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Nippon BS Broadcasting (TSE:9414) Beneish M-Score : -2.27 (As of Oct. 31, 2024)


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What is Nippon BS Broadcasting 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:9414' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84   Med: -2.39   Max: -2.2
Current: -2.27

During the past 11 years, the highest Beneish M-Score of Nippon BS Broadcasting was -2.20. The lowest was -2.84. And the median was -2.39.


Nippon BS Broadcasting Beneish M-Score Historical Data

The historical data trend for Nippon BS Broadcasting'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.

Nippon BS Broadcasting Beneish M-Score Chart

Nippon BS Broadcasting Annual Data
Trend Aug14 Aug15 Aug16 Aug17 Aug18 Aug19 Aug20 Aug21 Aug22 Aug23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.36 -2.84 -2.60 -2.47 -2.27

Nippon BS Broadcasting Quarterly Data
Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24 May24
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 - -2.27 - - -

Competitive Comparison of Nippon BS Broadcasting's Beneish M-Score

For the Broadcasting subindustry, Nippon BS Broadcasting'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.


Nippon BS Broadcasting's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Nippon BS Broadcasting's Beneish M-Score distribution charts can be found below:

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



Nippon BS Broadcasting 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 Nippon BS Broadcasting 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 * 1.1057+0.528 * 1.0788+0.404 * 0.9906+0.892 * 1.0136+0.115 * 0.797
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.002019-0.327 * 0.7756
=-2.27

* 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 (Aug23) TTM:Last Year (Aug22) TTM:
Total Receivables was 円2,325 Mil.
Revenue was 円12,417 Mil.
Gross Profit was 円5,932 Mil.
Total Current Assets was 円16,670 Mil.
Total Assets was 円24,757 Mil.
Property, Plant and Equipment(Net PPE) was 円7,631 Mil.
Depreciation, Depletion and Amortization(DDA) was 円509 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,019 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 Mil.
Net Income was 円1,386 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円1,336 Mil.
Total Receivables was 円2,074 Mil.
Revenue was 円12,250 Mil.
Gross Profit was 円6,313 Mil.
Total Current Assets was 円17,084 Mil.
Total Assets was 円24,241 Mil.
Property, Plant and Equipment(Net PPE) was 円6,706 Mil.
Depreciation, Depletion and Amortization(DDA) was 円352 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,549 Mil.
Long-Term Debt & Capital Lease Obligation was 円0 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)
=(2325.022 / 12417.299) / (2074.459 / 12250.43)
=0.187241 / 0.169338
=1.1057

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)
=(6312.949 / 12250.43) / (5931.633 / 12417.299)
=0.515325 / 0.477691
=1.0788

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 - (16669.77 + 7630.563) / 24756.539) / (1 - (17083.989 + 6706.242) / 24241.184)
=0.018428 / 0.018603
=0.9906

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
=12417.299 / 12250.43
=1.0136

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))
=(351.951 / (351.951 + 6706.242)) / (509.295 / (509.295 + 7630.563))
=0.049864 / 0.062568
=0.797

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 / 12417.299) / (0 / 12250.43)
=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)
=((0 + 2018.593) / 24756.539) / ((0 + 2548.529) / 24241.184)
=0.081538 / 0.105132
=0.7756

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
=(1386.329 - 0 - 1336.351) / 24756.539
=0.002019

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.

Nippon BS Broadcasting has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.


Nippon BS Broadcasting Beneish M-Score Related Terms

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Nippon BS Broadcasting Business Description

Traded in Other Exchanges
N/A
Address
2-5 Kanda Surugadai, Chiyoda-ku, Tokyo, JPN, 101-0062
Nippon BS Broadcasting Corp is a Japan-based company engages in the satellite broadcasting services. It provides various programs that include news, economy, entertainment, drama, movie, anime, hobby and art, travel, education, sports, and special program.

Nippon BS Broadcasting Headlines

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