COSCO SHIPPING International (Hong Kong) Co (FRA:CSB) Beneish M-Score : -2.71 (As of May. 06, 2024)

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What is COSCO SHIPPING International (Hong Kong) 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 -2.71 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FRA:CSB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.71 Med: -2.21 Max: -1.61
Current: -2.71

During the past 13 years, the highest Beneish M-Score of COSCO SHIPPING International (Hong Kong) Co was -1.61. The lowest was -2.71. And the median was -2.21.

COSCO SHIPPING International (Hong Kong) Co Beneish M-Score Historical Data

The historical data trend for COSCO SHIPPING International (Hong Kong) 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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COSCO SHIPPING International (Hong Kong) Co Beneish M-Score Chart

COSCO SHIPPING International (Hong Kong) Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.61

-2.41

-2.39

-2.13

-2.71

COSCO SHIPPING International (Hong Kong) Co Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.39	-	-2.13	-	-2.71

Competitive Comparison of COSCO SHIPPING International (Hong Kong) Co's Beneish M-Score

For the Marine Shipping subindustry, COSCO SHIPPING International (Hong Kong) 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.

COSCO SHIPPING International (Hong Kong) Co's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, COSCO SHIPPING International (Hong Kong) Co's Beneish M-Score distribution charts can be found below:

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

COSCO SHIPPING International (Hong Kong) 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 COSCO SHIPPING International (Hong Kong) 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 * 0.8459

0.528 * 0.9885

0.404 * 1.1361

0.892 * 0.8166

0.115 * 1.0429

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3971

4.679 * 0.007664

0.327 * 0.9151

-2.74

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was €141.5 Mil.
Revenue was €392.4 Mil.
Gross Profit was €37.9 Mil.
Total Current Assets was €912.3 Mil.
Total Assets was €1,080.8 Mil.
Property, Plant and Equipment(Net PPE) was €26.9 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.2 Mil.
Selling, General, & Admin. Expense(SGA) was €29.8 Mil.
Total Current Liabilities was €110.2 Mil.
Long-Term Debt & Capital Lease Obligation was €1.8 Mil.
Net Income was €69.7 Mil.
Gross Profit was €0.0 Mil.
Cash Flow from Operations was €61.4 Mil.

Total Receivables was €204.8 Mil.
Revenue was €480.5 Mil.
Gross Profit was €45.9 Mil.
Total Current Assets was €961.8 Mil.
Total Assets was €1,119.7 Mil.
Property, Plant and Equipment(Net PPE) was €28.8 Mil.
Depreciation, Depletion and Amortization(DDA) was €3.6 Mil.
Selling, General, & Admin. Expense(SGA) was €26.1 Mil.
Total Current Liabilities was €125.9 Mil.
Long-Term Debt & Capital Lease Obligation was €0.8 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)
	=	(141.496 / 392.374)	/	(204.823 / 480.468)
	=	0.360615	/	0.426299
	=	0.8459

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)
	=	(45.916 / 480.468)	/	(37.934 / 392.374)
	=	0.095565	/	0.096678
	=	0.9885

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 - (912.265 + 26.92) / 1080.846)	/	(1 - (961.754 + 28.774) / 1119.706)
	=	0.131065	/	0.115368
	=	1.1361

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
	=	392.374	/	480.468
	=	0.8166

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))
	=	(3.609 / (3.609 + 28.774))	/	(3.221 / (3.221 + 26.92))
	=	0.111447	/	0.106864
	=	1.0429

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)
	=	(29.801 / 392.374)	/	(26.12 / 480.468)
	=	0.07595	/	0.054364
	=	1.3971

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)
	=	((1.784 + 110.207) / 1080.846)	/	((0.845 + 125.934) / 1119.706)
	=	0.103614	/	0.113225
	=	0.9151

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
	=	(69.707 - 0	-	61.423)	/	1080.846
	=	0.007664

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.

COSCO SHIPPING International (Hong Kong) Co has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.

COSCO SHIPPING International (Hong Kong) Co Beneish M-Score Related Terms

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COSCO SHIPPING International (Hong Kong) Co (FRA:CSB) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » COSCO SHIPPING International (Hong Kong) Co Ltd (FRA:CSB) » Definitions » Beneish M-Score

Traded in Other Exchanges

CHDGF:USA 00517:Hong Kong

Address

183 Queen's Road Central, 47th Floor, COSCO Tower, Hong Kong, HKG

Website

https://hk.coscoshipping.com

COSCO SHIPPING International (Hong Kong) Co Ltd is a Hong Kong-based company engaged in services relating to shipbuilding, ship trading, and chartering for the fleet. It carries its operations in six segments including Coatings, Marine equipment and spare parts, Ship trading agency, Insurance brokerage, Marine fuel and other products, and General trading. The majority of its revenue comes from the sale of Marine equipment and spare parts. The company has a business network in Mainland China, Hong Kong, Singapore, Japan, Germany, and the USA, among other countries.