JSTI Group Beneish M-Score Historical Data
The historical data trend for JSTI Group'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.
JSTI Group Beneish M-Score Chart
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JSTI Group Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.34 |
-2.47 |
-2.56 |
-2.29 |
-2.43 |
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JSTI Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.34 |
-2.26 |
-2.34 |
-2.43 |
-2.41 |
Competitive Comparison of JSTI Group's Beneish M-Score
For the Engineering & Construction subindustry, JSTI Group'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.
JSTI Group's Beneish M-Score Distribution in the Construction Industry
For the Construction industry and Industrials sector, JSTI Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where JSTI Group's Beneish M-Score falls into.
JSTI Group 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 JSTI Group 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 * 1.0527 | + | 0.528 * 1.0271 | + | 0.404 * 0.9681 | + | 0.892 * 1.0105 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0761 | + | 4.679 * 0.012713 | - | 0.327 * 1.0952 |
| = | -2.41 |
* 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 ¥8,515 Mil.
Revenue was 889.158 + 2161.036 + 1110.496 + 1127.104 = ¥5,288 Mil.
Gross Profit was 224.318 + 938.536 + 356.311 + 387.638 = ¥1,907 Mil.
Total Current Assets was ¥13,150 Mil.
Total Assets was ¥16,478 Mil.
Property, Plant and Equipment(Net PPE) was ¥795 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥320 Mil.
Total Current Liabilities was ¥7,458 Mil.
Long-Term Debt & Capital Lease Obligation was ¥186 Mil.
Net Income was 53.261 + 101.059 + 57.49 + 120.646 = ¥332 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -517.846 + 998.249 + 3.242 + -360.677 = ¥123 Mil.
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Total Receivables was ¥8,005 Mil.
Revenue was 879.17 + 2012.271 + 1233.39 + 1108.265 = ¥5,233 Mil.
Gross Profit was 217.031 + 997.205 + 339.914 + 383.982 = ¥1,938 Mil.
Total Current Assets was ¥11,910 Mil.
Total Assets was ¥15,121 Mil.
Property, Plant and Equipment(Net PPE) was ¥809 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥294 Mil.
Total Current Liabilities was ¥5,794 Mil.
Long-Term Debt & Capital Lease Obligation was ¥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) |
| = | (8515.449 / 5287.794) | / | (8005.121 / 5233.096) |
| = | 1.610397 | / | 1.52971 |
| | = | 1.0527 |
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) |
| = | (1938.132 / 5233.096) | / | (1906.803 / 5287.794) |
| = | 0.37036 | / | 0.360605 |
| | = | 1.0271 |
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 - (13149.77 + 794.948) / 16478.329) | / | (1 - (11910.316 + 809.301) / 15121.21) |
| = | 0.153754 | / | 0.158823 |
| | = | 0.9681 |
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 |
| = | 5287.794 | / | 5233.096 |
| | = | 1.0105 |
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)) |
| = | (0 / (0 + 809.301)) | / | (0 / (0 + 794.948)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (319.659 / 5287.794) | / | (293.991 / 5233.096) |
| = | 0.060452 | / | 0.056179 |
| | = | 1.0761 |
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) |
| = | ((185.876 + 7457.544) / 16478.329) | / | ((610.087 + 5794.261) / 15121.21) |
| = | 0.463847 | / | 0.423534 |
| | = | 1.0952 |
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 |
| = | (332.456 - 0 | - | 122.968) | / | 16478.329 |
| | = | 0.012713 |
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.
JSTI Group has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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