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Access Group Holdings Co (TSE:7042) Beneish M-Score : -2.55 (As of May. 25, 2024)


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What is Access Group Holdings Co 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.

Good Sign:

Beneish M-Score -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Access Group Holdings Co's Beneish M-Score or its related term are showing as below:

TSE:7042' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51   Med: -2.32   Max: -1.76
Current: -2.55

During the past 6 years, the highest Beneish M-Score of Access Group Holdings Co was -1.76. The lowest was -3.51. And the median was -2.32.


Access Group Holdings Co Beneish M-Score Historical Data

The historical data trend for Access Group 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.

* Premium members only.

Access Group Holdings Co Beneish M-Score Chart

Access Group Holdings Co Annual Data
Trend Sep16 Sep17 Sep18 Sep19 Sep20 Sep21
Beneish M-Score
Get a 7-Day Free Trial - -2.32 -2.05 -3.51 -2.55

Access Group Holdings Co Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
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 - - - - -

Competitive Comparison of Access Group Holdings Co's Beneish M-Score

For the Personal Services subindustry, Access Group 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.


Access Group Holdings Co's Beneish M-Score Distribution in the Personal Services Industry

For the Personal Services industry and Consumer Cyclical sector, Access Group Holdings Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Access Group Holdings Co's Beneish M-Score falls into.



Access Group 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 Access Group 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 * 1.32+0.528 * 0.9966+0.404 * 0.6322+0.892 * 0.8665+0.115 * 0.3721
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.002213-0.327 * 1.0959
=-2.55

* 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 (Sep21) TTM:Last Year (Sep20) TTM:
Total Receivables was 円403 Mil.
Revenue was 円3,283 Mil.
Gross Profit was 円1,382 Mil.
Total Current Assets was 円2,878 Mil.
Total Assets was 円3,128 Mil.
Property, Plant and Equipment(Net PPE) was 円0 Mil.
Depreciation, Depletion and Amortization(DDA) was 円28 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,120 Mil.
Long-Term Debt & Capital Lease Obligation was 円364 Mil.
Net Income was 円-429 Mil.
Gross Profit was 円0 Mil.
Cash Flow from Operations was 円-436 Mil.
Total Receivables was 円353 Mil.
Revenue was 円3,789 Mil.
Gross Profit was 円1,590 Mil.
Total Current Assets was 円3,340 Mil.
Total Assets was 円3,922 Mil.
Property, Plant and Equipment(Net PPE) was 円85 Mil.
Depreciation, Depletion and Amortization(DDA) was 円51 Mil.
Selling, General, & Admin. Expense(SGA) was 円0 Mil.
Total Current Liabilities was 円2,738 Mil.
Long-Term Debt & Capital Lease Obligation was 円104 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)
=(403.44 / 3283.132) / (352.728 / 3789.068)
=0.122883 / 0.093091
=1.32

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)
=(1589.8 / 3789.068) / (1382.169 / 3283.132)
=0.419575 / 0.420991
=0.9966

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 - (2877.736 + 0) / 3128.185) / (1 - (3339.982 + 85.458) / 3922.149)
=0.080062 / 0.126642
=0.6322

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
=3283.132 / 3789.068
=0.8665

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))
=(50.646 / (50.646 + 85.458)) / (27.651 / (27.651 + 0))
=0.372113 / 1
=0.3721

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 / 3283.132) / (0 / 3789.068)
=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)
=((364.395 + 2119.968) / 3128.185) / ((104 + 2738.438) / 3922.149)
=0.794187 / 0.724714
=1.0959

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
=(-429.303 - 0 - -436.227) / 3128.185
=0.002213

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.

Access Group Holdings Co has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.


Access Group Holdings Co Beneish M-Score Related Terms

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Access Group Holdings Co (TSE:7042) Business Description

Traded in Other Exchanges
N/A
Address
15th Floor, Shin-Aoyama Building, Building 1-1-1, Minami Aoyama Minato-ku, Tokyo, JPN, 107-0062
Access Group Holdings Co Ltd is engaged in the promotion, human resource recruitment public relations, and school public relations businesses. Under the Promotion business it supports sales promotion activities of companies and corporations. Under the human resource recruitment public relation, it is focused on public relations projects for young people, mainly graduates. Further, it also plans and manages employment information sites and joint company briefing sessions; and offers recruitment support service; and the School public relation business plans and operates admission information site, junior high school information magazine, newspaper coalition, and joint explanatory meeting, as well as produces various publicity tools, including Website and Web application system.

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