J&T Global Express Beneish M-Score Historical Data
The historical data trend for J&T Global Express'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.
J&T Global Express Beneish M-Score Chart
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J&T Global Express Annual Data
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|
Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
|
- |
- |
0.55 |
-4.09 |
-2.41 |
|
J&T Global Express Semi-Annual Data
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|
Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
Jun24 |
Dec24 |
| Beneish M-Score |
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|
0.55 |
- |
-4.09 |
- |
-2.41 |
Competitive Comparison of J&T Global Express's Beneish M-Score
For the Integrated Freight & Logistics subindustry, J&T Global Express'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.
J&T Global Express's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, J&T Global Express's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where J&T Global Express's Beneish M-Score falls into.
J&T Global Express 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 J&T Global Express 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 * 1.0459 | + | 0.528 * 0.5084 | + | 0.404 * 0.9236 | + | 0.892 * 1.1539 | + | 0.115 * 7.0242 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2476 | + | 4.679 * -0.096904 | - | 0.327 * 1.0553 |
| = | -2.41 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was HK$14,397 Mil.
Revenue was HK$79,748 Mil.
Gross Profit was HK$8,381 Mil.
Total Current Assets was HK$28,083 Mil.
Total Assets was HK$56,703 Mil.
Property, Plant and Equipment(Net PPE) was HK$14,480 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$475 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,651 Mil.
Total Current Liabilities was HK$18,795 Mil.
Long-Term Debt & Capital Lease Obligation was HK$12,572 Mil.
Net Income was HK$782 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$6,276 Mil.
|
Total Receivables was HK$11,929 Mil.
Revenue was HK$69,111 Mil.
Gross Profit was HK$3,692 Mil.
Total Current Assets was HK$24,502 Mil.
Total Assets was HK$51,556 Mil.
Property, Plant and Equipment(Net PPE) was HK$13,134 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,769 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,147 Mil.
Total Current Liabilities was HK$16,282 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10,743 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) |
| = | (14396.99 / 79748.119) | / | (11929.266 / 69110.88) |
| = | 0.180531 | / | 0.172611 |
| | = | 1.0459 |
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) |
| = | (3692.458 / 69110.88) | / | (8381.396 / 79748.119) |
| = | 0.053428 | / | 0.105098 |
| | = | 0.5084 |
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 - (28082.9 + 14479.862) / 56703.113) | / | (1 - (24501.732 + 13134.233) / 51555.723) |
| = | 0.249375 | / | 0.269994 |
| | = | 0.9236 |
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 |
| = | 79748.119 | / | 69110.88 |
| | = | 1.1539 |
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)) |
| = | (3768.572 / (3768.572 + 13134.233)) | / | (474.675 / (474.675 + 14479.862)) |
| = | 0.222955 | / | 0.031741 |
| | = | 7.0242 |
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) |
| = | (1650.938 / 79748.119) | / | (1146.744 / 69110.88) |
| = | 0.020702 | / | 0.016593 |
| | = | 1.2476 |
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) |
| = | ((12571.749 + 18795.296) / 56703.113) | / | ((10743.387 + 16281.668) / 51555.723) |
| = | 0.55318 | / | 0.524191 |
| | = | 1.0553 |
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 |
| = | (781.685 - 0 | - | 6276.461) | / | 56703.113 |
| | = | -0.096904 |
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.
J&T Global Express has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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