CSSC (Hong Kong) Shipping Co (FRA:3LL) Beneish M-Score: -2.81 (As of Jun. 24, 2026)


FRA:3LL CSSC (Hong Kong) Shipping Co Ltd FRA:3LL
82 GF Score
Price €0.24
GF Value €0.19
Valuation Modestly Overvalued
! 3 Warning Signs
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What is CSSC (Hong Kong) Shipping Co Beneish M-Score?

CSSC (Hong Kong) Shipping Co FRA:3LL -1.61% 82 Beneish M-Score is -2.81 as of Jun. 24, 2026. GuruFocus rates FRA:3LL with a GF Score™ of 82/100 and a GF Value™ of €0.19 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 1,020 Business Services companies, CSSC (Hong Kong) Shipping Co ranks better than 70.2% on this metric.

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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for CSSC (Hong Kong) Shipping Co's Beneish M-Score or its related term are showing as below:

FRA:3LL' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14   Med: -2.43   Max: -1.46
Current: -2.81

During the past 10 years, the highest Beneish M-Score of CSSC (Hong Kong) Shipping Co was -1.46. The lowest was -3.14. And the median was -2.43.

CSSC (Hong Kong) Shipping Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for CSSC (Hong Kong) Shipping 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.

CSSC (Hong Kong) Shipping Co Beneish M-Score Chart

CSSC (Hong Kong) Shipping Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -1.73 -2.48 -2.37 -2.95 -2.81

CSSC (Hong Kong) Shipping Co Semi-Annual Data
Dec16 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
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 -2.37 0.00 -2.95 0.00 -2.81

FRA:3LL vs URI, SUNB, AER: Beneish M-Score Comparison

For the Rental & Leasing Services subindustry, CSSC (Hong Kong) Shipping 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.

CSSC (Hong Kong) Shipping Co Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, CSSC (Hong Kong) Shipping Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where CSSC (Hong Kong) Shipping Co's Beneish M-Score falls into.


FRA:3LL
82GF Score
CSSC (Hong Kong) Shipping Co Ltd FRA:3LL
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CSSC (Hong Kong) Shipping 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 CSSC (Hong Kong) Shipping 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 * 0.9431+0.528 * 0.9961+0.404 * 0.9707+0.892 * 0.8956+0.115 * 0.8292
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.054594-0.327 * 0.9687
=-2.90

* 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 (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €712.3 Mil.
Revenue was €443.9 Mil.
Gross Profit was €401.6 Mil.
Total Current Assets was €2,753.4 Mil.
Total Assets was €4,740.7 Mil.
Property, Plant and Equipment(Net PPE) was €1,706.1 Mil.
Depreciation, Depletion and Amortization(DDA) was €73.1 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €137.4 Mil.
Long-Term Debt & Capital Lease Obligation was €2,939.5 Mil.
Net Income was €202.5 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €461.3 Mil.
 Total Receivables was €843.3 Mil.
Revenue was €495.6 Mil.
Gross Profit was €446.7 Mil.
Total Current Assets was €3,050.5 Mil.
Total Assets was €5,395.9 Mil.
Property, Plant and Equipment(Net PPE) was €2,015.6 Mil.
Depreciation, Depletion and Amortization(DDA) was €71.1 Mil.
Selling, General, & Admin. Expense(SGA) was €0.0 Mil.
Total Current Liabilities was €183.2 Mil.
Long-Term Debt & Capital Lease Obligation was €3,432.0 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)
=(712.254 / 443.88) / (843.327 / 495.642)
=1.604609 / 1.701484
=0.9431

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)
=(446.692 / 495.642) / (401.597 / 443.88)
=0.901239 / 0.904742
=0.9961

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 - (2753.355 + 1706.081) / 4740.726) / (1 - (3050.486 + 2015.59) / 5395.908)
=0.059335 / 0.061126
=0.9707

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
=443.88 / 495.642
=0.8956

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))
=(71.098 / (71.098 + 2015.59)) / (73.109 / (73.109 + 1706.081))
=0.034072 / 0.041091
=0.8292

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 / 443.88) / (0 / 495.642)
=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)
=((2939.5 + 137.372) / 4740.726) / ((3432.008 + 183.223) / 5395.908)
=0.64903 / 0.669995
=0.9687

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
=(202.528 - 0 - 461.344) / 4740.726
=-0.054594

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.

CSSC (Hong Kong) Shipping Co has a M-score of -2.90 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.81 mean?
CSSC (Hong Kong) Shipping Co (FRA:3LL) has a Beneish M-Score of -2.81 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CSSC (Hong Kong) Shipping Co and its competitors. According to the industry distribution chart, CSSC (Hong Kong) Shipping Co ranks #304 out of 1020 companies in the Business Services industry, placing it in the top 29.8%.
Is CSSC (Hong Kong) Shipping Co's Beneish M-Score too high?
CSSC (Hong Kong) Shipping Co's current Beneish M-Score is -2.81. Based on the distribution chart, CSSC (Hong Kong) Shipping Co ranks #304 out of 1020 companies in the Business Services industry, which is above the industry midpoint. Overall, CSSC (Hong Kong) Shipping Co has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does CSSC (Hong Kong) Shipping Co's Beneish M-Score compare to URI and SUNB?
According to the Business Services industry distribution chart, CSSC (Hong Kong) Shipping Co ranks #304 out of 1020 companies for Beneish M-Score. This puts CSSC (Hong Kong) Shipping Co in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Business Services company?
A good Beneish M-Score depends on the Business Services industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CSSC (Hong Kong) Shipping Co and its competitors. CSSC (Hong Kong) Shipping Co's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CSSC (Hong Kong) Shipping Co stock overvalued right now?
Based on GuruFocus' analysis, CSSC (Hong Kong) Shipping Co (FRA:3LL) is currently considered Modestly Overvalued. The stock's GF Value™ is €0.19, compared to a current price of €0.24 — trading 28.4% above its estimated fair value. The current Beneish M-Score is -2.81. CSSC (Hong Kong) Shipping Co's overall GF Score™ is 82/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For CSSC (Hong Kong) Shipping Co (FRA:3LL), the current Beneish M-Score is -2.81 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is CSSC (Hong Kong) Shipping Co (FRA:3LL) Overvalued in 2026?

Based on GuruFocus' analysis, CSSC (Hong Kong) Shipping Co stock appears to be overvalued. The current stock price of €0.24 is trading 28.4% above its estimated GF Value™ of €0.19. GuruFocus considers CSSC (Hong Kong) Shipping Co to be Modestly Overvalued.

Key valuation signals for FRA:3LL:

  • Beneish M-Score: -2.81
  • GF Value™: €0.19 vs. price of €0.24 (28.4% above fair value)
  • GF Score™: 82/100 with 3 warning signs

No single metric tells the full story. See the FRA:3LL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CSSC (Hong Kong) Shipping Co Business Description

Other Exchanges 03877:Hong Kong3LL:Germany
Address 19 Des Voeux Road Central, Room 1801, 18th Floor, World-wide House, Hong Kong, HKG
CSSC (Hong Kong) Shipping Co Ltd is a ship leasing, investment, and operation company. Together with its subsidiaries, it provides integrated shipping services (including operating leases and shipbroking services) and financial services (including finance leases and loans). The group's operating segments are integrated shipping services and financing services. A majority of its revenue is generated from the Integrated shipping services segment, which includes operating lease services to the group's customers and shipbroking services to shipbuilders and charterers. The Financing services segment includes finance lease services and loan borrowing services to its customers. Geographically, its customers are located in the People's Republic of China, Asia, the United States, and Europe.
82GF Score

Get the complete analysis for FRA:3LL

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€0.24
Price
€0.19
GF Value