ABA Chemicals Beneish M-Score Historical Data
The historical data trend for ABA Chemicals'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.
ABA Chemicals Beneish M-Score Chart
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ABA Chemicals Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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0.69 |
-2.59 |
-3.13 |
-2.07 |
-2.34 |
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ABA Chemicals Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.54 |
-2.55 |
-2.83 |
-2.34 |
-2.14 |
Competitive Comparison of ABA Chemicals's Beneish M-Score
For the Chemicals subindustry, ABA Chemicals'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.
ABA Chemicals's Beneish M-Score Distribution in the Chemicals Industry
For the Chemicals industry and Basic Materials sector, ABA Chemicals's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where ABA Chemicals's Beneish M-Score falls into.
ABA Chemicals 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 ABA Chemicals 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 * 1.6868 | + | 0.528 * 1.7242 | + | 0.404 * 1.0092 | + | 0.892 * 0.5274 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9035 | + | 4.679 * -0.012955 | - | 0.327 * 1.1278 |
| = | -2.14 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥686 Mil.
Revenue was 219.942 + 178.273 + 248.139 + 373.697 = ¥1,020 Mil.
Gross Profit was 36.396 + -67.542 + 81.635 + 134.388 = ¥185 Mil.
Total Current Assets was ¥1,734 Mil.
Total Assets was ¥4,192 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,280 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥94 Mil.
Total Current Liabilities was ¥1,517 Mil.
Long-Term Debt & Capital Lease Obligation was ¥181 Mil.
Net Income was -45.577 + -158.952 + -20.083 + 43.526 = ¥-181 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 6.343 + -117.688 + -13.357 + -2.076 = ¥-127 Mil.
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Total Receivables was ¥771 Mil.
Revenue was 478.739 + 400.533 + 503.107 + 551.9 = ¥1,934 Mil.
Gross Profit was 151.619 + 150.576 + 154.396 + 147.856 = ¥604 Mil.
Total Current Assets was ¥1,825 Mil.
Total Assets was ¥4,152 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,171 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥93 Mil.
Total Current Liabilities was ¥1,209 Mil.
Long-Term Debt & Capital Lease Obligation was ¥282 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) |
| = | (685.543 / 1020.051) | / | (770.678 / 1934.279) |
| = | 0.672067 | / | 0.398432 |
| | = | 1.6868 |
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) |
| = | (604.447 / 1934.279) | / | (184.877 / 1020.051) |
| = | 0.312492 | / | 0.181243 |
| | = | 1.7242 |
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 - (1734.147 + 1280.266) / 4192.018) | / | (1 - (1824.929 + 1171.077) / 4151.699) |
| = | 0.280916 | / | 0.278366 |
| | = | 1.0092 |
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 |
| = | 1020.051 | / | 1934.279 |
| | = | 0.5274 |
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 + 1171.077)) | / | (0 / (0 + 1280.266)) |
| = | 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) |
| = | (93.527 / 1020.051) | / | (93.173 / 1934.279) |
| = | 0.091689 | / | 0.048169 |
| | = | 1.9035 |
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) |
| = | ((180.94 + 1517.329) / 4192.018) | / | ((281.927 + 1209.414) / 4151.699) |
| = | 0.40512 | / | 0.359212 |
| | = | 1.1278 |
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 |
| = | (-181.086 - 0 | - | -126.778) | / | 4192.018 |
| | = | -0.012955 |
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.
ABA Chemicals has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.
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