Japan Tobacco Beneish M-Score Historical Data
The historical data trend for Japan Tobacco'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 Tobacco Beneish M-Score Chart
|
Japan Tobacco Annual Data
|
|
Trend |
Mar14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.67 |
-2.78 |
-2.63 |
-2.43 |
-2.43 |
|
Japan Tobacco Quarterly Data
|
|
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
Get a 7-Day Free Trial
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.43 |
-2.41 |
-2.55 |
-2.56 |
-2.43 |
Competitive Comparison of Japan Tobacco's Beneish M-Score
For the Tobacco subindustry, Japan Tobacco'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.
Japan Tobacco's Beneish M-Score Distribution in the Tobacco Products Industry
For the Tobacco Products industry and Consumer Defensive sector, Japan Tobacco's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Japan Tobacco's Beneish M-Score falls into.
Japan Tobacco 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 Japan Tobacco 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 * 1.0493 | + | 0.528 * 1.037 | + | 0.404 * 0.9442 | + | 0.892 * 1.0689 | + | 0.115 * 1.1404 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9748 | + | 4.679 * -0.011635 | - | 0.327 * 1.0699 |
| = | -2.43 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was 円535,302 Mil.
Revenue was 684059 + 764206 + 727534 + 665278 = 円2,841,077 Mil.
Gross Profit was 337460 + 448642 + 426055 + 402946 = 円1,615,103 Mil.
Total Current Assets was 円3,259,561 Mil.
Total Assets was 円7,282,097 Mil.
Property, Plant and Equipment(Net PPE) was 円821,499 Mil.
Depreciation, Depletion and Amortization(DDA) was 円179,652 Mil.
Selling, General, & Admin. Expense(SGA) was 円981,051 Mil.
Total Current Liabilities was 円1,927,276 Mil.
Long-Term Debt & Capital Lease Obligation was 円908,926 Mil.
Net Income was 40278 + 155001 + 142326 + 144684 = 円482,289 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 76580 + 283574 + 151197 + 55663 = 円567,014 Mil.
|
Total Receivables was 円477,239 Mil.
Revenue was 649284 + 741720 + 685323 + 581505 = 円2,657,832 Mil.
Gross Profit was 364777 + 443107 + 408735 + 350224 = 円1,566,843 Mil.
Total Current Assets was 円2,723,591 Mil.
Total Assets was 円6,548,078 Mil.
Property, Plant and Equipment(Net PPE) was 円775,957 Mil.
Depreciation, Depletion and Amortization(DDA) was 円199,651 Mil.
Selling, General, & Admin. Expense(SGA) was 円941,539 Mil.
Total Current Liabilities was 円1,562,664 Mil.
Long-Term Debt & Capital Lease Obligation was 円821,003 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) |
| = | (535302 / 2841077) | / | (477239 / 2657832) |
| = | 0.188415 | / | 0.17956 |
| | = | 1.0493 |
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) |
| = | (1566843 / 2657832) | / | (1615103 / 2841077) |
| = | 0.589519 | / | 0.568483 |
| | = | 1.037 |
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 - (3259561 + 821499) / 7282097) | / | (1 - (2723591 + 775957) / 6548078) |
| = | 0.439576 | / | 0.465561 |
| | = | 0.9442 |
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 |
| = | 2841077 | / | 2657832 |
| | = | 1.0689 |
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)) |
| = | (199651 / (199651 + 775957)) | / | (179652 / (179652 + 821499)) |
| = | 0.204643 | / | 0.179445 |
| | = | 1.1404 |
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) |
| = | (981051 / 2841077) | / | (941539 / 2657832) |
| = | 0.34531 | / | 0.354251 |
| | = | 0.9748 |
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) |
| = | ((908926 + 1927276) / 7282097) | / | ((821003 + 1562664) / 6548078) |
| = | 0.389476 | / | 0.364025 |
| | = | 1.0699 |
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 |
| = | (482289 - 0 | - | 567014) | / | 7282097 |
| | = | -0.011635 |
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 Tobacco has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
TSE:2914 has been successfully added to your