BRC Asia Beneish M-Score Historical Data
The historical data trend for BRC Asia'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.
BRC Asia Beneish M-Score Chart
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BRC Asia Annual Data
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Trend |
Sep14 |
Sep15 |
Sep16 |
Sep17 |
Sep18 |
Sep19 |
Sep20 |
Sep21 |
Sep22 |
Sep23 |
| Beneish M-Score |
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-2.51 |
-4.07 |
-0.60 |
-1.91 |
-2.24 |
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BRC Asia Quarterly Data
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Sep18 |
Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Mar23 |
Sep23 |
Mar24 |
| Beneish M-Score |
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-0.09 |
-1.91 |
-1.88 |
-2.24 |
-3.03 |
Competitive Comparison of BRC Asia's Beneish M-Score
For the Steel subindustry, BRC Asia'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.
BRC Asia's Beneish M-Score Distribution in the Steel Industry
For the Steel industry and Basic Materials sector, BRC Asia's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BRC Asia's Beneish M-Score falls into.
BRC Asia 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 BRC Asia 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 | + | 0.528 * 0.6418 | + | 0.404 * 0.1091 | + | 0.892 * 0.2375 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0 | + | 4.679 * 0.094006 | - | 0.327 * 0.7797 |
| = | -3.03 |
* 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 (Jun22) TTM: |
Total Receivables was S$165 Mil.
Revenue was 0 + 0 + 0 + 390.603 = S$391 Mil.
Gross Profit was 0 + 0 + 0 + 48.202 = S$48 Mil.
Total Current Assets was S$731 Mil.
Total Assets was S$856 Mil.
Property, Plant and Equipment(Net PPE) was S$111 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0 Mil.
Selling, General, & Admin. Expense(SGA) was S$0 Mil.
Total Current Liabilities was S$393 Mil.
Long-Term Debt & Capital Lease Obligation was S$17 Mil.
Net Income was 0 + 0 + 0 + 30.008 = S$30 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = S$0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + -50.47 = S$-50 Mil.
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Total Receivables was S$0 Mil.
Revenue was 515.333 + 435.925 + 357.405 + 335.723 = S$1,644 Mil.
Gross Profit was 36.738 + 42.463 + 26.314 + 24.715 = S$130 Mil.
Total Current Assets was S$866 Mil.
Total Assets was S$1,024 Mil.
Property, Plant and Equipment(Net PPE) was S$0 Mil.
Depreciation, Depletion and Amortization(DDA) was S$5 Mil.
Selling, General, & Admin. Expense(SGA) was S$8 Mil.
Total Current Liabilities was S$580 Mil.
Long-Term Debt & Capital Lease Obligation was S$50 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) |
| = | (164.512 / 390.603) | / | (0 / 1644.386) |
| = | 0.421174 | / | 0 |
| | = | 1 |
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) |
| = | (130.23 / 1644.386) | / | (48.202 / 390.603) |
| = | 0.079197 | / | 0.123404 |
| | = | 0.6418 |
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 - (731.023 + 110.618) / 856.098) | / | (1 - (865.529 + 0) / 1024.066) |
| = | 0.016887 | / | 0.154811 |
| | = | 0.1091 |
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 |
| = | 390.603 | / | 1644.386 |
| | = | 0.2375 |
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)) |
| = | (4.729 / (4.729 + 0)) | / | (0 / (0 + 110.618)) |
| = | 1 | / | 0 |
| | = | 1 |
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 / 390.603) | / | (8.295 / 1644.386) |
| = | 0 | / | 0.005044 |
| | = | 0 |
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) |
| = | ((17.196 + 393.427) / 856.098) | / | ((50.385 + 579.613) / 1024.066) |
| = | 0.479645 | / | 0.615193 |
| | = | 0.7797 |
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 |
| = | (30.008 - 0 | - | -50.47) | / | 856.098 |
| | = | 0.094006 |
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.
BRC Asia has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.
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