Bengang Steel Plates Co (SZSE:200761) Beneish M-Score : -3.43 (As of May. 24, 2024)

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What is Bengang Steel Plates Co 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 -3.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SZSE:200761' s Beneish M-Score Range Over the Past 10 Years
Min: -19.76 Med: -2.67 Max: 5.41
Current: -3.43

During the past 13 years, the highest Beneish M-Score of Bengang Steel Plates Co was 5.41. The lowest was -19.76. And the median was -2.67.

Bengang Steel Plates Co Beneish M-Score Historical Data

The historical data trend for Bengang Steel Plates Co'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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Bengang Steel Plates Co Beneish M-Score Chart

Bengang Steel Plates Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.88

-1.28

-0.57

3.56

-3.34

Bengang Steel Plates Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-19.76	-3.30	-3.22	-3.34	-3.43

Competitive Comparison of Bengang Steel Plates Co's Beneish M-Score

For the Steel subindustry, Bengang Steel Plates Co'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.

Bengang Steel Plates Co's Beneish M-Score Distribution in the Steel Industry

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

* The bar in red indicates where Bengang Steel Plates Co's Beneish M-Score falls into.

Bengang Steel Plates Co 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 Bengang Steel Plates Co 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 * 1.4401

0.528 * 0.0637

0.404 * 1.0606

0.892 * 0.8779

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.9295

4.679 * -0.102559

0.327 * 1.063

-3.49

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was HK$3,650 Mil.
Revenue was 16084.942 + 15654.551 + 13875.671 + 16169.54 = HK$61,785 Mil.
Gross Profit was -473.538 + -278.284 + -117.634 + -672.758 = HK$-1,542 Mil.
Total Current Assets was HK$14,900 Mil.
Total Assets was HK$50,053 Mil.
Property, Plant and Equipment(Net PPE) was HK$33,125 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$477 Mil.
Total Current Liabilities was HK$21,464 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9,929 Mil.
Net Income was -983.717 + -543.34 + -258.387 + -1151.171 = HK$-2,937 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 565.097 + -572.452 + 203.905 + 2000.222 = HK$2,197 Mil.

Total Receivables was HK$2,887 Mil.
Revenue was 17978.171 + 16502.141 + 14340.202 + 21561.041 = HK$70,382 Mil.
Gross Profit was 532.873 + -776.649 + -654.092 + 785.872 = HK$-112 Mil.
Total Current Assets was HK$18,734 Mil.
Total Assets was HK$54,099 Mil.
Property, Plant and Equipment(Net PPE) was HK$33,299 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$186 Mil.
Total Current Liabilities was HK$22,858 Mil.
Long-Term Debt & Capital Lease Obligation was HK$9,062 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)
	=	(3650.021 / 61784.704)	/	(2887.297 / 70381.555)
	=	0.059076	/	0.041023
	=	1.4401

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)
	=	(-111.996 / 70381.555)	/	(-1542.214 / 61784.704)
	=	-0.001591	/	-0.024961
	=	0.0637

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 - (14899.915 + 33125.481) / 50053.059)	/	(1 - (18733.587 + 33298.742) / 54098.744)
	=	0.04051	/	0.038197
	=	1.0606

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
	=	61784.704	/	70381.555
	=	0.8779

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 / (0 + 33298.742))	/	(0 / (0 + 33125.481))
	=	0	/	0
	=	1

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)
	=	(477.464 / 61784.704)	/	(185.7 / 70381.555)
	=	0.007728	/	0.002638
	=	2.9295

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)
	=	((9929.135 + 21463.853) / 50053.059)	/	((9062.022 + 22858.075) / 54098.744)
	=	0.627194	/	0.590034
	=	1.063

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
	=	(-2936.615 - 0	-	2196.772)	/	50053.059
	=	-0.102559

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.

Bengang Steel Plates Co has a M-score of -3.49 suggests that the company is unlikely to be a manipulator.

Bengang Steel Plates Co Beneish M-Score Related Terms

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Bengang Steel Plates Co (SZSE:200761) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Steel » Bengang Steel Plates Co Ltd (SZSE:200761) » Definitions » Beneish M-Score

Traded in Other Exchanges

000761:China

Address

No.16, Renmin Road, Pingshan District, Liaoning Province, Benxi, CHN, 117000

Website

http://www.bxsteel.com

Bengang Steel Plates Co Ltd is an iron and steel smelting company. Its products are applied in automobiles, household appliances, petrochemical engineering, machine manufacturing, energy transportation, architectural decoration, metal parts, and various other industries and are exported to more than 60 countries and regions.

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