Bosideng International Holdings Beneish M-Score Historical Data
The historical data trend for Bosideng International Holdings'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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Bosideng International Holdings Annual Data
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Trend |
Mar14 |
Mar15 |
Mar16 |
Mar17 |
Mar18 |
Mar19 |
Mar20 |
Mar21 |
Mar22 |
Mar23 |
| Beneish M-Score |
Array
(
[0] => -
[1] => -
[2] => -
[3] => -
[4] => -
[5] => -2.75
[6] => -2.66
[7] => -2.88
[8] => -2.32
[9] => -2.98
)
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-2.75 |
-2.66 |
-2.88 |
-2.32 |
-2.98 |
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Bosideng International Holdings Semi-Annual Data
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Mar14 |
Sep14 |
Mar15 |
Sep15 |
Mar16 |
Sep16 |
Mar17 |
Sep17 |
Mar18 |
Sep18 |
Mar19 |
Sep19 |
Mar20 |
Sep20 |
Mar21 |
Sep21 |
Mar22 |
Sep22 |
Mar23 |
Sep23 |
| Beneish M-Score |
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- |
-2.32 |
- |
-2.98 |
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Competitive Comparison
For the Apparel Manufacturing subindustry, Bosideng International Holdings'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.
Bosideng International Holdings Beneish M-Score Distribution
For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, Bosideng International Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Bosideng International Holdings's Beneish M-Score falls into.
Bosideng International Holdings 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 Bosideng International Holdings 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 * 0.7265 | + | 0.528 * 1.0098 | + | 0.404 * 0.9329 | + | 0.892 * 0.9526 | + | 0.115 * 0.9519 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9606 | + | 4.679 * -0.043551 | - | 0.327 * 0.941 |
| = | -2.98 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was $159 Mil.
Revenue was $2,434 Mil.
Gross Profit was $1,448 Mil.
Total Current Assets was $2,136 Mil.
Total Assets was $3,039 Mil.
Property, Plant and Equipment(Net PPE) was $393 Mil.
Depreciation, Depletion and Amortization(DDA) was $138 Mil.
Selling, General, & Admin. Expense(SGA) was $1,064 Mil.
Total Current Liabilities was $879 Mil.
Long-Term Debt & Capital Lease Obligation was $309 Mil.
Net Income was $310 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $443 Mil.
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Total Receivables was $230 Mil.
Revenue was $2,555 Mil.
Gross Profit was $1,535 Mil.
Total Current Assets was $2,323 Mil.
Total Assets was $3,355 Mil.
Property, Plant and Equipment(Net PPE) was $428 Mil.
Depreciation, Depletion and Amortization(DDA) was $141 Mil.
Selling, General, & Admin. Expense(SGA) was $1,162 Mil.
Total Current Liabilities was $1,042 Mil.
Long-Term Debt & Capital Lease Obligation was $351 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) |
| = | (159.367 / 2434.257) | / | (230.284 / 2555.497) |
| = | 0.065468 | / | 0.090113 |
| | = | 0.7265 |
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) |
| = | (1534.719 / 2555.497) | / | (1447.688 / 2434.257) |
| = | 0.600556 | / | 0.594715 |
| | = | 1.0098 |
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 - (2136.446 + 392.673) / 3039.18) | / | (1 - (2322.718 + 428.401) / 3354.619) |
| = | 0.167828 | / | 0.179901 |
| | = | 0.9329 |
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 |
| = | 2434.257 | / | 2555.497 |
| | = | 0.9526 |
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)) |
| = | (140.716 / (140.716 + 428.401)) | / | (137.78 / (137.78 + 392.673)) |
| = | 0.247253 | / | 0.25974 |
| | = | 0.9519 |
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) |
| = | (1063.535 / 2434.257) | / | (1162.302 / 2555.497) |
| = | 0.436903 | / | 0.454824 |
| | = | 0.9606 |
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) |
| = | ((308.954 + 878.536) / 3039.18) | / | ((351.037 + 1041.847) / 3354.619) |
| = | 0.390727 | / | 0.415214 |
| | = | 0.941 |
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 |
| = | (310.348 - 0 | - | 442.708) | / | 3039.18 |
| | = | -0.043551 |
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.
Bosideng International Holdings has a M-score of -2.98 suggests that the company is unlikely to be a manipulator.
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