Hikari Tsushin Beneish M-Score Historical Data
The historical data trend for Hikari Tsushin'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.
Hikari Tsushin Beneish M-Score Chart
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Hikari Tsushin Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.41 |
-2.62 |
-2.18 |
-2.22 |
-2.14 |
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Hikari Tsushin Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.06 |
-2.14 |
-2.31 |
-2.55 |
-2.63 |
Competitive Comparison of Hikari Tsushin's Beneish M-Score
For the Conglomerates subindustry, Hikari Tsushin'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.
Hikari Tsushin's Beneish M-Score Distribution in the Conglomerates Industry
For the Conglomerates industry and Industrials sector, Hikari Tsushin's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hikari Tsushin's Beneish M-Score falls into.
Hikari Tsushin 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 Hikari Tsushin 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 * 0.9585 | + | 0.528 * 0.8729 | + | 0.404 * 1.0082 | + | 0.892 * 0.9848 | + | 0.115 * 1.1443 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9985 | + | 4.679 * -0.015456 | - | 0.327 * 0.9483 |
| = | -2.63 |
* 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264,443 Mil.
Revenue was 150209 + 156339 + 140140 + 173470 = 円620,158 Mil.
Gross Profit was 78135 + 79146 + 79069 + 85683 = 円322,033 Mil.
Total Current Assets was 円804,898 Mil.
Total Assets was 円1,896,561 Mil.
Property, Plant and Equipment(Net PPE) was 円39,728 Mil.
Depreciation, Depletion and Amortization(DDA) was 円14,826 Mil.
Selling, General, & Admin. Expense(SGA) was 円226,011 Mil.
Total Current Liabilities was 円442,969 Mil.
Long-Term Debt & Capital Lease Obligation was 円623,678 Mil.
Net Income was 12077 + 29022 + 32739 + 24791 = 円98,629 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 22083 + 34231 + 37465 + 34164 = 円127,943 Mil.
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Total Receivables was 円280,134 Mil.
Revenue was 160512 + 166533 + 143469 + 159201 = 円629,715 Mil.
Gross Profit was 75415 + 63130 + 73104 + 73773 = 円285,422 Mil.
Total Current Assets was 円692,592 Mil.
Total Assets was 円1,621,115 Mil.
Property, Plant and Equipment(Net PPE) was 円36,713 Mil.
Depreciation, Depletion and Amortization(DDA) was 円16,571 Mil.
Selling, General, & Admin. Expense(SGA) was 円229,848 Mil.
Total Current Liabilities was 円400,530 Mil.
Long-Term Debt & Capital Lease Obligation was 円560,945 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) |
| = | (264443 / 620158) | / | (280134 / 629715) |
| = | 0.426412 | / | 0.444858 |
| | = | 0.9585 |
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) |
| = | (285422 / 629715) | / | (322033 / 620158) |
| = | 0.453256 | / | 0.519276 |
| | = | 0.8729 |
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 - (804898 + 39728) / 1896561) | / | (1 - (692592 + 36713) / 1621115) |
| = | 0.554654 | / | 0.550121 |
| | = | 1.0082 |
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 |
| = | 620158 | / | 629715 |
| | = | 0.9848 |
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)) |
| = | (16571 / (16571 + 36713)) | / | (14826 / (14826 + 39728)) |
| = | 0.310994 | / | 0.271767 |
| | = | 1.1443 |
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) |
| = | (226011 / 620158) | / | (229848 / 629715) |
| = | 0.364441 | / | 0.365003 |
| | = | 0.9985 |
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) |
| = | ((623678 + 442969) / 1896561) | / | ((560945 + 400530) / 1621115) |
| = | 0.562411 | / | 0.593095 |
| | = | 0.9483 |
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 |
| = | (98629 - 0 | - | 127943) | / | 1896561 |
| | = | -0.015456 |
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.
Hikari Tsushin has a M-score of -2.63 suggests that the company is unlikely to be a manipulator.
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