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Aska (NGO:7227) Beneish M-Score : -2.47 (As of May. 25, 2024)


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What is Aska 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

NGO:7227' s Beneish M-Score Range Over the Past 10 Years
Min: -3.19   Med: -2.71   Max: -2.2
Current: -2.47

During the past 13 years, the highest Beneish M-Score of Aska was -2.20. The lowest was -3.19. And the median was -2.71.


Aska Beneish M-Score Historical Data

The historical data trend for Aska'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.

Aska Beneish M-Score Chart

Aska Annual Data
Trend Nov14 Nov15 Nov16 Nov17 Nov18 Nov19 Nov20 Nov21 Nov22 Nov23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.44 -2.89 -2.73 -2.30 -2.47

Aska Quarterly Data
May19 Aug19 Nov19 Feb20 May20 Aug20 Nov20 Feb21 May21 Aug21 Nov21 Feb22 May22 Aug22 Nov22 Feb23 May23 Aug23 Nov23 Feb24
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 - - - -2.47 -

Competitive Comparison of Aska's Beneish M-Score

For the Auto Parts subindustry, Aska'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.


Aska's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Aska's Beneish M-Score distribution charts can be found below:

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



Aska 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 Aska 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 * 0.753+0.528 * 1.0565+0.404 * 1.0246+0.892 * 1.3573+0.115 * 1.1637
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7899+4.679 * -0.039338-0.327 * 0.9896
=-2.47

* 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 (Nov23) TTM:Last Year (Nov22) TTM:
Total Receivables was 円5,846 Mil.
Revenue was 円45,434 Mil.
Gross Profit was 円3,909 Mil.
Total Current Assets was 円14,894 Mil.
Total Assets was 円38,944 Mil.
Property, Plant and Equipment(Net PPE) was 円20,689 Mil.
Depreciation, Depletion and Amortization(DDA) was 円1,974 Mil.
Selling, General, & Admin. Expense(SGA) was 円495 Mil.
Total Current Liabilities was 円18,122 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,868 Mil.
Net Income was 円1,404 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,936 Mil.
Total Receivables was 円5,720 Mil.
Revenue was 円33,473 Mil.
Gross Profit was 円3,043 Mil.
Total Current Assets was 円13,365 Mil.
Total Assets was 円36,296 Mil.
Property, Plant and Equipment(Net PPE) was 円19,874 Mil.
Depreciation, Depletion and Amortization(DDA) was 円2,242 Mil.
Selling, General, & Admin. Expense(SGA) was 円462 Mil.
Total Current Liabilities was 円16,661 Mil.
Long-Term Debt & Capital Lease Obligation was 円7,816 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)
=(5845.693 / 45433.728) / (5719.735 / 33473.455)
=0.128664 / 0.170874
=0.753

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)
=(3042.557 / 33473.455) / (3908.782 / 45433.728)
=0.090895 / 0.086033
=1.0565

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 - (14894.326 + 20689.225) / 38944.36) / (1 - (13364.707 + 19874.33) / 36295.971)
=0.086298 / 0.084222
=1.0246

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
=45433.728 / 33473.455
=1.3573

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))
=(2241.623 / (2241.623 + 19874.33)) / (1973.997 / (1973.997 + 20689.225))
=0.101358 / 0.087101
=1.1637

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)
=(494.781 / 45433.728) / (461.509 / 33473.455)
=0.01089 / 0.013787
=0.7899

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)
=((7868.205 + 18122.114) / 38944.36) / ((7815.722 + 16660.635) / 36295.971)
=0.667371 / 0.674355
=0.9896

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
=(1403.979 - 0 - 2935.956) / 38944.36
=-0.039338

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.

Aska has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.


Aska (NGO:7227) Business Description

Traded in Other Exchanges
N/A
Address
11 Hibiki- machi Kariyama-machi, Aichi Prefecture, Kariya, JPN, 448 0002
Aska Corp is a Japan based company engaged in automobile parts business, distribution board business and robot system business. In the automotive parts business, the company is engaged in building body parts that form the framework of the car. The distribution board business carried by the company involves designing and manufacturing of control panel, cabinet boxes, OEM product, electric car ordinary charger and press deep drawing products.

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