China Next-Gen Commerce and Supply Chain (HKSE:03928) Beneish M-Score : -2.68 (As of Apr. 20, 2025)

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What is China Next-Gen Commerce and Supply Chain 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China Next-Gen Commerce and Supply Chain's Beneish M-Score or its related term are showing as below:

HKSE:03928' s Beneish M-Score Range Over the Past 10 Years
Min: -4.88 Med: -2.91 Max: -1.15
Current: -2.68

During the past 9 years, the highest Beneish M-Score of China Next-Gen Commerce and Supply Chain was -1.15. The lowest was -4.88. And the median was -2.91.

China Next-Gen Commerce and Supply Chain Beneish M-Score Historical Data

The historical data trend for China Next-Gen Commerce and Supply Chain'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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China Next-Gen Commerce and Supply Chain Beneish M-Score Chart

China Next-Gen Commerce and Supply Chain Annual Data

Trend

Sep16

Sep17

Sep18

Sep19

Sep20

Sep21

Sep22

Sep23

Sep24

Beneish M-Score

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-4.88

-3.58

-4.18

-2.91

-2.68

China Next-Gen Commerce and Supply Chain Semi-Annual Data
	Sep16	Sep17	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial										-4.18	-	-2.91	-	-2.68

Competitive Comparison of China Next-Gen Commerce and Supply Chain's Beneish M-Score

For the Engineering & Construction subindustry, China Next-Gen Commerce and Supply Chain'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.

China Next-Gen Commerce and Supply Chain's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, China Next-Gen Commerce and Supply Chain's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Next-Gen Commerce and Supply Chain's Beneish M-Score falls into.

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China Next-Gen Commerce and Supply Chain 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 China Next-Gen Commerce and Supply Chain 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 * 1.2214

0.528 * 0.7919

0.404 * 0.9644

0.892 * 1.0459

0.115 * 0.9481

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.109

4.679 * -0.056399

0.327 * 1.088

-2.68

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was HK$193.8 Mil.
Revenue was HK$336.6 Mil.
Gross Profit was HK$28.9 Mil.
Total Current Assets was HK$242.4 Mil.
Total Assets was HK$418.8 Mil.
Property, Plant and Equipment(Net PPE) was HK$71.1 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$15.6 Mil.
Selling, General, & Admin. Expense(SGA) was HK$14.6 Mil.
Total Current Liabilities was HK$211.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$43.8 Mil.
Net Income was HK$-4.7 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$18.9 Mil.

Total Receivables was HK$151.7 Mil.
Revenue was HK$321.8 Mil.
Gross Profit was HK$21.8 Mil.
Total Current Assets was HK$205.6 Mil.
Total Assets was HK$365.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$64.4 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$13.2 Mil.
Selling, General, & Admin. Expense(SGA) was HK$12.6 Mil.
Total Current Liabilities was HK$156.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$47.8 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)
	=	(193.792 / 336.57)	/	(151.696 / 321.797)
	=	0.575785	/	0.471403
	=	1.2214

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)
	=	(21.849 / 321.797)	/	(28.856 / 336.57)
	=	0.067897	/	0.085736
	=	0.7919

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 - (242.425 + 71.067) / 418.785)	/	(1 - (205.601 + 64.37) / 365.179)
	=	0.251425	/	0.260716
	=	0.9644

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
	=	336.57	/	321.797
	=	1.0459

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))
	=	(13.203 / (13.203 + 64.37))	/	(15.55 / (15.55 + 71.067))
	=	0.170201	/	0.179526
	=	0.9481

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)
	=	(14.563 / 336.57)	/	(12.555 / 321.797)
	=	0.043269	/	0.039015
	=	1.109

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)
	=	((43.822 + 211.56) / 418.785)	/	((47.819 + 156.857) / 365.179)
	=	0.609816	/	0.560481
	=	1.088

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
	=	(-4.714 - 0	-	18.905)	/	418.785
	=	-0.056399

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.

China Next-Gen Commerce and Supply Chain has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.

China Next-Gen Commerce and Supply Chain Beneish M-Score Related Terms

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China Next-Gen Commerce and Supply Chain Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » China Next-Gen Commerce and Supply Chain Ltd (HKSE:03928) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

16 Kian Teck Way, Singapore, SGP, 628749

Website

https://www.singtec.com.sg

China Next-Gen Commerce and Supply Chain Ltd is engaged in providing construction services and property investment business in Singapore. The Construction services segment which derives the key revenue, provides civil engineering works, building construction works, and other ancillary services to government and commercial corporations. The property investment business includes leasing of residential and industrial properties. Geographically, the company derives all of its revenue from Singapore.

Executives

Chang Tin Duk, Victor	2201 Interest of corporation controlled by you
Ho Chi Hong	2101 Beneficial owner
Alpine Treasure Limited	2101 Beneficial owner
Teo Teck Thye	2201 Interest of corporation controlled by you
Hg Tec Holdings Limited	2101 Beneficial owner
Ng Kwee Bee	2202 Interest of your spouse
Poon Soon Huat	2201 Interest of corporation controlled by you
Yeo Siew Lan	2202 Interest of your spouse

China Next-Gen Commerce and Supply Chain Headlines

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