The United Basalt Products (XMAU:UBP) Beneish M-Score : -2.73 (As of May. 30, 2024)

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What is The United Basalt Products 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for The United Basalt Products's Beneish M-Score or its related term are showing as below:

XMAU:UBP' s Beneish M-Score Range Over the Past 10 Years
Min: -6.23 Med: -2.88 Max: -2.39
Current: -2.73

During the past 13 years, the highest Beneish M-Score of The United Basalt Products was -2.39. The lowest was -6.23. And the median was -2.88.

The United Basalt Products Beneish M-Score Historical Data

The historical data trend for The United Basalt Products'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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The United Basalt Products Beneish M-Score Chart

The United Basalt Products Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-2.89

-2.94

-2.87

-2.39

-2.73

The United Basalt Products Quarterly Data
	Mar19	Jun19	Sep19	Dec19	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															-	-2.73	-	-	-

Competitive Comparison of The United Basalt Products's Beneish M-Score

For the Building Materials subindustry, The United Basalt Products'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.

The United Basalt Products's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, The United Basalt Products's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where The United Basalt Products's Beneish M-Score falls into.

The United Basalt Products 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 The United Basalt Products 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 * 0.8283

0.528 * 1

0.404 * 1.0476

0.892 * 1.1496

0.115 * 1.0619

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.05338

0.327 * 1.0157

-2.73

This Year (Jun23) TTM:

Last Year (Jun22) TTM:

Total Receivables was MUR466 Mil.
Revenue was MUR4,683 Mil.
Gross Profit was MUR4,683 Mil.
Total Current Assets was MUR2,042 Mil.
Total Assets was MUR7,714 Mil.
Property, Plant and Equipment(Net PPE) was MUR5,227 Mil.
Depreciation, Depletion and Amortization(DDA) was MUR388 Mil.
Selling, General, & Admin. Expense(SGA) was MUR0 Mil.
Total Current Liabilities was MUR2,272 Mil.
Long-Term Debt & Capital Lease Obligation was MUR738 Mil.
Net Income was MUR134 Mil.
Gross Profit was MUR0 Mil.
Cash Flow from Operations was MUR545 Mil.

Total Receivables was MUR490 Mil.
Revenue was MUR4,074 Mil.
Gross Profit was MUR4,074 Mil.
Total Current Assets was MUR2,015 Mil.
Total Assets was MUR6,409 Mil.
Property, Plant and Equipment(Net PPE) was MUR4,042 Mil.
Depreciation, Depletion and Amortization(DDA) was MUR320 Mil.
Selling, General, & Admin. Expense(SGA) was MUR0 Mil.
Total Current Liabilities was MUR1,322 Mil.
Long-Term Debt & Capital Lease Obligation was MUR1,140 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)
	=	(466.43 / 4682.896)	/	(489.843 / 4073.535)
	=	0.099603	/	0.12025
	=	0.8283

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)
	=	(4073.535 / 4073.535)	/	(4682.896 / 4682.896)
	=	1	/	1
	=	1

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 - (2042.134 + 5226.871) / 7713.571)	/	(1 - (2014.636 + 4042.178) / 6409.426)
	=	0.057634	/	0.055015
	=	1.0476

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
	=	4682.896	/	4073.535
	=	1.1496

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))
	=	(320.246 / (320.246 + 4042.178))	/	(388.167 / (388.167 + 5226.871))
	=	0.07341	/	0.06913
	=	1.0619

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)
	=	(0 / 4682.896)	/	(0 / 4073.535)
	=	0	/	0
	=	1

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)
	=	((738.358 + 2271.902) / 7713.571)	/	((1140.138 + 1322.485) / 6409.426)
	=	0.390255	/	0.384219
	=	1.0157

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
	=	(133.66 - 0	-	545.412)	/	7713.571
	=	-0.05338

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 United Basalt Products has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.

The United Basalt Products Beneish M-Score Related Terms

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The United Basalt Products (XMAU:UBP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Building Materials » The United Basalt Products Ltd (XMAU:UBP) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Trianon, Quatre-Bornes, MUS

Website

https://www.ubp.mu

The United Basalt Products Ltd is engaged in the manufacturing and sale of building materials which consist mainly of aggregates, rock sand, and concrete blocks. Other products include precast concrete slabs, ready-to-use dry mortar, various concrete building components including paving-blocks and roof tiles, imported floor and wall tiles, sanitary ware and a complete range of home building and decorating products, fittings, tools, and garden accessories. Services rendered consist mainly of engineering works by the company's workshop and contracting services. The group's business segments consist of core business activities, Building Material and agriculture. Geographically, majority of its activity is performed in Mauritius.