Bangladesh Shipping (DHA:BSC) Beneish M-Score: -2.76 (As of Jun. 24, 2026)

What is Bangladesh Shipping Beneish M-Score?

Bangladesh Shipping DHA:BSC +2.31% 90 Beneish M-Score is -2.76 as of Jun. 24, 2026. GuruFocus rates DHA:BSC with a GF Score™ of 90/100 and a GF Value™ of BDT123.13 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 966 Transportation companies, Bangladesh Shipping ranks better than 66.77% on this metric.

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 -2.76 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:BSC' s Beneish M-Score Range Over the Past 10 Years
Min: -5.41 Med: -2.86 Max: -2.31
Current: -2.76

During the past 6 years, the highest Beneish M-Score of Bangladesh Shipping was -2.31. The lowest was -5.41. And the median was -2.86.

Bangladesh Shipping Beneish M-Score Related Terms

Bangladesh Shipping Beneish M-Score Historical Data

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The historical data trend for Bangladesh Shipping'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.

Bangladesh Shipping Beneish M-Score Chart

Bangladesh Shipping Annual Data

Trend

Jun20

Jun21

Jun22

Jun23

Jun24

Jun25

Beneish M-Score

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0.00

-2.86

0.00

Bangladesh Shipping Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-5.41	0.00	0.00	-2.31	-2.76

Bangladesh Shipping Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, Bangladesh Shipping'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.

Bangladesh Shipping Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, Bangladesh Shipping's Beneish M-Score distribution charts can be found below:

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

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90GF Score

Bangladesh Shipping Corp DHA:BSC

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Bangladesh Shipping 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 Bangladesh Shipping 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 * 0.6915

0.528 * 1.0552

0.404 * 0

0.892 * 1.0941

0.115 * 1.9062

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1221

4.679 * 0.03959

0.327 * 0.9142

-2.76

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was BDT1,236 Mil.
Revenue was 1635.62 + 1471.079 + 1532.662 + 1610.212 = BDT6,250 Mil.
Gross Profit was 926.538 + 782.214 + 987.094 + 799.688 = BDT3,496 Mil.
Total Current Assets was BDT12,967 Mil.
Total Assets was BDT37,202 Mil.
Property, Plant and Equipment(Net PPE) was BDT24,235 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT499 Mil.
Selling, General, & Admin. Expense(SGA) was BDT205 Mil.
Total Current Liabilities was BDT5,390 Mil.
Long-Term Debt & Capital Lease Obligation was BDT13,442 Mil.
Net Income was 637.921 + 578.138 + 784.195 + 872.314 = BDT2,873 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 755.73 + 595.677 + 1211.389 + -1163.066 = BDT1,400 Mil.

Total Receivables was BDT1,634 Mil.
Revenue was 1331.575 + 1460.893 + 1507.144 + 1412.494 = BDT5,712 Mil.
Gross Profit was 620.599 + 737.218 + 969.068 + 1044.498 = BDT3,371 Mil.
Total Current Assets was BDT19,978 Mil.
Total Assets was BDT35,370 Mil.
Property, Plant and Equipment(Net PPE) was BDT15,392 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT615 Mil.
Selling, General, & Admin. Expense(SGA) was BDT167 Mil.
Total Current Liabilities was BDT4,598 Mil.
Long-Term Debt & Capital Lease Obligation was BDT14,986 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)
	=	(1236.495 / 6249.573)	/	(1634.474 / 5712.106)
	=	0.197853	/	0.286142
	=	0.6915

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)
	=	(3371.383 / 5712.106)	/	(3495.534 / 6249.573)
	=	0.590217	/	0.559324
	=	1.0552

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 - (12966.875 + 24235.245) / 37202.12)	/	(1 - (19978.133 + 15391.651) / 35369.584)
	=	0	/	-6.0E-6
	=	0

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
	=	6249.573	/	5712.106
	=	1.0941

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))
	=	(614.987 / (614.987 + 15391.651))	/	(498.523 / (498.523 + 24235.245))
	=	0.038421	/	0.020156
	=	1.9062

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)
	=	(205.237 / 6249.573)	/	(167.168 / 5712.106)
	=	0.03284	/	0.029266
	=	1.1221

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)
	=	((13441.952 + 5389.731) / 37202.12)	/	((14985.623 + 4597.806) / 35369.584)
	=	0.506199	/	0.55368
	=	0.9142

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
	=	(2872.568 - 0	-	1399.73)	/	37202.12
	=	0.03959

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.

Bangladesh Shipping has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.76 mean?

Bangladesh Shipping (DHA:BSC) has a Beneish M-Score of -2.76 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bangladesh Shipping and its competitors. According to the industry distribution chart, Bangladesh Shipping ranks #321 out of 966 companies in the Transportation industry, placing it in the top 33.2%.

Is Bangladesh Shipping's Beneish M-Score too high?

Bangladesh Shipping's current Beneish M-Score is -2.76. Based on the distribution chart, Bangladesh Shipping ranks #321 out of 966 companies in the Transportation industry, which is above the industry midpoint. Overall, Bangladesh Shipping has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Bangladesh Shipping's Beneish M-Score compare to competitors?

According to the Transportation industry distribution chart, Bangladesh Shipping ranks #321 out of 966 companies for Beneish M-Score. This puts Bangladesh Shipping in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Transportation company?

A good Beneish M-Score depends on the Transportation industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Bangladesh Shipping and its competitors. Bangladesh Shipping's current Beneish M-Score is -2.76. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Bangladesh Shipping stock overvalued right now?

Based on GuruFocus' analysis, Bangladesh Shipping (DHA:BSC) is currently considered Modestly Undervalued. The stock's GF Value™ is BDT123.13, compared to a current price of BDT110.90 — trading 9.9% below its estimated fair value. The current Beneish M-Score is -2.76. Bangladesh Shipping's overall GF Score™ is 90/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Bangladesh Shipping (DHA:BSC), the current Beneish M-Score is -2.76 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Bangladesh Shipping (DHA:BSC) Overvalued in 2026?

Based on GuruFocus' analysis, Bangladesh Shipping stock appears to be undervalued. The current stock price of BDT110.90 is trading 9.9% below its estimated GF Value™ of BDT123.13. GuruFocus considers Bangladesh Shipping to be Modestly Undervalued.

Key valuation signals for DHA:BSC:

Beneish M-Score: -2.76
GF Value™: BDT123.13 vs. price of BDT110.90 (9.9% below fair value)
GF Score™: 90/100 with 4 warning signs

No single metric tells the full story. See the DHA:BSC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Bangladesh Shipping Business Description

Industry Industrials Transportation

Comparable Companies DHA:SAPORTL BOM:532921 OCSE:MAERSK B HKSE:01919 PHS:ICT XTER:HLAG SHSE:600018 TPE:2603 TSE:9101 XKRX:011200 ADX:ADNOCLS HKSE:01308 TSE:9104 HKSE:00316 SHSE:601018 TSE:9107 XKLS:3816 SAU:4030 HKSE:06198 HKSE:00144

Address Saltgola Road, P.O. Box no. 641, BSC Bhaban, Chattogram, BGD, 4100

Website https://bsc.portal.gov.bd

Bangladesh Shipping Corp is the national flag carrier engaged in shipping and ancillary businesses on International routes. Its Services are Liner Service, Chartering & Tramping service, Feeder Service, Crude Oil Carrying, Crude Oil Lightening, Food Grain Carrying, Food Grain Lightening, Agency Service, and Ship Repair.

90GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

BDT110.90

Price

BDT123.13

GF Value

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