Golden Son (DHA:GOLDENSON) Beneish M-Score : -3.13 (As of May. 13, 2024)

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What is Golden Son 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 -3.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

DHA:GOLDENSON' s Beneish M-Score Range Over the Past 10 Years
Min: -6.72 Med: -2.59 Max: 1.42
Current: -3.13

During the past 11 years, the highest Beneish M-Score of Golden Son was 1.42. The lowest was -6.72. And the median was -2.59.

Golden Son Beneish M-Score Historical Data

The historical data trend for Golden Son'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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Golden Son Beneish M-Score Chart

Golden Son Annual Data

Trend

Dec13

Dec14

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-2.83

-3.35

-2.22

-1.86

-2.59

Golden Son Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-6.72	-5.39	-2.59	-2.87	-3.13

Competitive Comparison of Golden Son's Beneish M-Score

For the Household & Personal Products subindustry, Golden Son'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.

Golden Son's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, Golden Son's Beneish M-Score distribution charts can be found below:

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

Golden Son 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 Golden Son 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 * 0.6261

0.528 * -0.3583

0.404 * 0.9956

0.892 * 1.5934

0.115 * 1.1164

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.024205

0.327 * 1.0467

-3.13

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was BDT2,351.9 Mil.
Revenue was 216.984 + 196.263 + 274.075 + 167.233 = BDT854.6 Mil.
Gross Profit was 46.031 + 30.086 + 44.08 + 14.019 = BDT134.2 Mil.
Total Current Assets was BDT4,177.7 Mil.
Total Assets was BDT7,833.9 Mil.
Property, Plant and Equipment(Net PPE) was BDT3,591.1 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT20.3 Mil.
Selling, General, & Admin. Expense(SGA) was BDT0.0 Mil.
Total Current Liabilities was BDT2,366.3 Mil.
Long-Term Debt & Capital Lease Obligation was BDT2,083.6 Mil.
Net Income was -2.667 + -18.669 + -32.545 + -30.322 = BDT-84.2 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BDT0.0 Mil.
Cash Flow from Operations was 120.923 + -61.466 + -94.178 + 140.141 = BDT105.4 Mil.

Total Receivables was BDT2,357.4 Mil.
Revenue was 161.529 + 141.603 + 102.649 + 130.517 = BDT536.3 Mil.
Gross Profit was 12.975 + 2.906 + -96.711 + 50.646 = BDT-30.2 Mil.
Total Current Assets was BDT4,145.0 Mil.
Total Assets was BDT7,617.1 Mil.
Property, Plant and Equipment(Net PPE) was BDT3,408.5 Mil.
Depreciation, Depletion and Amortization(DDA) was BDT21.5 Mil.
Selling, General, & Admin. Expense(SGA) was BDT0.0 Mil.
Total Current Liabilities was BDT2,224.4 Mil.
Long-Term Debt & Capital Lease Obligation was BDT1,909.2 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)
	=	(2351.884 / 854.555)	/	(2357.4 / 536.298)
	=	2.752174	/	4.39569
	=	0.6261

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)
	=	(-30.184 / 536.298)	/	(134.216 / 854.555)
	=	-0.056282	/	0.15706
	=	-0.3583

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 - (4177.714 + 3591.059) / 7833.908)	/	(1 - (4145.016 + 3408.504) / 7617.13)
	=	0.008314	/	0.008351
	=	0.9956

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
	=	854.555	/	536.298
	=	1.5934

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))
	=	(21.514 / (21.514 + 3408.504))	/	(20.287 / (20.287 + 3591.059))
	=	0.006272	/	0.005618
	=	1.1164

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 / 854.555)	/	(0 / 536.298)
	=	0	/	0
	=	1

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)
	=	((2083.615 + 2366.264) / 7833.908)	/	((1909.249 + 2224.428) / 7617.13)
	=	0.568028	/	0.542682
	=	1.0467

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
	=	(-84.203 - 0	-	105.42)	/	7833.908
	=	-0.024205

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.

Golden Son has a M-score of -3.13 suggests that the company is unlikely to be a manipulator.

Golden Son Beneish M-Score Related Terms

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Golden Son (DHA:GOLDENSON) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » Golden Son Ltd (DHA:GOLDENSON) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Khowaj Nagar, P.O: Ajimpara, P.S: Karnaphuli, Chattogram, BGD

Website

https://www.goldensonbd.com

Golden Son Ltd manufactures, imports, exports and sells hot pot, food warmer, fan components, baby toys, plastic products, garments accessories, and solar lightings. Its principal activities include manufacturing of household electronics and electrical goods, Twill tape, hotpots and various types of toys, etc. Its products portfolio is divided into garments accessories including adjustable elastic, buttonhole elastic, selvedge tape, canvas tape, gross grain tape, herringbone twill tape, among others; household items such as dream pot, dream food warmer, and accessories; screw including wooden screw, self-drilling screw, roofing screw, tapping screw, and pan head screw; toys that include soft toys.

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