Daiwa House Industry Co Beneish M-Score Historical Data
The historical data trend for Daiwa House Industry 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.
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Daiwa House Industry Co Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.55 |
-2.30 |
-2.76 |
-2.59 |
-2.41 |
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Daiwa House Industry Co 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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- |
-2.41 |
- |
- |
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Competitive Comparison
For the Real Estate - Development subindustry, Daiwa House Industry 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.
Daiwa House Industry Co Beneish M-Score Distribution
For the Real Estate industry and Real Estate sector, Daiwa House Industry Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Daiwa House Industry Co's Beneish M-Score falls into.
Daiwa House Industry 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 Daiwa House Industry Co 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 * 0.9755 | + | 0.528 * 1.0008 | + | 0.404 * 0.8859 | + | 0.892 * 0.9808 | + | 0.115 * 0.916 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9849 | + | 4.679 * 0.012716 | - | 0.327 * 1.0365 |
| = | -2.52 |
* 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 $3,517 Mil.
Revenue was $36,720 Mil.
Gross Profit was $7,146 Mil.
Total Current Assets was $24,330 Mil.
Total Assets was $45,951 Mil.
Property, Plant and Equipment(Net PPE) was $17,134 Mil.
Depreciation, Depletion and Amortization(DDA) was $849 Mil.
Selling, General, & Admin. Expense(SGA) was $747 Mil.
Total Current Liabilities was $11,423 Mil.
Long-Term Debt & Capital Lease Obligation was $11,985 Mil.
Net Income was $2,307 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $1,723 Mil.
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Total Receivables was $3,676 Mil.
Revenue was $37,440 Mil.
Gross Profit was $7,292 Mil.
Total Current Assets was $22,709 Mil.
Total Assets was $46,566 Mil.
Property, Plant and Equipment(Net PPE) was $18,723 Mil.
Depreciation, Depletion and Amortization(DDA) was $846 Mil.
Selling, General, & Admin. Expense(SGA) was $774 Mil.
Total Current Liabilities was $12,183 Mil.
Long-Term Debt & Capital Lease Obligation was $10,704 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) |
| = | (3517.11 / 36720.343) | / | (3676.105 / 37439.984) |
| = | 0.095781 | / | 0.098187 |
| | = | 0.9755 |
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) |
| = | (7292.132 / 37439.984) | / | (7146.216 / 36720.343) |
| = | 0.194769 | / | 0.194612 |
| | = | 1.0008 |
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 - (24329.518 + 17134.044) / 45951.44) | / | (1 - (22709.167 + 18722.927) / 46565.889) |
| = | 0.097666 | / | 0.110248 |
| | = | 0.8859 |
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 |
| = | 36720.343 | / | 37439.984 |
| | = | 0.9808 |
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)) |
| = | (846.097 / (846.097 + 18722.927)) | / | (848.873 / (848.873 + 17134.044)) |
| = | 0.043237 | / | 0.047204 |
| | = | 0.916 |
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) |
| = | (747.312 / 36720.343) | / | (773.638 / 37439.984) |
| = | 0.020351 | / | 0.020663 |
| | = | 0.9849 |
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) |
| = | ((11984.703 + 11422.998) / 45951.44) | / | ((10703.785 + 12182.692) / 46565.889) |
| = | 0.509401 | / | 0.491486 |
| | = | 1.0365 |
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 |
| = | (2307.265 - 0 | - | 1722.958) | / | 45951.44 |
| | = | 0.012716 |
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.
Daiwa House Industry Co has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.
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