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Tokyu Fudosan Holdings (TSE:3289) Beneish M-Score : -2.38 (As of May. 11, 2024)


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What is Tokyu Fudosan Holdings 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

TSE:3289' s Beneish M-Score Range Over the Past 10 Years
Min: -2.6   Med: -2.32   Max: -1.37
Current: -2.38

During the past 13 years, the highest Beneish M-Score of Tokyu Fudosan Holdings was -1.37. The lowest was -2.60. And the median was -2.32.


Tokyu Fudosan Holdings Beneish M-Score Historical Data

The historical data trend for Tokyu Fudosan Holdings'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.

Tokyu Fudosan Holdings Beneish M-Score Chart

Tokyu Fudosan Holdings Annual Data
Trend Mar14 Mar15 Mar16 Mar17 Mar18 Mar19 Mar20 Mar21 Mar22 Mar23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.44 -2.34 -2.41 -2.60 -2.38

Tokyu Fudosan Holdings 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 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 - -2.38 - - -

Competitive Comparison of Tokyu Fudosan Holdings's Beneish M-Score

For the Real Estate - Diversified subindustry, Tokyu Fudosan Holdings'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.


Tokyu Fudosan Holdings's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, Tokyu Fudosan Holdings's Beneish M-Score distribution charts can be found below:

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



Tokyu Fudosan Holdings 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 Tokyu Fudosan Holdings 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 * 1.1478+0.528 * 1.0002+0.404 * 1.0717+0.892 * 1.017+0.115 * 0.957
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.016985-0.327 * 0.9852
=-2.38

* 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 (Mar23) TTM:Last Year (Mar22) TTM:
Total Receivables was 円45,771 Mil.
Revenue was 円1,005,836 Mil.
Gross Profit was 円197,151 Mil.
Total Current Assets was 円1,115,603 Mil.
Total Assets was 円2,738,458 Mil.
Property, Plant and Equipment(Net PPE) was 円1,159,035 Mil.
Depreciation, Depletion and Amortization(DDA) was 円44,502 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円406,090 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,316,501 Mil.
Net Income was 円48,227 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円94,739 Mil.
Total Receivables was 円39,212 Mil.
Revenue was 円989,049 Mil.
Gross Profit was 円193,903 Mil.
Total Current Assets was 円1,036,951 Mil.
Total Assets was 円2,634,343 Mil.
Property, Plant and Equipment(Net PPE) was 円1,181,072 Mil.
Depreciation, Depletion and Amortization(DDA) was 円43,328 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円438,774 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,243,249 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)
=(45771 / 1005836) / (39212 / 989049)
=0.045505 / 0.039646
=1.1478

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)
=(193903 / 989049) / (197151 / 1005836)
=0.19605 / 0.196007
=1.0002

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 - (1115603 + 1159035) / 2738458) / (1 - (1036951 + 1181072) / 2634343)
=0.169373 / 0.158036
=1.0717

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
=1005836 / 989049
=1.017

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))
=(43328 / (43328 + 1181072)) / (44502 / (44502 + 1159035))
=0.035387 / 0.036976
=0.957

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 / 1005836) / (0 / 989049)
=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)
=((1316501 + 406090) / 2738458) / ((1243249 + 438774) / 2634343)
=0.629037 / 0.638498
=0.9852

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
=(48227 - 0 - 94739) / 2738458
=-0.016985

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.

Tokyu Fudosan Holdings has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.


Tokyu Fudosan Holdings Beneish M-Score Related Terms

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Tokyu Fudosan Holdings (TSE:3289) Business Description

Traded in Other Exchanges
Address
Shin-nanpeidai Tokyu Building, Dogenzaka 1-21-2, Shibuya-ku, Tokyo, JPN
Tokyu Fudosan Holdings Corp engages in the management and administration of a host of businesses. The business that compose Tokyu Fudosan Holdings operate in the following business segments: urban development, residential, wellness, innovation, property management, real estate agency, and tokyu hands. Altogether, the group develops, leases, and operates office buildings, commercial facilities, rental residences, and other properties. Tokyu's host of businesses also engage in management and operation of resort facilities, sports clubs, and senior housing. Businesses like the innovation segment serve as a complement and include overseas operations, custom homes, renovation, and landscaping.

Tokyu Fudosan Holdings (TSE:3289) Headlines

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