BHI Co Beneish M-Score Historical Data
The historical data trend for BHI 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.
BHI Co Beneish M-Score Chart
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BHI Co Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.83 |
-5.88 |
-3.21 |
-3.03 |
-2.38 |
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BHI Co Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.03 |
-2.72 |
-2.28 |
-2.58 |
-2.38 |
Competitive Comparison of BHI Co's Beneish M-Score
For the Specialty Industrial Machinery subindustry, BHI 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.
BHI Co's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, BHI Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where BHI Co's Beneish M-Score falls into.
BHI 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 BHI Co 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 * 1.1921 | + | 0.528 * 0.8192 | + | 0.404 * 0.9867 | + | 0.892 * 1.1016 | + | 0.115 * 1.9709 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0616 | + | 4.679 * -0.038802 | - | 0.327 * 0.9597 |
| = | -2.38 |
* 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 ₩189,330 Mil.
Revenue was 147106.074 + 98231.828 + 86309.476 + 73093.66 = ₩404,741 Mil.
Gross Profit was 21555.048 + 13307.136 + 12957.817 + 11298.017 = ₩59,118 Mil.
Total Current Assets was ₩247,320 Mil.
Total Assets was ₩524,776 Mil.
Property, Plant and Equipment(Net PPE) was ₩222,332 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩6,058 Mil.
Selling, General, & Admin. Expense(SGA) was ₩13,048 Mil.
Total Current Liabilities was ₩379,906 Mil.
Long-Term Debt & Capital Lease Obligation was ₩568 Mil.
Net Income was 10366.663 + 1743.841 + 1501.012 + 5989.471 = ₩19,601 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₩0 Mil.
Cash Flow from Operations was 35871.171 + 15085.083 + -4511.648 + -6481.381 = ₩39,963 Mil.
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Total Receivables was ₩144,173 Mil.
Revenue was 81072.135 + 82065.497 + 120623.468 + 83638.109 = ₩367,399 Mil.
Gross Profit was 18117.282 + 11288.898 + 6318.848 + 8238.022 = ₩43,963 Mil.
Total Current Assets was ₩188,080 Mil.
Total Assets was ₩425,450 Mil.
Property, Plant and Equipment(Net PPE) was ₩192,077 Mil.
Depreciation, Depletion and Amortization(DDA) was ₩10,595 Mil.
Selling, General, & Admin. Expense(SGA) was ₩11,157 Mil.
Total Current Liabilities was ₩321,135 Mil.
Long-Term Debt & Capital Lease Obligation was ₩293 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) |
| = | (189329.702 / 404741.038) | / | (144172.61 / 367399.209) |
| = | 0.46778 | / | 0.392414 |
| | = | 1.1921 |
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) |
| = | (43963.05 / 367399.209) | / | (59118.018 / 404741.038) |
| = | 0.11966 | / | 0.146064 |
| | = | 0.8192 |
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 - (247320.46 + 222332.441) / 524776.406) | / | (1 - (188080.477 + 192076.93) / 425449.542) |
| = | 0.105042 | / | 0.106457 |
| | = | 0.9867 |
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 |
| = | 404741.038 | / | 367399.209 |
| | = | 1.1016 |
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)) |
| = | (10594.863 / (10594.863 + 192076.93)) | / | (6057.896 / (6057.896 + 222332.441)) |
| = | 0.052276 | / | 0.026524 |
| | = | 1.9709 |
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) |
| = | (13048.46 / 404741.038) | / | (11157.362 / 367399.209) |
| = | 0.032239 | / | 0.030368 |
| | = | 1.0616 |
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) |
| = | ((568.143 + 379905.605) / 524776.406) | / | ((292.999 + 321135.149) / 425449.542) |
| = | 0.725021 | / | 0.755502 |
| | = | 0.9597 |
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 |
| = | (19600.987 - 0 | - | 39963.225) | / | 524776.406 |
| | = | -0.038802 |
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.
BHI Co has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.
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