Guangdong Yueyun Transportation Co (HKSE:03399) Beneish M-Score : -3.12 (As of May. 13, 2024)

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What is Guangdong Yueyun Transportation Co 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 -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Guangdong Yueyun Transportation Co's Beneish M-Score or its related term are showing as below:

HKSE:03399' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.91 Max: -1.79
Current: -3.12

During the past 13 years, the highest Beneish M-Score of Guangdong Yueyun Transportation Co was -1.79. The lowest was -3.12. And the median was -2.91.

Guangdong Yueyun Transportation Co Beneish M-Score Historical Data

The historical data trend for Guangdong Yueyun Transportation Co'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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Guangdong Yueyun Transportation Co Beneish M-Score Chart

Guangdong Yueyun Transportation Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.99

-1.79

-3.12

-2.22

-3.12

Guangdong Yueyun Transportation Co Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.12	-	-2.22	-	-3.12

Competitive Comparison of Guangdong Yueyun Transportation Co's Beneish M-Score

For the Integrated Freight & Logistics subindustry, Guangdong Yueyun Transportation Co'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.

Guangdong Yueyun Transportation Co's Beneish M-Score Distribution in the Transportation Industry

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

* The bar in red indicates where Guangdong Yueyun Transportation Co's Beneish M-Score falls into.

Guangdong Yueyun Transportation Co 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 Guangdong Yueyun Transportation Co 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 * 0.864

0.528 * 0.3486

0.404 * 1.0333

0.892 * 1.2164

0.115 * 0.9291

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6997

4.679 * -0.093219

0.327 * 0.9605

-3.12

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$1,116 Mil.
Revenue was HK$7,905 Mil.
Gross Profit was HK$707 Mil.
Total Current Assets was HK$2,684 Mil.
Total Assets was HK$9,410 Mil.
Property, Plant and Equipment(Net PPE) was HK$4,605 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$879 Mil.
Selling, General, & Admin. Expense(SGA) was HK$603 Mil.
Total Current Liabilities was HK$2,801 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,079 Mil.
Net Income was HK$221 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,098 Mil.

Total Receivables was HK$1,062 Mil.
Revenue was HK$6,499 Mil.
Gross Profit was HK$203 Mil.
Total Current Assets was HK$2,519 Mil.
Total Assets was HK$10,291 Mil.
Property, Plant and Equipment(Net PPE) was HK$5,528 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$967 Mil.
Selling, General, & Admin. Expense(SGA) was HK$709 Mil.
Total Current Liabilities was HK$3,983 Mil.
Long-Term Debt & Capital Lease Obligation was HK$2,711 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)
	=	(1116.17 / 7904.993)	/	(1062.015 / 6498.753)
	=	0.141198	/	0.163418
	=	0.864

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)
	=	(202.763 / 6498.753)	/	(707.434 / 7904.993)
	=	0.0312	/	0.089492
	=	0.3486

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 - (2684.034 + 4605.485) / 9410.182)	/	(1 - (2519.092 + 5527.669) / 10291.198)
	=	0.225358	/	0.218093
	=	1.0333

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
	=	7904.993	/	6498.753
	=	1.2164

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))
	=	(967.401 / (967.401 + 5527.669))	/	(879.287 / (879.287 + 4605.485))
	=	0.148944	/	0.160314
	=	0.9291

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)
	=	(603.068 / 7904.993)	/	(708.591 / 6498.753)
	=	0.07629	/	0.109035
	=	0.6997

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)
	=	((3078.641 + 2800.514) / 9410.182)	/	((2711.2 + 3983.019) / 10291.198)
	=	0.624765	/	0.65048
	=	0.9605

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
	=	(220.821 - 0	-	1098.033)	/	9410.182
	=	-0.093219

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.

Guangdong Yueyun Transportation Co has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.

Guangdong Yueyun Transportation Co Beneish M-Score Related Terms

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Guangdong Yueyun Transportation Co (HKSE:03399) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Guangdong Yueyun Transportation Co Ltd (HKSE:03399) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

188 Connaught Road West, Rooms 3108 - 3112, 31st Floor, Hong Kong Plaza, Hong Kong, HKG

Website

http://www.gdyueyun.com

Guangdong Yueyun Transportation Co Ltd is an investment holding company principally engaged in the travel services business. The group along with its subsidiaries is an integrated transportation and logistics service provider. The segments of the company are expressway service zones operation, road passenger transportation and auxiliary, taiping interchange operation, and other business. It derives a majority of its revenue from the expressway service zones operation segment. The Travel services business is categorized into Expressway Service Zones Operation (Energy Business, Retail Business, Merchant Solicitation Business, Advertising Business), Road Passenger Transportation and Auxiliary Services, and Operation of Taiping Interchange.

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