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Nico Steel Holdings (SGX:5GF) Beneish M-Score : 0.00 (As of Jun. 13, 2024)


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What is Nico Steel Holdings 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.

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

During the past 13 years, the highest Beneish M-Score of Nico Steel Holdings was 0.00. The lowest was 0.00. And the median was 0.00.


Nico Steel Holdings Beneish M-Score Historical Data

The historical data trend for Nico Steel 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.

* Premium members only.

Nico Steel Holdings Beneish M-Score Chart

Nico Steel Holdings Annual Data
Trend Feb14 Feb15 Feb16 Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.86 -2.49 -2.57 -2.09 -3.07

Nico Steel Holdings Semi-Annual Data
Aug13 Feb14 Aug14 Feb15 Aug15 Feb16 Aug16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.57 - -2.09 - -3.07

Competitive Comparison of Nico Steel Holdings's Beneish M-Score

For the Steel subindustry, Nico Steel 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.


Nico Steel Holdings's Beneish M-Score Distribution in the Steel Industry

For the Steel industry and Basic Materials sector, Nico Steel Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Nico Steel Holdings's Beneish M-Score falls into.



Nico Steel 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 Nico Steel 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 * 0.9587+0.528 * 0.9293+0.404 * 1.2065+0.892 * 0.7778+0.115 * 0.8714
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2762+4.679 * -0.093969-0.327 * 0.6966
=-3.07

* 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 (Feb23) TTM:Last Year (Feb22) TTM:
Total Receivables was S$7.04 Mil.
Revenue was S$21.87 Mil.
Gross Profit was S$4.25 Mil.
Total Current Assets was S$22.38 Mil.
Total Assets was S$26.95 Mil.
Property, Plant and Equipment(Net PPE) was S$4.56 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.69 Mil.
Selling, General, & Admin. Expense(SGA) was S$3.92 Mil.
Total Current Liabilities was S$4.63 Mil.
Long-Term Debt & Capital Lease Obligation was S$0.83 Mil.
Net Income was S$0.10 Mil.
Gross Profit was S$0.00 Mil.
Cash Flow from Operations was S$2.63 Mil.
Total Receivables was S$9.44 Mil.
Revenue was S$28.12 Mil.
Gross Profit was S$5.08 Mil.
Total Current Assets was S$27.30 Mil.
Total Assets was S$32.44 Mil.
Property, Plant and Equipment(Net PPE) was S$5.14 Mil.
Depreciation, Depletion and Amortization(DDA) was S$0.66 Mil.
Selling, General, & Admin. Expense(SGA) was S$3.95 Mil.
Total Current Liabilities was S$7.68 Mil.
Long-Term Debt & Capital Lease Obligation was S$1.75 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)
=(7.041 / 21.87) / (9.442 / 28.116)
=0.321948 / 0.335823
=0.9587

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)
=(5.081 / 28.116) / (4.253 / 21.87)
=0.180716 / 0.194467
=0.9293

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 - (22.379 + 4.563) / 26.945) / (1 - (27.297 + 5.135) / 32.435)
=0.000111 / 9.2E-5
=1.2065

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
=21.87 / 28.116
=0.7778

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))
=(0.66 / (0.66 + 5.135)) / (0.686 / (0.686 + 4.563))
=0.113891 / 0.130692
=0.8714

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)
=(3.924 / 21.87) / (3.953 / 28.116)
=0.179424 / 0.140596
=1.2762

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)
=((0.831 + 4.626) / 26.945) / ((1.753 + 7.677) / 32.435)
=0.202524 / 0.290735
=0.6966

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
=(0.095 - 0 - 2.627) / 26.945
=-0.093969

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.

Nico Steel Holdings has a M-score of -3.07 suggests that the company is unlikely to be a manipulator.


Nico Steel Holdings Beneish M-Score Related Terms

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Nico Steel Holdings (SGX:5GF) Business Description

Traded in Other Exchanges
N/A
Address
51 Loyang Way, Singapore, SGP, 508744
Nico Steel Holdings Ltd is a provider of Metallurgical Solutions for the personal computer, high-tech electronics, and automotive industries. Its segments include Coil Centre which provides metallurgical solutions, metal slitting services, and import and export trading; the Plating segment provides electro-plating process, metal surface treatment, and chemistry blending for electronic products; and Other operations consisting of investment holding. The majority of the revenue is derived from the Coil Centre segment. Its products include Proprietary Metal Alloys(NICO Solderite, NICO N10, NICO AL50, N-Laminate), N-Clad Solutions for thermal management, and others. Its geographical segments include Singapore, China, Malaysia, Thailand, and other countries.

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