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Maruchiyo Yamaokaya (TSE:3399) Beneish M-Score : -0.24 (As of May. 25, 2024)


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What is Maruchiyo Yamaokaya 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.

Warning Sign:

Beneish M-Score -0.24 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Maruchiyo Yamaokaya's Beneish M-Score or its related term are showing as below:

TSE:3399' s Beneish M-Score Range Over the Past 10 Years
Min: -3.27   Med: -2.23   Max: -0.05
Current: -0.24

During the past 13 years, the highest Beneish M-Score of Maruchiyo Yamaokaya was -0.05. The lowest was -3.27. And the median was -2.23.


Maruchiyo Yamaokaya Beneish M-Score Historical Data

The historical data trend for Maruchiyo Yamaokaya'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.

Maruchiyo Yamaokaya Beneish M-Score Chart

Maruchiyo Yamaokaya Annual Data
Trend Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21 Jan22 Jan23 Jan24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.50 -0.05 -2.41 -1.50 -0.24

Maruchiyo Yamaokaya Quarterly Data
Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21 Oct21 Jan22 Apr22 Jul22 Oct22 Jan23 Apr23 Jul23 Oct23 Jan24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.50 - - - -0.24

Competitive Comparison of Maruchiyo Yamaokaya's Beneish M-Score

For the Restaurants subindustry, Maruchiyo Yamaokaya'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.


Maruchiyo Yamaokaya's Beneish M-Score Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, Maruchiyo Yamaokaya's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Maruchiyo Yamaokaya's Beneish M-Score falls into.



Maruchiyo Yamaokaya 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 Maruchiyo Yamaokaya 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 * 3.4317+0.528 * 1.0148+0.404 * 0.9925+0.892 * 1.4186+0.115 * 0.8956
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8291+4.679 * -0.09041-0.327 * 0.919
=-0.24

* 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 (Jan24) TTM:Last Year (Jan23) TTM:
Total Receivables was 円581 Mil.
Revenue was 円26,494 Mil.
Gross Profit was 円18,837 Mil.
Total Current Assets was 円4,844 Mil.
Total Assets was 円11,164 Mil.
Property, Plant and Equipment(Net PPE) was 円5,327 Mil.
Depreciation, Depletion and Amortization(DDA) was 円563 Mil.
Selling, General, & Admin. Expense(SGA) was 円4,225 Mil.
Total Current Liabilities was 円5,150 Mil.
Long-Term Debt & Capital Lease Obligation was 円1,962 Mil.
Net Income was 円1,433 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円2,442 Mil.
Total Receivables was 円119 Mil.
Revenue was 円18,677 Mil.
Gross Profit was 円13,475 Mil.
Total Current Assets was 円3,082 Mil.
Total Assets was 円8,463 Mil.
Property, Plant and Equipment(Net PPE) was 円4,624 Mil.
Depreciation, Depletion and Amortization(DDA) was 円433 Mil.
Selling, General, & Admin. Expense(SGA) was 円3,592 Mil.
Total Current Liabilities was 円3,670 Mil.
Long-Term Debt & Capital Lease Obligation was 円2,197 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)
=(581.448 / 26494.136) / (119.446 / 18676.671)
=0.021946 / 0.006395
=3.4317

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)
=(13475.164 / 18676.671) / (18836.509 / 26494.136)
=0.721497 / 0.710969
=1.0148

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 - (4844.11 + 5327.335) / 11163.578) / (1 - (3081.576 + 4623.54) / 8462.952)
=0.088872 / 0.089547
=0.9925

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
=26494.136 / 18676.671
=1.4186

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))
=(432.533 / (432.533 + 4623.54)) / (562.631 / (562.631 + 5327.335))
=0.085547 / 0.095524
=0.8956

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)
=(4225.226 / 26494.136) / (3592.469 / 18676.671)
=0.159478 / 0.192351
=0.8291

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)
=((1962.151 + 5150.219) / 11163.578) / ((2196.532 + 3670.387) / 8462.952)
=0.637105 / 0.693247
=0.919

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
=(1432.628 - 0 - 2441.924) / 11163.578
=-0.09041

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.

Maruchiyo Yamaokaya has a M-score of -0.24 signals that the company is likely to be a manipulator.


Maruchiyo Yamaokaya Beneish M-Score Related Terms

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Maruchiyo Yamaokaya (TSE:3399) Business Description

Traded in Other Exchanges
N/A
Address
7-1-chome, Higashi Ganboshi East Hall, 4-32, Hokkaido, Sapporo, JPN, 007-0827
Maruchiyo Yamaokaya Corp is engaged in operating a direct chain ramen noodle restaurants called Ramen Yamaokaya mainly in Hokkaido and Kanto area. It has more than twenty-five types of regular menu. Its menu includes soy sauce, miso, salt, special miso, premium salt pork.

Maruchiyo Yamaokaya (TSE:3399) Headlines

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