DOWA Holdings Co Beneish M-Score Historical Data
The historical data trend for DOWA 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.
DOWA Holdings Co Beneish M-Score Chart
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DOWA Holdings Co Annual Data
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Mar15 |
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Mar20 |
Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.93 |
-2.21 |
-2.33 |
-2.50 |
-3.12 |
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DOWA Holdings Co Quarterly Data
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Jun19 |
Sep19 |
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Mar24 |
| Beneish M-Score |
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-2.50 |
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-3.12 |
Competitive Comparison of DOWA Holdings Co's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, DOWA 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.
DOWA Holdings Co's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, DOWA Holdings Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where DOWA Holdings Co's Beneish M-Score falls into.
DOWA 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 DOWA Holdings 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 * 1.0397 | + | 0.528 * 1.0252 | + | 0.404 * 0.973 | + | 0.892 * 0.9194 | + | 0.115 * 1.0544 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1 | + | 4.679 * -0.14346 | - | 0.327 * 0.8246 |
| = | -3.12 |
* 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 円85,579 Mil.
Revenue was 円717,194 Mil.
Gross Profit was 円81,446 Mil.
Total Current Assets was 円341,851 Mil.
Total Assets was 円632,770 Mil.
Property, Plant and Equipment(Net PPE) was 円194,120 Mil.
Depreciation, Depletion and Amortization(DDA) was 円25,801 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円178,084 Mil.
Long-Term Debt & Capital Lease Obligation was 円30,527 Mil.
Net Income was 円27,853 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円118,630 Mil.
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Total Receivables was 円89,527 Mil.
Revenue was 円780,060 Mil.
Gross Profit was 円90,819 Mil.
Total Current Assets was 円379,033 Mil.
Total Assets was 円655,282 Mil.
Property, Plant and Equipment(Net PPE) was 円173,222 Mil.
Depreciation, Depletion and Amortization(DDA) was 円24,453 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円209,160 Mil.
Long-Term Debt & Capital Lease Obligation was 円52,816 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) |
| = | (85579 / 717194) | / | (89527 / 780060) |
| = | 0.119325 | / | 0.114769 |
| | = | 1.0397 |
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) |
| = | (90819 / 780060) | / | (81446 / 717194) |
| = | 0.116426 | / | 0.113562 |
| | = | 1.0252 |
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 - (341851 + 194120) / 632770) | / | (1 - (379033 + 173222) / 655282) |
| = | 0.152977 | / | 0.157225 |
| | = | 0.973 |
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 |
| = | 717194 | / | 780060 |
| | = | 0.9194 |
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)) |
| = | (24453 / (24453 + 173222)) | / | (25801 / (25801 + 194120)) |
| = | 0.123703 | / | 0.117319 |
| | = | 1.0544 |
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) |
| = | (0 / 717194) | / | (0 / 780060) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | ((30527 + 178084) / 632770) | / | ((52816 + 209160) / 655282) |
| = | 0.329679 | / | 0.399791 |
| | = | 0.8246 |
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 |
| = | (27853 - 0 | - | 118630) | / | 632770 |
| | = | -0.14346 |
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.
DOWA Holdings Co has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.
DOWA Holdings Co (TSE:5714) Business Description
Traded in Other Exchanges
Address
14-1, Sotokanda 4-chome, Chiyoda-ku, Tokyo, JPN, 101-0021
Dowa Holdings Co Ltd is a Japan-based holding company, with five main business segments. The nonferrous metals segment generates roughly half of group revenue via the production and sale of copper, zinc, lead, gold, silver, and platinum, among other metals. In the environmental management and recycling division, the group engages in waste treatment, soil remediation, resource recycling, and logistics. In the electronic materials segment, the group produces and sells high-purity metal materials, compound semiconductor wafers, conductive materials, battery materials, magnetic materials, reduced iron powder, and other materials. In the metal processing segment, the group produces and sells copper, brass and copper alloy strips, electroplated products, brass rods, and metal-ceramic substrates.
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