Kirin Holdings Co (FRA:KIR) Beneish M-Score : -2.38 (As of May. 23, 2024)

View and export this data going back to . Start your Free Trial

What is Kirin Holdings Co 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 Kirin Holdings Co's Beneish M-Score or its related term are showing as below:

FRA:KIR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.91 Med: -2.53 Max: -1.66
Current: -2.38

During the past 13 years, the highest Beneish M-Score of Kirin Holdings Co was -1.66. The lowest was -2.91. And the median was -2.53.

Kirin Holdings Co Beneish M-Score Historical Data

The historical data trend for Kirin Holdings Co'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.

Kirin Holdings Co Beneish M-Score Chart

Kirin Holdings Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.76

-2.74

-2.73

-2.48

-2.53

Kirin Holdings Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.52	-2.55	-2.49	-2.53	-2.38

Competitive Comparison of Kirin Holdings Co's Beneish M-Score

For the Beverages - Brewers subindustry, Kirin Holdings Co'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.

Kirin Holdings Co's Beneish M-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, Kirin Holdings Co's Beneish M-Score distribution charts can be found below:

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

Kirin Holdings Co 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 Kirin Holdings Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.1085

0.528 * 1.0106

0.404 * 1.0644

0.892 * 0.9761

0.115 * 1.0021

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.004

4.679 * -0.023267

0.327 * 1.089

-2.51

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was €2,480 Mil.
Revenue was 3081.2 + 3735.485 + 3660.92 + 3394.709 = €13,872 Mil.
Gross Profit was 1404.693 + 1723.755 + 1634.973 + 1504.348 = €6,268 Mil.
Total Current Assets was €6,005 Mil.
Total Assets was €18,451 Mil.
Property, Plant and Equipment(Net PPE) was €3,726 Mil.
Depreciation, Depletion and Amortization(DDA) was €563 Mil.
Selling, General, & Admin. Expense(SGA) was €4,991 Mil.
Total Current Liabilities was €4,258 Mil.
Long-Term Debt & Capital Lease Obligation was €3,843 Mil.
Net Income was 159.046 + 183.322 + 329.067 + 172.373 = €844 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 244.912 + 479.009 + 437.74 + 111.452 = €1,273 Mil.

Total Receivables was €2,292 Mil.
Revenue was 3146.744 + 3724.606 + 3807.166 + 3533.001 = €14,212 Mil.
Gross Profit was 1428.598 + 1742.633 + 1700.285 + 1617.696 = €6,489 Mil.
Total Current Assets was €5,636 Mil.
Total Assets was €17,256 Mil.
Property, Plant and Equipment(Net PPE) was €3,958 Mil.
Depreciation, Depletion and Amortization(DDA) was €599 Mil.
Selling, General, & Admin. Expense(SGA) was €5,092 Mil.
Total Current Liabilities was €3,893 Mil.
Long-Term Debt & Capital Lease Obligation was €3,065 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)
	=	(2479.743 / 13872.314)	/	(2291.713 / 14211.517)
	=	0.178755	/	0.161257
	=	1.1085

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)
	=	(6489.212 / 14211.517)	/	(6267.769 / 13872.314)
	=	0.456616	/	0.451819
	=	1.0106

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 - (6005.079 + 3725.992) / 18451.134)	/	(1 - (5635.879 + 3958.22) / 17256.398)
	=	0.472603	/	0.444027
	=	1.0644

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
	=	13872.314	/	14211.517
	=	0.9761

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))
	=	(599.416 / (599.416 + 3958.22))	/	(562.914 / (562.914 + 3725.992))
	=	0.131519	/	0.131249
	=	1.0021

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)
	=	(4990.697 / 13872.314)	/	(5092.141 / 14211.517)
	=	0.35976	/	0.358311
	=	1.004

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)
	=	((3843.477 + 4257.997) / 18451.134)	/	((3064.716 + 3893.074) / 17256.398)
	=	0.439077	/	0.403201
	=	1.089

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
	=	(843.808 - 0	-	1273.113)	/	18451.134
	=	-0.023267

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.

Kirin Holdings Co has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.

Kirin Holdings Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Kirin Holdings Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Kirin Holdings Co (FRA:KIR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » Kirin Holdings Co Ltd (FRA:KIR) » Definitions » Beneish M-Score

Traded in Other Exchanges

KNBWY:USA KNBWF:USA 2503:Japan

Address

Nakano Central Park South, 10-2, Nakano 4-chome, Nakano-ku, Tokyo, JPN, 164-0001

Website

http://www.kirinholdings.co.jp

Kirin is the second largest brewer by value in Japan, with an estimated 35.7% volume share in beer and beer-like category as of 2022. It holds a top share in happoshu (low-malt beer) and new genre (no-malt beer) categories. Apart from beer, it also operates a wide range of acholic and soft beverage products in Japan. It made several acquisitions including Lion Nathan and National Foods in Oceania, the Brazilian brewer Schincariol, and Myanmar Brewery, but has divested most of the acquired businesses except Lion. It has shifted focus back to the domestic brewery after a painful exit from Brazil in 2017 and identified craft beer and wellness as new growth drivers. Overseas business represents about 40% of group's sales. It also owns a 48.6% stake in the largest Filipino brewer San Miguel.

Kirin Holdings Co (FRA:KIR) Headlines

No Headlines