BCG Land JSC Beneish M-Score Historical Data
The historical data trend for BCG Land JSC'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.
BCG Land JSC Beneish M-Score Chart
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BCG Land JSC Annual Data
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Trend |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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- |
- |
-1.42 |
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BCG Land JSC Quarterly Data
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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- |
- |
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-1.42 |
Competitive Comparison of BCG Land JSC's Beneish M-Score
For the Real Estate - Development subindustry, BCG Land JSC'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.
BCG Land JSC's Beneish M-Score Distribution in the Real Estate Industry
For the Real Estate industry and Real Estate sector, BCG Land JSC's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BCG Land JSC's Beneish M-Score falls into.
BCG Land JSC 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 BCG Land JSC 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 * 1.9468 | + | 0.528 * 1.5329 | + | 0.404 * 1.0767 | + | 0.892 * 0.7087 | + | 0.115 * 1.5077 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1149 | + | 4.679 * 0.013565 | - | 0.327 * 0.8925 |
| = | -1.42 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₫1,241,203 Mil.
Revenue was 74412.972 + 287273.023 + 97654.859 + 209952.799 = ₫669,294 Mil.
Gross Profit was 4645.47 + 57341.55 + 24722.234 + 40945.88 = ₫127,655 Mil.
Total Current Assets was ₫4,997,023 Mil.
Total Assets was ₫13,319,201 Mil.
Property, Plant and Equipment(Net PPE) was ₫1,042,876 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫15,634 Mil.
Selling, General, & Admin. Expense(SGA) was ₫124,690 Mil.
Total Current Liabilities was ₫2,830,127 Mil.
Long-Term Debt & Capital Lease Obligation was ₫2,670,605 Mil.
Net Income was 163439.915 + 39877.798 + 37544.251 + 17747.263 = ₫258,609 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₫0 Mil.
Cash Flow from Operations was 756829.334 + -434729.055 + -236926.569 + -7233.398 = ₫77,940 Mil.
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Total Receivables was ₫899,607 Mil.
Revenue was 361053.908 + 229879.757 + 344446.13 + 9018.388 = ₫944,398 Mil.
Gross Profit was 100538.234 + 55471.124 + 120699.368 + -601.666 = ₫276,107 Mil.
Total Current Assets was ₫5,240,470 Mil.
Total Assets was ₫12,020,237 Mil.
Property, Plant and Equipment(Net PPE) was ₫678,440 Mil.
Depreciation, Depletion and Amortization(DDA) was ₫15,453 Mil.
Selling, General, & Admin. Expense(SGA) was ₫157,812 Mil.
Total Current Liabilities was ₫2,518,053 Mil.
Long-Term Debt & Capital Lease Obligation was ₫3,043,933 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) |
| = | (1241202.868 / 669293.653) | / | (899606.645 / 944398.183) |
| = | 1.854497 | / | 0.952571 |
| | = | 1.9468 |
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) |
| = | (276107.06 / 944398.183) | / | (127655.134 / 669293.653) |
| = | 0.292363 | / | 0.190731 |
| | = | 1.5329 |
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 - (4997023.205 + 1042875.96) / 13319200.937) | / | (1 - (5240469.636 + 678439.51) / 12020236.632) |
| = | 0.546527 | / | 0.507588 |
| | = | 1.0767 |
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 |
| = | 669293.653 | / | 944398.183 |
| | = | 0.7087 |
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)) |
| = | (15452.618 / (15452.618 + 678439.51)) | / | (15634.163 / (15634.163 + 1042875.96)) |
| = | 0.022269 | / | 0.01477 |
| | = | 1.5077 |
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) |
| = | (124689.739 / 669293.653) | / | (157811.895 / 944398.183) |
| = | 0.1863 | / | 0.167103 |
| | = | 1.1149 |
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) |
| = | ((2670605 + 2830126.603) / 13319200.937) | / | ((3043932.536 + 2518052.751) / 12020236.632) |
| = | 0.412993 | / | 0.462718 |
| | = | 0.8925 |
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 |
| = | (258609.227 - 0 | - | 77940.312) | / | 13319200.937 |
| | = | 0.013565 |
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.
BCG Land JSC has a M-score of -1.42 signals that the company is likely to be a manipulator.
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