Bangladesh Submarine Cables (DHA:BSCPLC) Beneish M-Score : -2.38 (As of Jun. 19, 2024)

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What is Bangladesh Submarine Cables 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:BSCPLC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.39 Med: -2.5 Max: -1.24
Current: -2.38

During the past 10 years, the highest Beneish M-Score of Bangladesh Submarine Cables was -1.24. The lowest was -3.39. And the median was -2.50.

Bangladesh Submarine Cables Beneish M-Score Historical Data

The historical data trend for Bangladesh Submarine Cables'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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Bangladesh Submarine Cables Beneish M-Score Chart

Bangladesh Submarine Cables Annual Data

Trend

Jun14

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Jun23

Beneish M-Score

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-1.72

Bangladesh Submarine Cables 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															-	-1.72	-1.71	-2.03	-2.38

Competitive Comparison of Bangladesh Submarine Cables's Beneish M-Score

For the Telecom Services subindustry, Bangladesh Submarine Cables'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 Submarine Cables's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, Bangladesh Submarine Cables's Beneish M-Score distribution charts can be found below:

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

Bangladesh Submarine Cables 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 Submarine Cables 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 * 0.9693

0.528 * 1.0256

0.404 * 0.8631

0.892 * 0.9096

0.115 * 1.1033

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * -0.8827

4.679 * -0.027024

0.327 * 0.8868

-2.38

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was BDT3,139 Mil.
Revenue was 972.007 + 1159.382 + 1251.546 + 1272.663 = BDT4,656 Mil.
Gross Profit was 773.926 + 941.901 + 1046.894 + 1031.856 = BDT3,795 Mil.
Total Current Assets was BDT8,639 Mil.
Total Assets was BDT21,949 Mil.
Property, Plant and Equipment(Net PPE) was BDT13,204 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT493 Mil.
Selling, General, & Admin. Expense(SGA) was BDT87 Mil.
Total Current Liabilities was BDT1,777 Mil.
Long-Term Debt & Capital Lease Obligation was BDT3,857 Mil.
Net Income was 404.531 + 590.001 + 640.106 + 696.403 = BDT2,331 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0 Mil.
Cash Flow from Operations was 654.297 + 801.379 + 863.069 + 605.449 = BDT2,924 Mil.

Total Receivables was BDT3,560 Mil.
Revenue was 1265.967 + 1312.123 + 1304.159 + 1235.896 = BDT5,118 Mil.
Gross Profit was 1049.233 + 1108.217 + 1088.62 + 1032.187 = BDT4,278 Mil.
Total Current Assets was BDT8,356 Mil.
Total Assets was BDT20,031 Mil.
Property, Plant and Equipment(Net PPE) was BDT11,564 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT478 Mil.
Selling, General, & Admin. Expense(SGA) was BDT-109 Mil.
Total Current Liabilities was BDT3,027 Mil.
Long-Term Debt & Capital Lease Obligation was BDT2,771 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)
	=	(3138.989 / 4655.598)	/	(3559.975 / 5118.145)
	=	0.67424	/	0.69556
	=	0.9693

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)
	=	(4278.257 / 5118.145)	/	(3794.577 / 4655.598)
	=	0.8359	/	0.815057
	=	1.0256

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 - (8639.356 + 13204.356) / 21948.866)	/	(1 - (8355.857 + 11563.957) / 20031.012)
	=	0.004791	/	0.005551
	=	0.8631

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
	=	4655.598	/	5118.145
	=	0.9096

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))
	=	(478.417 / (478.417 + 11563.957))	/	(493.234 / (493.234 + 13204.356))
	=	0.039728	/	0.036009
	=	1.1033

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)
	=	(87.31 / 4655.598)	/	(-108.739 / 5118.145)
	=	0.018754	/	-0.021246
	=	-0.8827

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)
	=	((3856.951 + 1777.264) / 21948.866)	/	((2771.379 + 3027.126) / 20031.012)
	=	0.256697	/	0.289476
	=	0.8868

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
	=	(2331.041 - 0	-	2924.194)	/	21948.866
	=	-0.027024

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 Submarine Cables has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.

Bangladesh Submarine Cables Beneish M-Score Related Terms

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Bangladesh Submarine Cables (DHA:BSCPLC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » Bangladesh Submarine Cables PLC (DHA:BSCPLC) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

191/1, Tejgaon-Gulshan Link Road, Rahman’s Regnum Center (7th and 8th Floor), Dhaka, BGD, 1208

Website

http://www.bsccl.com

Bangladesh Submarine Cables PLC is a Core Telecommunication service provider and International Submarine Cable Operator of Bangladesh. It is also an IIG (International Internet Gateway). The service provided by the company represents the Long-haul communication between Bangladesh and the rest of the world. The company is a party in both SMW-4 and SMW-5 Consortiums that provide more capacity and redundancy in Submarine Cables for Bangladesh. BSCCL-IIG is helping the people of the Country to get broadband Internet at a cheaper rate and quality of service.

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