Sea & Land Transportation Services (ROCO:5603) Beneish M-Score : -1.90 (As of Mar. 05, 2025)

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What is Sea & Land Transportation Services 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 -1.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sea & Land Transportation Services's Beneish M-Score or its related term are showing as below:

ROCO:5603' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.6 Max: -0.96
Current: -1.9

During the past 13 years, the highest Beneish M-Score of Sea & Land Transportation Services was -0.96. The lowest was -3.16. And the median was -2.60.

Sea & Land Transportation Services Beneish M-Score Historical Data

The historical data trend for Sea & Land Transportation Services'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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Sea & Land Transportation Services Beneish M-Score Chart

Sea & Land Transportation Services Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.60

-2.39

-0.96

-3.16

-2.37

Sea & Land Transportation Services Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.65	-2.37	-2.47	-1.96	-1.90

Competitive Comparison of Sea & Land Transportation Services's Beneish M-Score

For the Integrated Freight & Logistics subindustry, Sea & Land Transportation Services'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.

Sea & Land Transportation Services's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Sea & Land Transportation Services's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sea & Land Transportation Services's Beneish M-Score falls into.

Sea & Land Transportation Services 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 Sea & Land Transportation Services 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 * 1.6276

0.528 * 1.1193

0.404 * 1.1594

0.892 * 0.9876

0.115 * 0.8761

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9613

4.679 * -0.021736

0.327 * 1.0189

-1.90

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was NT$429 Mil.
Revenue was 470.384 + 567.809 + 402.253 + 388.679 = NT$1,829 Mil.
Gross Profit was 59.884 + 105.687 + 48.4 + 43.236 = NT$257 Mil.
Total Current Assets was NT$879 Mil.
Total Assets was NT$2,911 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,347 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$116 Mil.
Selling, General, & Admin. Expense(SGA) was NT$185 Mil.
Total Current Liabilities was NT$686 Mil.
Long-Term Debt & Capital Lease Obligation was NT$162 Mil.
Net Income was 24.075 + 93.569 + 36.579 + 32.68 = NT$187 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 272.271 + -14.498 + -14.125 + 6.524 = NT$250 Mil.

Total Receivables was NT$267 Mil.
Revenue was 417.793 + 478.292 + 518.298 + 437.778 = NT$1,852 Mil.
Gross Profit was 72.744 + 87.677 + 69.997 + 61.109 = NT$292 Mil.
Total Current Assets was NT$651 Mil.
Total Assets was NT$2,701 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,502 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$112 Mil.
Selling, General, & Admin. Expense(SGA) was NT$195 Mil.
Total Current Liabilities was NT$572 Mil.
Long-Term Debt & Capital Lease Obligation was NT$200 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)
	=	(429.374 / 1829.125)	/	(267.138 / 1852.161)
	=	0.234743	/	0.14423
	=	1.6276

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)
	=	(291.527 / 1852.161)	/	(257.207 / 1829.125)
	=	0.157398	/	0.140618
	=	1.1193

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 - (879.28 + 1347.111) / 2910.844)	/	(1 - (650.534 + 1502.49) / 2700.756)
	=	0.235139	/	0.202807
	=	1.1594

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
	=	1829.125	/	1852.161
	=	0.9876

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))
	=	(112.18 / (112.18 + 1502.49))	/	(116.028 / (116.028 + 1347.111))
	=	0.069475	/	0.079301
	=	0.8761

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)
	=	(184.998 / 1829.125)	/	(194.874 / 1852.161)
	=	0.10114	/	0.105214
	=	0.9613

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)
	=	((161.864 + 686.073) / 2910.844)	/	((200.494 + 571.677) / 2700.756)
	=	0.291303	/	0.285909
	=	1.0189

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
	=	(186.903 - 0	-	250.172)	/	2910.844
	=	-0.021736

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.

Sea & Land Transportation Services has a M-score of -1.90 suggests that the company is unlikely to be a manipulator.

Sea & Land Transportation Services Beneish M-Score Related Terms

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Sea & Land Transportation Services Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Sea & Land Transportation Services Inc (ROCO:5603) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 171-1, Section 2, Datong Road, 12th Floor, Yuzhi District, New Taipei City, TWN

Website

https://www.sea-land.com.tw

Sea & Land Transportation Services Inc is a Taiwan based company engaged in the shipping and transportation industry. It provides in container yard and shipside container haulage services in Taiwan. The entity offers various container transportation services, such as warehousing, heavy machinery haulage, storage, erection and others. The company operates in three segments Transportation , Machinery transportation and hoisting , LPG Station segments. The company derives majority of revenue from Transportation segment.

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