Shineroad International Holdings (HKSE:01587) Beneish M-Score : -2.41 (As of Apr. 01, 2025)

View and export this data going back to 2018. Start your Free Trial

What is Shineroad International Holdings 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 -2.41 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Shineroad International Holdings's Beneish M-Score or its related term are showing as below:

HKSE:01587' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.23 Max: 55.41
Current: -2.41

During the past 9 years, the highest Beneish M-Score of Shineroad International Holdings was 55.41. The lowest was -3.08. And the median was -2.23.

Shineroad International Holdings Beneish M-Score Historical Data

The historical data trend for Shineroad International Holdings'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.

* Premium members only.

Shineroad International Holdings Beneish M-Score Chart

Shineroad International Holdings Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-1.90

-2.62

55.41

-3.08

-2.41

Shineroad International Holdings Semi-Annual Data
	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial												-	-3.08	-	-2.41	-

Competitive Comparison of Shineroad International Holdings's Beneish M-Score

For the Food Distribution subindustry, Shineroad International Holdings'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.

Shineroad International Holdings's Beneish M-Score Distribution in the Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, Shineroad International Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shineroad International Holdings's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

Shineroad International Holdings 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 Shineroad International Holdings 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 * 1.0839

0.528 * 0.9936

0.404 * 1.2213

0.892 * 0.9193

0.115 * 3.9591

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2848

4.679 * -0.051695

0.327 * 1.2126

-2.41

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$101.8 Mil.
Revenue was HK$747.7 Mil.
Gross Profit was HK$125.2 Mil.
Total Current Assets was HK$364.2 Mil.
Total Assets was HK$649.3 Mil.
Property, Plant and Equipment(Net PPE) was HK$132.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$83.1 Mil.
Total Current Liabilities was HK$112.4 Mil.
Long-Term Debt & Capital Lease Obligation was HK$29.6 Mil.
Net Income was HK$22.2 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$55.7 Mil.

Total Receivables was HK$102.2 Mil.
Revenue was HK$813.3 Mil.
Gross Profit was HK$135.3 Mil.
Total Current Assets was HK$457.6 Mil.
Total Assets was HK$617.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$41.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$4.3 Mil.
Selling, General, & Admin. Expense(SGA) was HK$70.4 Mil.
Total Current Liabilities was HK$108.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2.5 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)
	=	(101.797 / 747.697)	/	(102.159 / 813.312)
	=	0.136147	/	0.125609
	=	1.0839

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)
	=	(135.311 / 813.312)	/	(125.196 / 747.697)
	=	0.16637	/	0.167442
	=	0.9936

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 - (364.233 + 132.918) / 649.326)	/	(1 - (457.6 + 41.306) / 617.371)
	=	0.234358	/	0.191886
	=	1.2213

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
	=	747.697	/	813.312
	=	0.9193

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))
	=	(4.299 / (4.299 + 41.306))	/	(3.242 / (3.242 + 132.918))
	=	0.094266	/	0.02381
	=	3.9591

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)
	=	(83.115 / 747.697)	/	(70.366 / 813.312)
	=	0.111161	/	0.086518
	=	1.2848

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)
	=	((29.588 + 112.37) / 649.326)	/	((2.485 + 108.822) / 617.371)
	=	0.218624	/	0.180292
	=	1.2126

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
	=	(22.157 - 0	-	55.724)	/	649.326
	=	-0.051695

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.

Shineroad International Holdings has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.

Shineroad International Holdings Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Shineroad International Holdings's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

Shineroad International Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Retail - Defensive » Shineroad International Holdings Ltd (HKSE:01587) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Lane 1040, Caoyang Road, Zhongyou Building, 25th Floor South, Block 1, Putuo District, Shanghai, CHN

Website

https://www.shineroad.com

Shineroad International Holdings Ltd is a distributor in the food ingredients and additives distribution industry with the capabilities to provide food ingredients application solutions to its customers. The company supplies its extensive portfolio of various food ingredients and food additives to food manufacturers in the PRC, Vietnam, and Thailand. It has one reportable segment which is the distribution of food ingredients and food additives. Its products are classified into food ingredients, food additives, and packaging materials. The Company derives its revenue mainly from the distribution of food ingredients and food additives in the PRC.

Executives

Asian Equity Special Opportunities Portfolio Master Fund Limited	2101 Beneficial owner
Rays Capital Partners Limited	2102 Investment manager
Ruan David Ching Chi	2201 Interest of corporation controlled by you
Chen Dongying	2202 Interest of your spouse
Huang Haixiao	2201 Interest of corporation controlled by you
Ocean Town Company Limited	2201 Interest of corporation controlled by you
Shineroad Group Limited	2101 Beneficial owner

Shineroad International Holdings Headlines

No Headlines