Yangzijiang Shipbuilding (Holdings) (SGX:BS6) Beneish M-Score : -2.83 (As of Dec. 15, 2024)

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What is Yangzijiang Shipbuilding (Holdings) 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 -2.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Yangzijiang Shipbuilding (Holdings)'s Beneish M-Score or its related term are showing as below:

SGX:BS6' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.45 Max: 1
Current: -2.83

During the past 13 years, the highest Beneish M-Score of Yangzijiang Shipbuilding (Holdings) was 1.00. The lowest was -3.16. And the median was -2.45.

Yangzijiang Shipbuilding (Holdings) Beneish M-Score Historical Data

The historical data trend for Yangzijiang Shipbuilding (Holdings)'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.

* Premium members only.

Yangzijiang Shipbuilding (Holdings) Beneish M-Score Chart

Yangzijiang Shipbuilding (Holdings) Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.80

-2.49

-1.92

-2.95

-2.83

Yangzijiang Shipbuilding (Holdings) Semi-Annual Data
	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24
Beneish M-Score	Get a 7-Day Free Trial															1.00	-2.95	-	-2.83	-

Competitive Comparison of Yangzijiang Shipbuilding (Holdings)'s Beneish M-Score

For the Aerospace & Defense subindustry, Yangzijiang Shipbuilding (Holdings)'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.

Yangzijiang Shipbuilding (Holdings)'s Beneish M-Score Distribution in the Aerospace & Defense Industry

For the Aerospace & Defense industry and Industrials sector, Yangzijiang Shipbuilding (Holdings)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Yangzijiang Shipbuilding (Holdings)'s Beneish M-Score falls into.

Yangzijiang Shipbuilding (Holdings) 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 Yangzijiang Shipbuilding (Holdings) 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 * 1.035

0.528 * 0.6882

0.404 * 1.3234

0.892 * 1.1205

0.115 * 0.9202

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9042

4.679 * -0.094747

0.327 * 1.0645

-2.83

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was S$1,542 Mil.
Revenue was S$4,498 Mil.
Gross Profit was S$1,009 Mil.
Total Current Assets was S$5,457 Mil.
Total Assets was S$7,624 Mil.
Property, Plant and Equipment(Net PPE) was S$1,347 Mil.
Depreciation, Depletion and Amortization(DDA) was S$92 Mil.
Selling, General, & Admin. Expense(SGA) was S$112 Mil.
Total Current Liabilities was S$3,279 Mil.
Long-Term Debt & Capital Lease Obligation was S$304 Mil.
Net Income was S$765 Mil.
Gross Profit was S$0 Mil.
Cash Flow from Operations was S$1,488 Mil.

Total Receivables was S$1,329 Mil.
Revenue was S$4,015 Mil.
Gross Profit was S$620 Mil.
Total Current Assets was S$4,462 Mil.
Total Assets was S$6,392 Mil.
Property, Plant and Equipment(Net PPE) was S$1,411 Mil.
Depreciation, Depletion and Amortization(DDA) was S$89 Mil.
Selling, General, & Admin. Expense(SGA) was S$110 Mil.
Total Current Liabilities was S$2,377 Mil.
Long-Term Debt & Capital Lease Obligation was S$446 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)
	=	(1541.851 / 4498.478)	/	(1329.487 / 4014.677)
	=	0.342749	/	0.331157
	=	1.035

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)
	=	(619.931 / 4014.677)	/	(1009.355 / 4498.478)
	=	0.154416	/	0.224377
	=	0.6882

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 - (5456.976 + 1346.813) / 7623.788)	/	(1 - (4461.595 + 1411.146) / 6392.262)
	=	0.107558	/	0.081273
	=	1.3234

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
	=	4498.478	/	4014.677
	=	1.1205

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))
	=	(88.618 / (88.618 + 1411.146))	/	(92.418 / (92.418 + 1346.813))
	=	0.059088	/	0.064213
	=	0.9202

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)
	=	(111.513 / 4498.478)	/	(110.058 / 4014.677)
	=	0.024789	/	0.027414
	=	0.9042

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)
	=	((304.024 + 3279.093) / 7623.788)	/	((445.644 + 2376.556) / 6392.262)
	=	0.469992	/	0.441503
	=	1.0645

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
	=	(765.199 - 0	-	1487.528)	/	7623.788
	=	-0.094747

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.

Yangzijiang Shipbuilding (Holdings) has a M-score of -2.83 suggests that the company is unlikely to be a manipulator.

Yangzijiang Shipbuilding (Holdings) Beneish M-Score Related Terms

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Yangzijiang Shipbuilding (Holdings) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Aerospace & Defense » Yangzijiang Shipbuilding (Holdings) Ltd (SGX:BS6) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

YSHLF:USA B8O:Germany

Address

No. 1 Lianyi Road, Jiangyin-Jingjiang Industry Zone, Jiangsu Province, Jingjiang, CHN, 214532

Website

http://www.yzjship.com

Yangzijiang Shipbuilding (Holdings) Ltd is a large conglomerate, with shipbuilding and offshore engineering as its core focus. Its reportable segments comprise Shipbuilding, Shipping and others. The majority of revenue gets derived from the Shipbuilding segment that of shipbuilding and offshore marine equipment construction. The principal activities of the shipping segment consist of charter hire income earned by vessel owning companies. Geographically, it generates revenue from Italy.

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