Hokkaido Gas Co Beneish M-Score Historical Data
The historical data trend for Hokkaido Gas 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.
Hokkaido Gas Co Beneish M-Score Chart
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Hokkaido Gas Co Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
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-2.47 |
-2.86 |
-3.11 |
-2.75 |
-1.96 |
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Hokkaido Gas Co Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
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Sep20 |
Dec20 |
Mar21 |
Jun21 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.95 |
-1.96 |
-2.36 |
-2.47 |
-2.91 |
Competitive Comparison of Hokkaido Gas Co's Beneish M-Score
For the Utilities - Regulated Gas subindustry, Hokkaido Gas 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.
Hokkaido Gas Co's Beneish M-Score Distribution in the Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, Hokkaido Gas Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hokkaido Gas Co's Beneish M-Score falls into.
Hokkaido Gas 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 Hokkaido Gas 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 * 0.8262 | + | 0.528 * 0.9431 | + | 0.404 * 1.2379 | + | 0.892 * 1.1665 | + | 0.115 * 0.9915 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9454 | + | 4.679 * -0.115274 | - | 0.327 * 0.8569 |
| = | -2.91 |
* 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 円18,947 Mil.
Revenue was 41802 + 32679 + 40268 + 67121 = 円181,870 Mil.
Gross Profit was 9321 + 8836 + 12979 + 18949 = 円50,085 Mil.
Total Current Assets was 円40,992 Mil.
Total Assets was 円178,887 Mil.
Property, Plant and Equipment(Net PPE) was 円119,292 Mil.
Depreciation, Depletion and Amortization(DDA) was 円13,842 Mil.
Selling, General, & Admin. Expense(SGA) was 円33,666 Mil.
Total Current Liabilities was 円35,509 Mil.
Long-Term Debt & Capital Lease Obligation was 円62,245 Mil.
Net Income was 435 + 602 + 3833 + 7044 = 円11,914 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = 円0 Mil.
Cash Flow from Operations was 1461 + 1426 + 15330 + 14318 = 円32,535 Mil.
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Total Receivables was 円19,659 Mil.
Revenue was 45173 + 29721 + 32825 + 48185.442 = 円155,904 Mil.
Gross Profit was 8447 + 6952 + 10591 + 14502.452 = 円40,492 Mil.
Total Current Assets was 円55,615 Mil.
Total Assets was 円189,194 Mil.
Property, Plant and Equipment(Net PPE) was 円117,685 Mil.
Depreciation, Depletion and Amortization(DDA) was 円13,526 Mil.
Selling, General, & Admin. Expense(SGA) was 円30,525 Mil.
Total Current Liabilities was 円50,088 Mil.
Long-Term Debt & Capital Lease Obligation was 円70,558 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) |
| = | (18947 / 181870) | / | (19659.478 / 155904.442) |
| = | 0.104179 | / | 0.1261 |
| | = | 0.8262 |
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) |
| = | (40492.452 / 155904.442) | / | (50085 / 181870) |
| = | 0.259726 | / | 0.275389 |
| | = | 0.9431 |
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 - (40992 + 119292) / 178887) | / | (1 - (55615.431 + 117685.156) / 189193.996) |
| = | 0.103993 | / | 0.084006 |
| | = | 1.2379 |
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 |
| = | 181870 | / | 155904.442 |
| | = | 1.1665 |
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)) |
| = | (13526.429 / (13526.429 + 117685.156)) | / | (13842 / (13842 + 119292)) |
| = | 0.103089 | / | 0.10397 |
| | = | 0.9915 |
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) |
| = | (33666 / 181870) | / | (30524.812 / 155904.442) |
| = | 0.18511 | / | 0.195792 |
| | = | 0.9454 |
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) |
| = | ((62245 + 35509) / 178887) | / | ((70558.495 + 50087.722) / 189193.996) |
| = | 0.546457 | / | 0.637685 |
| | = | 0.8569 |
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 |
| = | (11914 - 0 | - | 32535) | / | 178887 |
| | = | -0.115274 |
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.
Hokkaido Gas Co has a M-score of -2.91 suggests that the company is unlikely to be a manipulator.
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