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Merf (3168) · RiskWorsened

Inventory write-downs due to deterioration in estimates of demand and market value

First written in FY2016. 15 of 25 entries say "Worsened", first in FY2021-Q1. Latest entry: 2026-07-13.

25entries
11years
1from disclosures
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How it moved
ProgressHeldSoftenedWorseFirst statedFY2016WorsenedFY2021-Q1 – FY2023-Q32016: 12017: 020172018: 020182019: 120192020: 320202021: 420212022: 420222023: 420232024: 420242025: 220252026: 22026
Same theme, other companies
Decline in the Net Realizable Value of InventoriesA theme 206 companies write about · 209 as a headwind · 0 as a tailwind

Merf moved to the "Worse" side of this theme in 2021, 3 years before the typical company in this theme (2024).

The whole theme swung hardest in 2018: 11 of 37 companies on the "Worse" side.

41 other companies' latest entry also says "Worsened".

Ridges = years it wrote progress, valleys = years it wrote worse. Most hopeful companies at the back. Drag to turn, scroll to zoom, right-drag to pan. On a phone, two fingers turn and pinch to zoom; one finger scrolls the page.
Showing 14 of the 196 companies compared. The sentences above are computed from all 196.Comparing 200 of the theme's 210 threads.
Full recordFilings, disclosures and news, newest first
  1. 2026-07-13WorsenedRevision of earnings forecasts

    「This was mainly due to increases of ¥2.865 billion in trade receivables, ¥4.597 billion in inventories and ¥1.753 billion in advances paid, partly offset by a decrease of ¥416 million in cash and deposits.」

    Inventories increased by ¥4.597 billion and trade receivables by ¥2.865 billion, expanding exposure to valuation losses associated with demand and fair-value estimates.
  2. FY2026-H1WorsenedAnnual report

    「Current assets at the end of the current interim consolidated fiscal period totaled ¥2,521.5 million, up ¥400.3 million from the end of the previous consolidated fiscal year. This was mainly because trade receivables increased by ¥1,780 million, inventories increased by ¥1,508 million and advances paid increased by ¥1,363 million, while cash and deposits decreased by ¥536 million.」

    Inventories increased by ¥1,508 million from the end of the previous consolidated fiscal year, expanding exposure to the risk of write-downs associated with estimated demand and market value.
  3. FY2025Inventory increased, but the valuation loss was reversedAnnual report

    「The inventory balance at the end of the period is stated after a reduction in book value due to declining profitability, and the following inventory valuation loss (△ indicates a reversal gain) is included in cost of sales: △¥169.980 million」

    While inventories increased, the inventory valuation loss was reversed by ¥169.980 million, so the increase in the inventory balance coexisted with an improvement in valuation losses.
  4. FY2025-H1MitigatedAnnual report

    「This was mainly because cash and deposits increased by ¥4,366 million and advances paid increased by ¥205 million, while inventories decreased by ¥945 million, trade receivables decreased by ¥2,062 million, and accrued consumption taxes and other items decreased by ¥1,733 million.」

    Inventories decreased by ¥945 million, reducing exposure to inventory-related demand and market value estimation risk from the end of the previous fiscal year.
  5. FY2024Inventory decreased, but a valuation loss was recordedAnnual report

    「The main factors were a ¥1,411 million decrease in inventories, while trade receivables increased by ¥1,839 million, advances paid increased by ¥401 million and accrued consumption taxes and other items increased by ¥481 million. Current consolidated fiscal year ¥166.813 million」

    Inventories at the end of the fiscal year decreased by ¥1,411 million, while an inventory valuation loss of ¥166.813 million was recorded in cost of sales. The decline in the inventory balance coexisted with the materialization of valuation risk.
  6. FY2024-Q3WorsenedAnnual report

    「This was mainly because advances paid decreased by ¥731 million, while inventories increased by ¥4,658 million and marketable securities increased by ¥318 million.」

    Inventories increased by ¥4,658 million from the end of the previous consolidated fiscal year, substantially expanding exposure to the risk of inventory write-downs associated with estimated demand and market value.
  7. FY2024-Q2WorsenedAnnual report

    「This was mainly due to a ¥707 million increase in inventories, while cash and deposits decreased by ¥632 million, advances paid decreased by ¥586 million, and notes and accounts receivable decreased by ¥1,097 million.」

    Inventories increased by ¥707 million from the end of the previous consolidated fiscal year, expanding exposure to the risk of write-downs associated with estimated demand and market value.
  8. FY2024-Q1WorsenedAnnual report

    「This was mainly because trade receivables decreased by ¥1,613 million and advances paid decreased by ¥507 million, while inventories increased by ¥1,842 million and other current assets increased by ¥558 million.」

    Inventories increased by ¥1,842 million from the end of the previous consolidated fiscal year, expanding exposure to the risk of write-downs associated with estimated demand and market value.
  9. FY2023Inventory increased, but the valuation loss was reversedAnnual report

    「Cash and cash equivalents at the end of the current consolidated fiscal year totaled ¥1,062 million, up ¥291 million from the end of the previous consolidated fiscal year. This was mainly because cash inflows included ¥260 million in income before income taxes and other adjustments, a ¥623 million decrease in trade receivables, a ¥341 million increase in accounts payable and a ¥404 million decrease in advances paid, while cash outflows included a ¥416 million increase in inventories.」

    Inventories increased by ¥416 million, leaving exposure to valuation risk, while the inventory valuation loss for the year was reversed by ¥133 million.
  10. FY2023-Q3WorsenedAnnual report

    「Current assets at the end of the third quarter of the current consolidated fiscal period totaled ¥2,198.4 million, down ¥50.4 million from the end of the previous consolidated fiscal year. This was mainly because inventories increased by ¥1,330 million, while trade receivables decreased by ¥1,961 million.」

    While trade receivables decreased, inventories increased by ¥1,330 million from the end of the previous consolidated fiscal year, expanding exposure to the risk of write-downs associated with estimated demand and market value.
  11. FY2023-Q2WorsenedAnnual report

    「This was mainly because cash and deposits increased by ¥572 million and inventories increased by ¥1,004 million, while trade receivables decreased by ¥823 million, advances paid decreased by ¥467 million and other current assets decreased by ¥949 million.」

    Inventories increased by ¥1,004 million from the end of the previous consolidated fiscal year, expanding exposure to the risk of write-downs associated with estimated demand and market value.
  12. FY2023-Q1WorsenedAnnual report

    「This was mainly because cash and deposits increased by ¥1,042 million and inventories increased by ¥2,275 million, while notes and accounts receivable decreased by ¥1,062 million and other current assets decreased by ¥1,045 million.」

    Inventories increased by ¥2,275 million from the end of the previous consolidated fiscal year, expanding exposure to the risk of write-downs associated with estimated demand and market value.
  13. FY2022MaterialisedAnnual report

    「The inventory balance at the end of the period is stated after a reduction in book value due to declining profitability, and the following inventory valuation loss (△ indicates a reversal gain) is included in cost of sales: ¥158.123 million」

    An inventory valuation loss of ¥158.123 million was recorded in cost of sales, and the risk of a write-down due to deterioration in estimated demand and market value affected profit and loss for the period.
  14. FY2022-Q3WorsenedAnnual report

    「Current assets at the end of the third quarter of the current consolidated fiscal period totaled ¥2,561.4 million, up ¥499.5 million from the end of the previous consolidated fiscal year. This was mainly because inventories increased by ¥2,272 million and advances paid increased by ¥1,673 million.」

    Inventories increased by ¥2,272 million from the end of the previous consolidated fiscal year, further expanding exposure to the risk of inventory write-downs associated with estimated demand and market value.
  15. FY2022-Q2WorsenedAnnual report

    「Current assets at the end of the second quarter of the current consolidated fiscal period totaled ¥2,131.9 million, up ¥700 million from the end of the previous consolidated fiscal year. This was mainly because inventories increased by ¥327 million and advances paid increased by ¥562 million.」

    Inventories increased by ¥327 million, expanding exposure to the risk of inventory write-downs associated with estimated demand and market value.
  16. FY2022-Q1WorsenedAnnual report

    「This was mainly because cash and deposits increased by ¥842 million and inventories increased by ¥522 million.」

    Inventories increased by ¥522 million, expanding exposure to the risk of inventory write-downs associated with estimated demand and market value from the end of the previous fiscal year.
  17. FY2021WorsenedAnnual report

    「This was mainly because cash inflows included ¥2,096 million in income before income taxes and other adjustments and a ¥1,084 million increase in accounts payable, while cash outflows included a ¥4,560 million increase in trade receivables and a ¥2,198 million increase in inventories.」

    Increases of ¥4,560 million in trade receivables and ¥2,198 million in inventories expanded exposure to inventory valuation risk associated with estimates of demand and market value.
  18. FY2021-Q3WorsenedAnnual report

    「Current assets at the end of the third quarter of the current consolidated fiscal period totaled ¥1,972.6 million, up ¥600.6 million from the end of the previous consolidated fiscal year. This was mainly because trade receivables increased by ¥2,193 million and inventories increased by ¥3,380 million.」

    Inventories increased by ¥3,380 million, further expanding exposure to the risk of write-downs associated with estimated demand and market value.
  19. FY2021-Q2WorsenedAnnual report

    「Current assets at the end of the second quarter of the current consolidated fiscal period totaled ¥1,702.1 million, up ¥330.1 million from the end of the previous consolidated fiscal year. This was mainly because trade receivables increased by ¥1,852 million and inventories increased by ¥880 million.」

    Trade receivables and inventories increased, expanding exposure to inventory valuation risk associated with estimates of demand and market value from the end of the previous fiscal year.
  20. FY2021-Q1WorsenedAnnual report

    「This was mainly due to a ¥1,252 million increase in inventories.」

    Inventories increased by ¥1,252 million, expanding the inventory balance and exposure to valuation risk associated with estimates of demand and market value, which had contracted in the previous period.
  21. FY2020MitigatedAnnual report

    「This was mainly because cash inflows included ¥561 million in income before income taxes and other adjustments, a ¥428 million decrease in trade receivables and a ¥734 million decrease in inventories, while cash outflows included a ¥473 million decrease in accounts payable and a ¥261 million increase in advances paid.」

    Inventories decreased by ¥734 million, reducing the inventory balance and exposure to inventory valuation risk.
  22. FY2020-Q3MitigatedAnnual report

    「This was mainly because cash and deposits increased by ¥1,117 million, while inventories decreased by ¥1,476 million and advances paid decreased by ¥288 million.」

    Inventories decreased by ¥1,476 million, reducing the inventory balance and exposure to the risk of inventory write-downs.
  23. FY2020-Q2MitigatedAnnual report

    「Current assets at the end of the second quarter of the current consolidated fiscal period totaled ¥1,420 million, down ¥600 million from the end of the previous consolidated fiscal year. This was mainly because cash and deposits increased by ¥640 million, while inventories decreased by ¥1,091 million.」

    Inventories decreased by ¥1,091 million, reducing the inventory balance and exposure to inventory valuation risk.
  24. FY2019-Q2MaterialisedAnnual report

    「However, amid weak copper prices, reduced market circulation tightened the supply-demand balance for domestic scrap, leading to higher purchase prices. Profitability was also adversely affected by inventory valuation losses, resulting in difficult earnings conditions.」

    The disclosure states that the risk of inventory valuation deterioration materialized in earnings through an inventory valuation loss resulting from depressed copper prices.
  25. FY2016First statedAnnual report

    「If actual future demand or market value deteriorates beyond the Group's estimates, additional write-downs may be required.」

    The disclosure describes the uncertainty in inventory valuation arising from estimates of market demand, expected sales and market value.
Moved together

"Financial Impact of Interest-Bearing Debt and Interest-Rate Movements" moved the same way as this thread, in the same document, in 16 of its 25 moves.

161411877★123456
  1. ★This thread
  2. 1Financial Impact of Interest-Bearing Debt and Interest-Rate Movements16×
  3. 2Building a Stable Earnings Structure through a Flexible Capital Strategy and a Stronger Financial Position14×
  4. 3Securing stable operating cash flow through inventory and trade receivables management11×
  5. 4Uncertainty over the outlook for the global economy and slowing growth in emerging-market and resource-rich economies8×
  6. 5Emphasis on financial indicators without setting specific numerical targets7×
  7. 6Procurement difficulties and higher purchase prices due to declining domestic scrap generation and tighter supply and demand7×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
Merf's next results are scheduled for 2026-10-14. Read the earnings preview It last moved in the Revision of earnings forecasts of 2026-07-13: "Worsened".
News
No news is linked to this thread yet. When an article touches it, it will appear here by date.
Inventory write-downs due to deterioration in estimates of demand and market value | MERF Inc. (3168) | Komori