TS Lines (HKSE:02510) Beneish M-Score: -1.11 (As of Aug. 27, 2026)

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HKSE:02510 TS Lines Ltd HKSE:02510
20 GF Score
Price HK$13.52
! 8 Warning Signs
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What is TS Lines Beneish M-Score?

TS Lines HKSE:02510 +5.62% 20 Beneish M-Score is -1.11 as of Aug. 27, 2026. GuruFocus rates HKSE:02510 with a GF Score™ of 20/100. The stock has 8 warning signs investors should review. Among 969 Transportation companies, TS Lines ranks worse than 91.54% 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.

Warning Sign:

Beneish M-Score -1.11 higher than -1.78, which implies that the company might have manipulated its financial results.

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

HKSE:02510' s Beneish M-Score Range Over the Past 10 Years
Min: -9.73   Med: -2.74   Max: -1.11
Current: -1.11

During the past 5 years, the highest Beneish M-Score of TS Lines was -1.11. The lowest was -9.73. And the median was -2.74.

TS Lines Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TS Lines'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.

TS Lines Beneish M-Score Chart

TS Lines Annual Data
Trend Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
0.00 0.00 -9.73 -2.74 -1.11

TS Lines Semi-Annual Data
Dec21 Dec22 Dec23 Jun24 Dec24 Jun25 Dec25 Jun26
Beneish M-Score Get a 7-Day Free Trial 0.00 -2.74 0.00 -1.11 0.00

TS Lines Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, TS Lines'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.

TS Lines Beneish M-Score vs Transportation Industry

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

* The bar in red indicates where TS Lines's Beneish M-Score falls into.


HKSE:02510
20GF Score
TS Lines Ltd HKSE:02510
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TS Lines 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 TS Lines 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 * 0.9695+0.528 * 1.1902+0.404 * 5.091+0.892 * 0.9594+0.115 * 1.16
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.2036+4.679 * -0.07045-0.327 * 0.9217
=-1.11

* 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$977 Mil.
Revenue was HK$9,996 Mil.
Gross Profit was HK$1,974 Mil.
Total Current Assets was HK$4,910 Mil.
Total Assets was HK$19,134 Mil.
Property, Plant and Equipment(Net PPE) was HK$14,004 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,216 Mil.
Selling, General, & Admin. Expense(SGA) was HK$101 Mil.
Total Current Liabilities was HK$1,828 Mil.
Long-Term Debt & Capital Lease Obligation was HK$804 Mil.
Net Income was HK$2,559 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$3,907 Mil.
 Total Receivables was HK$1,050 Mil.
Revenue was HK$10,419 Mil.
Gross Profit was HK$2,449 Mil.
Total Current Assets was HK$4,541 Mil.
Total Assets was HK$18,047 Mil.
Property, Plant and Equipment(Net PPE) was HK$13,465 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,376 Mil.
Selling, General, & Admin. Expense(SGA) was HK$88 Mil.
Total Current Liabilities was HK$1,796 Mil.
Long-Term Debt & Capital Lease Obligation was HK$897 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)
=(976.879 / 9996.484) / (1050.202 / 10419.45)
=0.097722 / 0.100792
=0.9695

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)
=(2448.823 / 10419.45) / (1973.942 / 9996.484)
=0.235024 / 0.197464
=1.1902

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 - (4910.385 + 14003.946) / 19133.695) / (1 - (4541.111 + 13465.488) / 18047.246)
=0.011465 / 0.002252
=5.091

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
=9996.484 / 10419.45
=0.9594

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))
=(1375.581 / (1375.581 + 13465.488)) / (1216.155 / (1216.155 + 14003.946))
=0.092687 / 0.079905
=1.16

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)
=(101.345 / 9996.484) / (87.762 / 10419.45)
=0.010138 / 0.008423
=1.2036

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)
=((803.57 + 1828.356) / 19133.695) / ((896.918 + 1796.448) / 18047.246)
=0.137555 / 0.14924
=0.9217

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
=(2559.113 - 0 - 3907.09) / 19133.695
=-0.07045

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.

TS Lines has a M-score of -1.11 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.11 mean?
TS Lines (HKSE:02510) has a Beneish M-Score of -1.11 as of Aug. 27, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TS Lines and its competitors. According to the industry distribution chart, TS Lines ranks #887 out of 969 companies in the Transportation industry, placing it in the top 91.5%.
Is TS Lines' Beneish M-Score too high?
TS Lines' current Beneish M-Score is -1.11. Based on the distribution chart, TS Lines ranks #887 out of 969 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, TS Lines has a GF Score™ of 20/100, reflecting its overall financial health beyond just this single metric.
How does TS Lines' Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, TS Lines ranks #887 out of 969 companies for Beneish M-Score. This places TS Lines 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 TS Lines and its competitors. TS Lines's current Beneish M-Score is -1.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TS Lines stock overvalued right now?
TS Lines (HKSE:02510) has a current Beneish M-Score of -1.11. The current Beneish M-Score is -1.11. TS Lines' overall GF Score™ is 20/100 with 8 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 TS Lines (HKSE:02510), the current Beneish M-Score is -1.11 as of Aug. 27, 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.

TS Lines Business Description

Address Tun-Hwa North Road, No. 167, 6th Floor, Songshan District, Taipei, TWN, 105
TS Lines Ltd is a container shipping company focused on the Asia region. Its fleet consists of both owned and chartered vessels, focusing on high-frequency short-haul services originating from Asia. The Group generates maximum revenue from the provision of container shipping services, and also generates some income from other related services comprising slottage revenue, demurrage, and detention income. Geographically, it generates maximum revenue from the Chinese Mainland, and the rest from Hong Kong Special Administrative Region, Taiwan, Japan, Australia, the Philippines, Thailand, India, and other countries.
20GF Score

Get the complete analysis for HKSE:02510

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

HK$13.52
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