Bangladesh Shipping Beneish M-Score Historical Data
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
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Bangladesh Shipping Annual Data
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Jun20 |
Jun21 |
Jun22 |
Jun23 |
Jun24 |
| Beneish M-Score |
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-2.86 |
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Bangladesh Shipping Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
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Sep21 |
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Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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Competitive Comparison of Bangladesh Shipping's Beneish M-Score
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's Beneish M-Score Distribution in the 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.
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:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was BDT1,391 Mil.
Revenue was 1507.144 + 1412.494 + 1201.3 + 1162.294 = BDT5,283 Mil.
Gross Profit was 969.068 + 1044.498 + 705.652 + 701.295 = BDT3,421 Mil.
Total Current Assets was BDT24,247 Mil.
Total Assets was BDT39,978 Mil.
Property, Plant and Equipment(Net PPE) was BDT15,732 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT502 Mil.
Selling, General, & Admin. Expense(SGA) was BDT117 Mil.
Total Current Liabilities was BDT7,188 Mil.
Long-Term Debt & Capital Lease Obligation was BDT15,552 Mil.
Net Income was 903.275 + 811.109 + 681.109 + 501.567 = BDT2,897 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 2198.462 + 1142.516 + 1182.138 + 1311.496 = BDT5,835 Mil.
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Total Receivables was BDT1,100 Mil.
Revenue was 1101.345 + 1458.349 + 1232.979 + 1302.685 = BDT5,095 Mil.
Gross Profit was 666.292 + -33.762 + 777.117 + 909.043 = BDT2,319 Mil.
Total Current Assets was BDT18,990 Mil.
Total Assets was BDT35,079 Mil.
Property, Plant and Equipment(Net PPE) was BDT16,089 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT472 Mil.
Selling, General, & Admin. Expense(SGA) was BDT88 Mil.
Total Current Liabilities was BDT4,859 Mil.
Long-Term Debt & Capital Lease Obligation was BDT15,662 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) |
| = | (1390.776 / 5283.232) | / | (1100.191 / 5095.358) |
| = | 0.263243 | / | 0.21592 |
| | = | |
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) |
| = | (2318.69 / 5095.358) | / | (3420.513 / 5283.232) |
| = | 0.455059 | / | 0.647428 |
| | = | |
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 - (24246.694 + 15731.641) / 39978.336) | / | (1 - (18990.067 + 16089.188) / 35079.255) |
| = | 0 | / | 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 |
| = | 5283.232 | / | 5095.358 |
| | = | |
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)) |
| = | (471.787 / (471.787 + 16089.188)) | / | (502.272 / (502.272 + 15731.641)) |
| = | 0.028488 | / | 0.03094 |
| | = | |
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) |
| = | (117.178 / 5283.232) | / | (87.925 / 5095.358) |
| = | 0.022179 | / | 0.017256 |
| | = | |
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) |
| = | ((15552.392 + 7187.683) / 39978.336) | / | ((15661.715 + 4858.875) / 35079.255) |
| = | 0.56881 | / | 0.584978 |
| | = | |
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 |
| = | (2897.06 - 0 | - | 5834.612) | / | 39978.336 |
| | = | -0.073479 |
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.
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