SICO BSC (BAH:SICO-C) Beneish M-Score : -2.05 (As of Jun. 15, 2024)

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What is SICO BSC 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 -2.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SICO BSC's Beneish M-Score or its related term are showing as below:

BAH:SICO-C' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.24 Max: 3.47
Current: -2.05

During the past 13 years, the highest Beneish M-Score of SICO BSC was 3.47. The lowest was -3.14. And the median was -2.24.

SICO BSC Beneish M-Score Historical Data

The historical data trend for SICO BSC'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.

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SICO BSC Beneish M-Score Chart

SICO BSC Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.74

-2.11

-2.37

-1.98

-2.05

SICO BSC Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-	-	-	-2.05	-

Competitive Comparison of SICO BSC's Beneish M-Score

For the Capital Markets subindustry, SICO BSC'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.

SICO BSC's Beneish M-Score Distribution in the Capital Markets Industry

For the Capital Markets industry and Financial Services sector, SICO BSC's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where SICO BSC's Beneish M-Score falls into.

SICO BSC 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 SICO BSC for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.6653

0.528 * 1.1648

0.404 * 0.7847

0.892 * 0.9518

0.115 * 0.6896

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3701

4.679 * -0.002883

0.327 * 1.0923

-2.05

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was BHD264.21 Mil.
Revenue was BHD14.09 Mil.
Gross Profit was BHD7.05 Mil.
Total Current Assets was BHD346.59 Mil.
Total Assets was BHD389.93 Mil.
Property, Plant and Equipment(Net PPE) was BHD1.33 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD0.97 Mil.
Selling, General, & Admin. Expense(SGA) was BHD0.97 Mil.
Total Current Liabilities was BHD319.45 Mil.
Long-Term Debt & Capital Lease Obligation was BHD0.00 Mil.
Net Income was BHD4.38 Mil.
Gross Profit was BHD0.00 Mil.
Cash Flow from Operations was BHD5.51 Mil.

Total Receivables was BHD166.69 Mil.
Revenue was BHD14.81 Mil.
Gross Profit was BHD8.63 Mil.
Total Current Assets was BHD239.49 Mil.
Total Assets was BHD279.98 Mil.
Property, Plant and Equipment(Net PPE) was BHD2.05 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD0.84 Mil.
Selling, General, & Admin. Expense(SGA) was BHD0.74 Mil.
Total Current Liabilities was BHD210.00 Mil.
Long-Term Debt & Capital Lease Obligation was BHD0.00 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)
	=	(264.21 / 14.094)	/	(166.69 / 14.808)
	=	18.746275	/	11.256753
	=	1.6653

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)
	=	(8.627 / 14.808)	/	(7.049 / 14.094)
	=	0.58259	/	0.500142
	=	1.1648

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 - (346.585 + 1.332) / 389.933)	/	(1 - (239.489 + 2.045) / 279.982)
	=	0.107752	/	0.137323
	=	0.7847

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
	=	14.094	/	14.808
	=	0.9518

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))
	=	(0.837 / (0.837 + 2.045))	/	(0.969 / (0.969 + 1.332))
	=	0.290423	/	0.421121
	=	0.6896

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)
	=	(0.965 / 14.094)	/	(0.74 / 14.808)
	=	0.068469	/	0.049973
	=	1.3701

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)
	=	((0 + 319.451) / 389.933)	/	((0 + 210) / 279.982)
	=	0.819246	/	0.750048
	=	1.0923

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
	=	(4.382 - 0	-	5.506)	/	389.933
	=	-0.002883

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.

SICO BSC has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.

SICO BSC Beneish M-Score Related Terms

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SICO BSC (BAH:SICO-C) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Capital Markets » SICO BSC (BAH:SICO-C) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Isa Al Kabeer Avenue 365, Block 316, Bahrain World Trade Center, Manama, BHR

Website

https://www.sicobank.com

SICO BSC is a Bahrain-registered investment bank. It engaged in offering a select range of investment banking solutions - brokerage, market-making, treasury, equity and fixed income asset management, corporate finance, and custody and fund administration. The company offers investment opportunities in the various regional markets and focuses on managing assets in a capital market with the objective of seeking medium to long-term capital appreciation. It also provides corporate finance services including advising on and managing public and private issuances of equity and debt capital, mergers, and acquisitions, privatizations, restructuring, and underwriting. The company manages its business across the Middle East and Asia countries, North America, and Europe.

SICO BSC (BAH:SICO-C) Headlines

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