |
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 | |
= | (1271.682 - 0 | - | 2104.913) | / | 31485.859 | |
= | -0.026464 |
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.
Japan Medical Dynamic Marketing has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.
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