China Ocean Group Development (HKSE:08047) Beneish M-Score : -2.50 (As of Jul. 07, 2025)

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What is China Ocean Group Development 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for China Ocean Group Development's Beneish M-Score or its related term are showing as below:

HKSE:08047' s Beneish M-Score Range Over the Past 10 Years
Min: -5.57 Med: -0.34 Max: 363.01
Current: -2.5

During the past 13 years, the highest Beneish M-Score of China Ocean Group Development was 363.01. The lowest was -5.57. And the median was -0.34.

China Ocean Group Development Beneish M-Score Historical Data

The historical data trend for China Ocean Group Development'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 Ocean Group Development Beneish M-Score Chart

China Ocean Group Development Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-1.64

-3.38

-5.57

-2.79

-2.50

China Ocean Group Development Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Mar24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.79	-	-	-2.50	-

Competitive Comparison of China Ocean Group Development's Beneish M-Score

For the Integrated Freight & Logistics subindustry, China Ocean Group Development'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 Ocean Group Development's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, China Ocean Group Development's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where China Ocean Group Development's Beneish M-Score falls into.

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China Ocean Group Development 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 Ocean Group Development 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 * 0.593

0.528 * 0.5369

0.404 * 0.6196

0.892 * 1.763

0.115 * 0.5075

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6881

4.679 * 0.022477

0.327 * 1.0973

-2.50

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was HK$282.2 Mil.
Revenue was HK$398.2 Mil.
Gross Profit was HK$45.3 Mil.
Total Current Assets was HK$813.9 Mil.
Total Assets was HK$1,061.5 Mil.
Property, Plant and Equipment(Net PPE) was HK$212.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$25.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$53.2 Mil.
Total Current Liabilities was HK$490.8 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4.5 Mil.
Net Income was HK$-37.4 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-61.3 Mil.

Total Receivables was HK$270.0 Mil.
Revenue was HK$225.9 Mil.
Gross Profit was HK$13.8 Mil.
Total Current Assets was HK$635.3 Mil.
Total Assets was HK$936.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$251.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$14.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$43.9 Mil.
Total Current Liabilities was HK$393.9 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4.5 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)
	=	(282.229 / 398.173)	/	(269.952 / 225.855)
	=	0.70881	/	1.195245
	=	0.593

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)
	=	(13.787 / 225.855)	/	(45.269 / 398.173)
	=	0.061044	/	0.113692
	=	0.5369

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 - (813.947 + 211.971) / 1061.472)	/	(1 - (635.311 + 250.953) / 936.916)
	=	0.033495	/	0.054062
	=	0.6196

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
	=	398.173	/	225.855
	=	1.763

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))
	=	(14.437 / (14.437 + 250.953))	/	(25.451 / (25.451 + 211.971))
	=	0.054399	/	0.107197
	=	0.5075

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)
	=	(53.2 / 398.173)	/	(43.856 / 225.855)
	=	0.13361	/	0.194178
	=	0.6881

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)
	=	((4.495 + 490.81) / 1061.472)	/	((4.495 + 393.918) / 936.916)
	=	0.466621	/	0.425239
	=	1.0973

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
	=	(-37.401 - 0	-	-61.26)	/	1061.472
	=	0.022477

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 Ocean Group Development has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

China Ocean Group Development Beneish M-Score Related Terms

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China Ocean Group Development Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » China Ocean Group Development Ltd (HKSE:08047) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

26 Harbour Road, Wan Chai, Room 03, 22nd Floor, China Resources Building, Hong Kong, HKG

Website

http://www.chinaoceangroup.com.hk

China Ocean Group Development Ltd operates as a holding company. It is engaged in various business segments that are Supply Chain Management Segment services business, which provides services involving the planning and implementation of an integrated solution for the effective flow of business, logistic, information and funds; and Money Lending, which provides money lending services. The Ocean fishing segment which provides fishing and catching business in open sea beyond the coastal region. The Supply Chain Management services business segment generates maximum revenue for the company. Geographically, the company offers its services to Hong Kong and China.

Executives

Liu Yi	2101 Beneficial owner
Jing Peng Xin He (hong Kong) Limited	2101 Beneficial owner
Shenzhqn Jing Peng Xin Trade Co Ltd	2101 Beneficial owner
Chen Quan	2101 Beneficial owner

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