KANPAI CO Beneish M-Score Historical Data
The historical data trend for KANPAI 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.
KANPAI CO Beneish M-Score Chart
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KANPAI CO Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-3.86 |
-3.26 |
-2.86 |
-2.60 |
-3.26 |
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KANPAI CO Semi-Annual Data
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Dec13 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
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Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
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Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.86 |
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-2.60 |
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-3.26 |
Competitive Comparison of KANPAI CO's Beneish M-Score
For the Restaurants subindustry, KANPAI 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.
KANPAI CO's Beneish M-Score Distribution in the Restaurants Industry
For the Restaurants industry and Consumer Cyclical sector, KANPAI CO's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where KANPAI CO's Beneish M-Score falls into.
KANPAI 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 KANPAI 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 * 0.9865 | + | 0.528 * 0.9731 | + | 0.404 * 0.9625 | + | 0.892 * 1.2863 | + | 0.115 * 0.8691 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8992 | + | 4.679 * -0.216495 | - | 0.327 * 0.961 |
| = | -3.26 |
* 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 NT$354 Mil.
Revenue was NT$4,870 Mil.
Gross Profit was NT$2,458 Mil.
Total Current Assets was NT$1,316 Mil.
Total Assets was NT$2,737 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,188 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$496 Mil.
Selling, General, & Admin. Expense(SGA) was NT$2,165 Mil.
Total Current Liabilities was NT$1,049 Mil.
Long-Term Debt & Capital Lease Obligation was NT$511 Mil.
Net Income was NT$74 Mil.
Gross Profit was NT$0 Mil.
Cash Flow from Operations was NT$667 Mil.
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Total Receivables was NT$279 Mil.
Revenue was NT$3,786 Mil.
Gross Profit was NT$1,859 Mil.
Total Current Assets was NT$1,140 Mil.
Total Assets was NT$2,823 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,433 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$493 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,872 Mil.
Total Current Liabilities was NT$1,000 Mil.
Long-Term Debt & Capital Lease Obligation was NT$675 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) |
| = | (354.356 / 4870.155) | / | (279.251 / 3786.318) |
| = | 0.072761 | / | 0.073753 |
| | = | 0.9865 |
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) |
| = | (1859.287 / 3786.318) | / | (2457.518 / 4870.155) |
| = | 0.491054 | / | 0.504608 |
| | = | 0.9731 |
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 - (1315.81 + 1188.385) / 2737.259) | / | (1 - (1140.344 + 1433.044) / 2823.125) |
| = | 0.085145 | / | 0.088461 |
| | = | 0.9625 |
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 |
| = | 4870.155 | / | 3786.318 |
| | = | 1.2863 |
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)) |
| = | (492.961 / (492.961 + 1433.044)) | / | (496.083 / (496.083 + 1188.385)) |
| = | 0.25595 | / | 0.294504 |
| | = | 0.8691 |
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) |
| = | (2165.441 / 4870.155) | / | (1872.203 / 3786.318) |
| = | 0.444635 | / | 0.494465 |
| | = | 0.8992 |
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) |
| = | ((511.276 + 1049.325) / 2737.259) | / | ((675.106 + 999.768) / 2823.125) |
| = | 0.570133 | / | 0.59327 |
| | = | 0.961 |
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 |
| = | (74.164 - 0 | - | 666.766) | / | 2737.259 |
| | = | -0.216495 |
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.
KANPAI CO has a M-score of -3.26 suggests that the company is unlikely to be a manipulator.
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