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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 7.43 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for New Century Logistics (BVI)'s Beneish M-Score or its related term are showing as below:
NCEW'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.31 Med: -1.5 Max: 7.43
Current: 7.43
During the past 5 years, the highest Beneish M-Score of New Century Logistics (BVI) was 7.43. The lowest was -2.31. And the median was -1.50.
New Century Logistics (BVI) Beneish M-Score Related Terms
New Century Logistics (BVI) Beneish M-Score Historical Data
* 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.
NCEW vs JANL, CRGO, SFWL: Beneish M-Score Comparison
For the Integrated Freight & Logistics subindustry, New Century Logistics (BVI)'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.
New Century Logistics (BVI) Beneish M-Score vs Transportation Industry
For the Transportation industry and Industrials sector, New Century Logistics (BVI)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where New Century Logistics (BVI)'s Beneish M-Score falls into.
New Century Logistics (BVI) 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 New Century Logistics (BVI) 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 * 0.9873
+
0.528 * 22.0016
+
0.404 * 5.2132
+
0.892 * 0.8449
+
0.115 * 1.5358
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 3.8067
+
4.679 * -0.497075
-
0.327 * 0.9643
=
7.43
* 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.
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.
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))
=
(0.217 / (0.217 + 1.198))
/
(0.07 / (0.07 + 0.631))
=
0.153357
/
0.099857
=
1.5358
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
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
=
(-10.731 - -0.094
-
-3.415)
/
14.529
=
-0.497075
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.
New Century Logistics (BVI) has a M-score of 7.43 signals that the company is likely to be a manipulator.
New Century Logistics (BVI) (NCEW) has a Beneish M-Score of 7.43 as of Jul. 14, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on New Century Logistics (BVI) and its competitors. According to the industry distribution chart, New Century Logistics (BVI) ranks #949 out of 964 companies in the Transportation industry, placing it in the top 98.4%.
Is New Century Logistics (BVI)'s Beneish M-Score too high?
New Century Logistics (BVI)'s current Beneish M-Score is 7.43. Based on the distribution chart, New Century Logistics (BVI) ranks #949 out of 964 companies in the Transportation industry, which is in the bottom quartile relative to peers. Overall, New Century Logistics (BVI) has a GF Score™ of 15/100, reflecting its overall financial health beyond just this single metric.
How does New Century Logistics (BVI)'s Beneish M-Score compare to JANL and CRGO?
According to the Transportation industry distribution chart, New Century Logistics (BVI) ranks #949 out of 964 companies for Beneish M-Score. This places New Century Logistics (BVI) 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 New Century Logistics (BVI) and its competitors. New Century Logistics (BVI)'s current Beneish M-Score is 7.43. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is New Century Logistics (BVI) stock overvalued right now?
New Century Logistics (BVI) (NCEW) has a current Beneish M-Score of 7.43. The current Beneish M-Score is 7.43. New Century Logistics (BVI)'s overall GF Score™ is 15/100 with 6 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 New Century Logistics (BVI) (NCEW), the current Beneish M-Score is 7.43 as of Jul. 14, 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.
New Century Logistics (BVI) Ltd is a freight forwarding service provider based in Hong Kong. The company offers air and ocean export and import freight forwarding services, including the sale of cargo space, cargo pickup, off-airport air cargo security screening, palletization, preparation of shipping documentation, arrangement of customs clearance, and cargo handling at ports. It provides a full range of logistics services supported by a robust international network that facilitates the movement of customers goods. Its services include Project Cargo, Warehousing & Distribution, Ocean Freight Import & Export, and Air Freight Import & Export. The company operates in the British Virgin Islands and Hong Kong, with the majority of its revenue generated from Hong Kong.
15GF Score
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