Courage Investment Group (HKSE:01145) Beneish M-Score : -3.63 (As of Apr. 18, 2025)

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What is Courage Investment Group 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 -3.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Courage Investment Group's Beneish M-Score or its related term are showing as below:

HKSE:01145' s Beneish M-Score Range Over the Past 10 Years
Min: -4.24 Med: -3.12 Max: 5.39
Current: -3.63

During the past 13 years, the highest Beneish M-Score of Courage Investment Group was 5.39. The lowest was -4.24. And the median was -3.12.

Courage Investment Group Beneish M-Score Historical Data

The historical data trend for Courage Investment Group'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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Courage Investment Group Beneish M-Score Chart

Courage Investment Group Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.05

-2.16

-2.58

-3.63

Courage Investment Group Semi-Annual Data
	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.58	-	-3.63	-	-

Competitive Comparison of Courage Investment Group's Beneish M-Score

For the Marine Shipping subindustry, Courage Investment Group'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.

Courage Investment Group's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Courage Investment Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Courage Investment Group's Beneish M-Score falls into.

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Courage Investment Group 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 Courage Investment Group 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 * 0.5999

0.528 * 1.6118

0.404 * 0.081

0.892 * 0.6902

0.115 * 0.9968

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7017

4.679 * -0.109174

0.327 * 0.4756

-3.63

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$6.36 Mil.
Revenue was HK$66.48 Mil.
Gross Profit was HK$17.91 Mil.
Total Current Assets was HK$146.88 Mil.
Total Assets was HK$461.04 Mil.
Property, Plant and Equipment(Net PPE) was HK$311.13 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$16.73 Mil.
Selling, General, & Admin. Expense(SGA) was HK$12.21 Mil.
Total Current Liabilities was HK$15.05 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.07 Mil.
Net Income was HK$-31.04 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$19.30 Mil.

Total Receivables was HK$15.35 Mil.
Revenue was HK$96.32 Mil.
Gross Profit was HK$41.82 Mil.
Total Current Assets was HK$142.29 Mil.
Total Assets was HK$517.38 Mil.
Property, Plant and Equipment(Net PPE) was HK$332.99 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$17.84 Mil.
Selling, General, & Admin. Expense(SGA) was HK$10.39 Mil.
Total Current Liabilities was HK$29.79 Mil.
Long-Term Debt & Capital Lease Obligation was HK$5.89 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)
	=	(6.357 / 66.477)	/	(15.353 / 96.321)
	=	0.095627	/	0.159394
	=	0.5999

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)
	=	(41.823 / 96.321)	/	(17.908 / 66.477)
	=	0.434204	/	0.269386
	=	1.6118

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 - (146.879 + 311.127) / 461.044)	/	(1 - (142.294 + 332.989) / 517.379)
	=	0.006589	/	0.081364
	=	0.081

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
	=	66.477	/	96.321
	=	0.6902

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))
	=	(17.844 / (17.844 + 332.989))	/	(16.729 / (16.729 + 311.127))
	=	0.050862	/	0.051025
	=	0.9968

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)
	=	(12.207 / 66.477)	/	(10.394 / 96.321)
	=	0.183627	/	0.10791
	=	1.7017

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)
	=	((0.07 + 15.049) / 461.044)	/	((5.886 + 29.787) / 517.379)
	=	0.032793	/	0.068949
	=	0.4756

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
	=	(-31.036 - 0	-	19.298)	/	461.044
	=	-0.109174

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.

Courage Investment Group has a M-score of -3.63 suggests that the company is unlikely to be a manipulator.

Courage Investment Group Beneish M-Score Related Terms

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Courage Investment Group Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Courage Investment Group Ltd (HKSE:01145) » Definitions » Beneish M-Score

Traded in Other Exchanges

CIN:Singapore

Address

23 Harbour Road, Room 1501, 15th Floor, Great Eagle Centre, Wanchai, Hong Kong, HKG

Website

https://www.courageinv.com

Courage Investment Group Ltd is an investment holding company. The company's reportable segments include Marine transportation, Merchandise trading, Property holding and investment and Investment holding. It generates maximum revenue from the Marine transportation segment which comprises mainly vessel chartering business. Geographically, it derives a majority of its revenue from Hong Kong.

Executives

Liu Sainan	2201 Interest of corporation controlled by you
China Mark Limited	2101 Beneficial owner
Brilliant Epic Asia Limited	2201 Interest of corporation controlled by you
Success United Development Limited	2101 Beneficial owner
Suen Cho Hung, Paul	2201 Interest of corporation controlled by you

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