Kokusai Electric Beneish M-Score Historical Data
The historical data trend for Kokusai Electric'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.
Kokusai Electric Beneish M-Score Chart
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Kokusai Electric Annual Data
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Trend |
Mar22 |
Mar23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-2.55 |
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Kokusai Electric Quarterly Data
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Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
- |
- |
-2.55 |
Competitive Comparison of Kokusai Electric's Beneish M-Score
For the Semiconductor Equipment & Materials subindustry, Kokusai Electric'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.
Kokusai Electric's Beneish M-Score Distribution in the Semiconductors Industry
For the Semiconductors industry and Technology sector, Kokusai Electric's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Kokusai Electric's Beneish M-Score falls into.
Kokusai Electric 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 Kokusai Electric 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 * 0.9157 | + | 0.528 * 0.9896 | + | 0.404 * 0.9588 | + | 0.892 * 0.7359 | + | 0.115 * 1.4633 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3889 | + | 4.679 * 0.051759 | - | 0.327 * 0.8919 |
| = | -2.55 |
* 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31,994 Mil.
Revenue was 49177 + 53956 + 44995 + 32710 = 円180,838 Mil.
Gross Profit was 19059 + 21741 + 19890 + 14275 = 円74,965 Mil.
Total Current Assets was 円214,914 Mil.
Total Assets was 円375,433 Mil.
Property, Plant and Equipment(Net PPE) was 円36,925 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10,945 Mil.
Selling, General, & Admin. Expense(SGA) was 円44,412 Mil.
Total Current Liabilities was 円87,543 Mil.
Long-Term Debt & Capital Lease Obligation was 円84,999 Mil.
Net Income was 5647 + 7914 + 6158 + 2655 = 円22,374 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 9894 + 2443 + -2030 + -7365 = 円2,942 Mil.
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Total Receivables was 円47,477 Mil.
Revenue was 60085 + 65216 + 64385 + 56035 = 円245,721 Mil.
Gross Profit was 23867 + 26359 + 27489 + 23090 = 円100,805 Mil.
Total Current Assets was 円222,644 Mil.
Total Assets was 円370,263 Mil.
Property, Plant and Equipment(Net PPE) was 円20,493 Mil.
Depreciation, Depletion and Amortization(DDA) was 円10,304 Mil.
Selling, General, & Admin. Expense(SGA) was 円43,449 Mil.
Total Current Liabilities was 円98,177 Mil.
Long-Term Debt & Capital Lease Obligation was 円92,610 Mil.
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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) |
| = | (31994 / 180838) | / | (47477 / 245721) |
| = | 0.176921 | / | 0.193215 |
| | = | 0.9157 |
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) |
| = | (100805 / 245721) | / | (74965 / 180838) |
| = | 0.410242 | / | 0.414542 |
| | = | 0.9896 |
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 - (214914 + 36925) / 375433) | / | (1 - (222644 + 20493) / 370263) |
| = | 0.329204 | / | 0.34334 |
| | = | 0.9588 |
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 |
| = | 180838 | / | 245721 |
| | = | 0.7359 |
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)) |
| = | (10304 / (10304 + 20493)) | / | (10945 / (10945 + 36925)) |
| = | 0.334578 | / | 0.22864 |
| | = | 1.4633 |
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) |
| = | (44412 / 180838) | / | (43449 / 245721) |
| = | 0.24559 | / | 0.176822 |
| | = | 1.3889 |
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) |
| = | ((84999 + 87543) / 375433) | / | ((92610 + 98177) / 370263) |
| = | 0.459581 | / | 0.515274 |
| | = | 0.8919 |
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 |
| = | (22374 - 0 | - | 2942) | / | 375433 |
| | = | 0.051759 |
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.
Kokusai Electric has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.
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