Pakistan National Shipping (KAR:PNSC) Beneish M-Score : -2.24 (As of Apr. 03, 2025)

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What is Pakistan National Shipping 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 -2.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

KAR:PNSC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.27 Max: -1.21
Current: -2.24

During the past 13 years, the highest Beneish M-Score of Pakistan National Shipping was -1.21. The lowest was -2.92. And the median was -2.27.

Pakistan National Shipping Beneish M-Score Historical Data

The historical data trend for Pakistan National Shipping'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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Pakistan National Shipping Beneish M-Score Chart

Pakistan National Shipping Annual Data

Trend

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Jun24

Beneish M-Score

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-2.30

-2.21

-1.99

-1.91

-2.03

Pakistan National Shipping Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.71	-2.34	-2.03	-1.92	-2.24

Competitive Comparison of Pakistan National Shipping's Beneish M-Score

For the Marine Shipping subindustry, Pakistan National Shipping'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.

Pakistan National Shipping's Beneish M-Score Distribution in the Transportation Industry

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

* The bar in red indicates where Pakistan National Shipping's Beneish M-Score falls into.

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Pakistan National Shipping 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 Pakistan National Shipping 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 * 1.0815

0.528 * 1.2169

0.404 * 0.9372

0.892 * 0.8576

0.115 * 0.8051

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0662

4.679 * 0.03616

0.327 * 0.7865

-2.24

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was ₨7,223 Mil.
Revenue was 9009.295 + 10839.179 + 11354.198 + 11074.986 = ₨42,278 Mil.
Gross Profit was 2071.793 + 4764.954 + 4356.063 + 5010.44 = ₨16,203 Mil.
Total Current Assets was ₨66,035 Mil.
Total Assets was ₨106,441 Mil.
Property, Plant and Equipment(Net PPE) was ₨35,738 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨4,354 Mil.
Selling, General, & Admin. Expense(SGA) was ₨664 Mil.
Total Current Liabilities was ₨10,333 Mil.
Long-Term Debt & Capital Lease Obligation was ₨1,528 Mil.
Net Income was 2741.706 + 5633.965 + 5494.308 + 5196.032 = ₨19,066 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 3010.215 + 4686.749 + 3051.388 + 4468.784 = ₨15,217 Mil.

Total Receivables was ₨7,788 Mil.
Revenue was 10525.66 + 13295.885 + 12121.973 + 13356.966 = ₨49,300 Mil.
Gross Profit was 3156.597 + 6166.56 + 6427.615 + 7242.391 = ₨22,993 Mil.
Total Current Assets was ₨52,176 Mil.
Total Assets was ₨92,286 Mil.
Property, Plant and Equipment(Net PPE) was ₨35,791 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨3,429 Mil.
Selling, General, & Admin. Expense(SGA) was ₨726 Mil.
Total Current Liabilities was ₨10,679 Mil.
Long-Term Debt & Capital Lease Obligation was ₨2,397 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)
	=	(7223.35 / 42277.658)	/	(7788.346 / 49300.484)
	=	0.170855	/	0.157977
	=	1.0815

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)
	=	(22993.163 / 49300.484)	/	(16203.25 / 42277.658)
	=	0.466388	/	0.383258
	=	1.2169

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 - (66035.326 + 35737.723) / 106440.532)	/	(1 - (52176.284 + 35791.177) / 92285.568)
	=	0.043851	/	0.046791
	=	0.9372

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
	=	42277.658	/	49300.484
	=	0.8576

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))
	=	(3429.16 / (3429.16 + 35791.177))	/	(4353.916 / (4353.916 + 35737.723))
	=	0.087433	/	0.108599
	=	0.8051

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)
	=	(663.707 / 42277.658)	/	(725.903 / 49300.484)
	=	0.015699	/	0.014724
	=	1.0662

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)
	=	((1528.473 + 10332.805) / 106440.532)	/	((2396.506 + 10679.356) / 92285.568)
	=	0.111436	/	0.141689
	=	0.7865

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
	=	(19066.011 - 0	-	15217.136)	/	106440.532
	=	0.03616

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.

Pakistan National Shipping has a M-score of -2.24 suggests that the company is unlikely to be a manipulator.

Pakistan National Shipping Beneish M-Score Related Terms

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Pakistan National Shipping Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Pakistan National Shipping Corp Ltd (KAR:PNSC) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

PNSC Building, Moulvi Tamizuddin Khan Road, P.O. BOX No. 5350, Karachi, SD, PAK, 74000

Website

https://www.pnsc.com.pk

Pakistan National Shipping Corp Ltd is engaged in the business of shipping, including the charter of vessels, transportation of cargo and other related services. The Group is also engaged in renting out its properties to tenants under lease agreements. The classes of services provided are the transportation of dry cargo, liquid cargo through chartered vessels, rental income and service fees.

Pakistan National Shipping Headlines

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