CN Logistics International Holdings (HKSE:02130) Beneish M-Score: -2.49 (As of Aug. 01, 2026)

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HKSE:02130 CN Logistics International Holdings Ltd HKSE:02130
66 GF Score
Price HK$3.15
GF Value HK$4.75
Valuation Possible Value Trap
! 7 Warning Signs
View Full Analysis

What is CN Logistics International Holdings Beneish M-Score?

CN Logistics International Holdings HKSE:02130 +1.29% 66 Beneish M-Score is -2.49 as of Aug. 01, 2026. GuruFocus rates HKSE:02130 with a GF Score™ of 66/100 and a GF Value™ of HK$4.75 (Possible Value Trap). The stock has 7 warning signs investors should review. Among 967 Transportation companies, CN Logistics International Holdings ranks worse than 59.26% 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:02130' s Beneish M-Score Range Over the Past 10 Years
Min: -3.89   Med: -2.5   Max: -1.09
Current: -2.49

During the past 9 years, the highest Beneish M-Score of CN Logistics International Holdings was -1.09. The lowest was -3.89. And the median was -2.50.

CN Logistics International Holdings Beneish M-Score Historical Data

* Premium members only.

The historical data trend for CN Logistics 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.

CN Logistics International Holdings Beneish M-Score Chart

CN Logistics International Holdings Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.50 -1.09 -2.70 -2.20 -2.49

CN Logistics International Holdings Semi-Annual Data
Dec17 Dec18 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 -2.70 0.00 -2.20 0.00 -2.49

HKSE:02130 vs UPS, FDX, JBHT: Beneish M-Score Comparison

For the Integrated Freight & Logistics subindustry, CN Logistics 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.

CN Logistics International Holdings Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, CN Logistics International Holdings's Beneish M-Score distribution charts can be found below:

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


HKSE:02130
66GF Score
CN Logistics International Holdings Ltd HKSE:02130
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

CN Logistics 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 CN Logistics International Holdings 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 * 1.0668+0.528 * 1.1307+0.404 * 0.9258+0.892 * 1.0953+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9039+4.679 * -0.041303-0.327 * 1.0449
=-2.49

* 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 HK$999 Mil.
Revenue was HK$3,007 Mil.
Gross Profit was HK$498 Mil.
Total Current Assets was HK$1,320 Mil.
Total Assets was HK$1,786 Mil.
Property, Plant and Equipment(Net PPE) was HK$197 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$415 Mil.
Total Current Liabilities was HK$1,153 Mil.
Long-Term Debt & Capital Lease Obligation was HK$42 Mil.
Net Income was HK$15 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$89 Mil.
 Total Receivables was HK$855 Mil.
Revenue was HK$2,746 Mil.
Gross Profit was HK$514 Mil.
Total Current Assets was HK$1,126 Mil.
Total Assets was HK$1,601 Mil.
Property, Plant and Equipment(Net PPE) was HK$214 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$104 Mil.
Selling, General, & Admin. Expense(SGA) was HK$419 Mil.
Total Current Liabilities was HK$983 Mil.
Long-Term Debt & Capital Lease Obligation was HK$43 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)
=(999.244 / 3007.077) / (855.2 / 2745.518)
=0.332297 / 0.311489
=1.0668

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)
=(514.306 / 2745.518) / (498.18 / 3007.077)
=0.187326 / 0.165669
=1.1307

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 - (1320.468 + 196.66) / 1786.114) / (1 - (1126.464 + 213.938) / 1600.788)
=0.150598 / 0.162661
=0.9258

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
=3007.077 / 2745.518
=1.0953

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))
=(103.573 / (103.573 + 213.938)) / (0 / (0 + 196.66))
=0.326203 / 0
=1

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)
=(415.016 / 3007.077) / (419.18 / 2745.518)
=0.138013 / 0.152678
=0.9039

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)
=((41.842 + 1153.231) / 1786.114) / ((42.512 + 982.521) / 1600.788)
=0.669091 / 0.64033
=1.0449

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
=(15.359 - 0 - 89.131) / 1786.114
=-0.041303

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.

CN Logistics International Holdings has a M-score of -2.49 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 -2.49 mean?
CN Logistics International Holdings (HKSE:02130) has a Beneish M-Score of -2.49 as of Aug. 01, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CN Logistics International Holdings and its competitors. According to the industry distribution chart, CN Logistics International Holdings ranks #573 out of 967 companies in the Transportation industry, placing it in the top 59.3%.
Is CN Logistics International Holdings' Beneish M-Score too high?
CN Logistics International Holdings' current Beneish M-Score is -2.49. Based on the distribution chart, CN Logistics International Holdings ranks #573 out of 967 companies in the Transportation industry, which is below the industry midpoint. Overall, CN Logistics International Holdings has a GF Score™ of 66/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does CN Logistics International Holdings' Beneish M-Score compare to UPS and FDX?
According to the Transportation industry distribution chart, CN Logistics International Holdings ranks #573 out of 967 companies for Beneish M-Score. This places CN Logistics International Holdings in the lower 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 Transportation company?
A good Beneish M-Score depends on the Transportation 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 CN Logistics International Holdings and its competitors. CN Logistics International Holdings's current Beneish M-Score is -2.49. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is CN Logistics International Holdings stock overvalued right now?
Based on GuruFocus' analysis, CN Logistics International Holdings (HKSE:02130) is currently considered Possible Value Trap. The stock's GF Value™ is HK$4.75, compared to a current price of HK$3.15 — trading 33.7% below its estimated fair value. The current Beneish M-Score is -2.49. CN Logistics International Holdings' overall GF Score™ is 66/100 with 7 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 CN Logistics International Holdings (HKSE:02130), the current Beneish M-Score is -2.49 as of Aug. 01, 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 CN Logistics International Holdings (HKSE:02130) Overvalued in 2026?

Based on GuruFocus' analysis, CN Logistics International Holdings stock appears to be undervalued. The current stock price of HK$3.15 is trading 33.7% below its estimated GF Value™ of HK$4.75. GuruFocus considers CN Logistics International Holdings to be Possible Value Trap.

Key valuation signals for HKSE:02130:

  • Beneish M-Score: -2.49
  • GF Value™: HK$4.75 vs. price of HK$3.15 (33.7% below fair value)
  • GF Score™: 66/100 with 7 warning signs

No single metric tells the full story. See the HKSE:02130 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CN Logistics International Holdings Business Description

Address 97-107 Wo Yi Hop Road, Unit B, 13th Floor, Park Sun Building, Kwai Chung, New Territories, Hong Kong, HKG
CN Logistics International Holdings Ltd engages in the provision of comprehensive logistics services, comprising air freight forwarding services, distribution and logistics services, ocean freight forwarding services and cruise logistics services, with a primary focus on high-end fashion (luxury and affordable luxury), fine wine products. Its segments include Air freight segment, which derives maximum revenue provides freight forwarding services by air; Ocean freight segment provides freight forwarding services by ocean; Cruise logistics segment provides shipments of supplies for drydock project and cruise replenishment for cruise operators; and Distribution and logistics segment provides cost-effective supply chain solutions. Geographically, it derives maximum revenue from Mainland China.
66GF Score

Get the complete analysis for HKSE:02130

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

HK$3.15
Price
HK$4.75
GF Value