>
Switch to:

Borqs Technologies Beneish M-Score

: -10.07 (As of Today)
View and export this data going back to 2015. Start your Free Trial

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 -10.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

NAS:BRQS' s Beneish M-Score Range Over the Past 10 Years
Min: -18.76   Med: -9.34   Max: -7.1
Current: -10.07

-18.76
-7.1

During the past 4 years, the highest Beneish M-Score of Borqs Technologies was -7.10. The lowest was -18.76. And the median was -9.34.


Borqs Technologies Beneish M-Score Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

* Premium members only.

Borqs Technologies Annual Data
Jun16 Jun17 Dec18 Dec19
Beneish M-Score 0.00 0.00 -8.61 -10.07

Borqs Technologies Semi-Annual Data
Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 0.00 -8.61 -7.10 -10.07 -18.76

Competitive Comparison
* 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.


Borqs Technologies Beneish M-Score Distribution

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



Borqs Technologies 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 Borqs Technologies 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 * 0.8985+0.528 * -8.1568+0.404 * 1.1162+0.892 * 0.7706+0.115 * 1.1034
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.6264+4.679 * -0.5038-0.327 * 1.695
=-10.07

* All numbers are in millions except for per share data and ratio. All numbers are indicated in the company's associated stock exchange currency.

This Year (Dec19) TTM:Last Year (Dec18) TTM:
Accounts Receivable was $1.70 Mil.
Revenue was $98.96 Mil.
Gross Profit was $0.57 Mil.
Total Current Assets was $35.15 Mil.
Total Assets was $56.80 Mil.
Property, Plant and Equipment(Net PPE) was $0.94 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.08 Mil.
Selling, General, & Admin. Expense(SGA) was $26.30 Mil.
Total Current Liabilities was $99.57 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $-34.41 Mil.
Gross Profit was $1.58 Mil.
Cash Flow from Operations was $-7.37 Mil.
Accounts Receivable was $2.45 Mil.
Revenue was $128.42 Mil.
Gross Profit was $-6.02 Mil.
Total Current Assets was $53.83 Mil.
Total Assets was $80.39 Mil.
Property, Plant and Equipment(Net PPE) was $0.31 Mil.
Depreciation, Depletion and Amortization(DDA) was $6.48 Mil.
Selling, General, & Admin. Expense(SGA) was $54.49 Mil.
Total Current Liabilities was $83.15 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable 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)
=(1.699 / 98.958) / (2.454 / 128.42)
=0.0171689 / 0.01910917
=0.8985

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)
=(-6.023 / 128.42) / (0.569 / 98.958)
=-0.04690079 / 0.00574991
=-8.1568

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 - (35.15 + 0.944) / 56.798) / (1 - (53.834 + 0.305) / 80.392)
=0.36451988 / 0.32656234
=1.1162

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
=98.958 / 128.42
=0.7706

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))
=(6.483 / (6.483 + 0.305)) / (6.077 / (6.077 + 0.944))
=0.95506777 / 0.86554622
=1.1034

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)
=(26.3 / 98.958) / (54.487 / 128.42)
=0.26576932 / 0.42428749
=0.6264

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)
=((0 + 99.573) / 56.798) / ((0 + 83.147) / 80.392)
=1.7531075 / 1.03426958
=1.695

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
=(-34.409 - 1.58 - -7.373) / 56.798
=-0.5038

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.

Borqs Technologies has a M-score of -10.07 suggests that the company is unlikely to be a manipulator.


Borqs Technologies Beneish M-Score Headlines

No Headline

Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)