COSCO SHIPPING Specialized Carriers Co (SHSE:600428) Beneish M-Score: -2.81 (As of Jul. 15, 2026)

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SHSE:600428 COSCO SHIPPING Specialized Carriers Co Ltd SHSE:600428
82 GF Score
Price ¥10.57
GF Value ¥8.54
Valuation Modestly Overvalued
! 7 Warning Signs
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What is COSCO SHIPPING Specialized Carriers Co Beneish M-Score?

COSCO SHIPPING Specialized Carriers Co SHSE:600428 -0.09% 82 Beneish M-Score is -2.81 as of Jul. 15, 2026. GuruFocus rates SHSE:600428 with a GF Score™ of 82/100 and a GF Value™ of ¥8.54 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 965 Transportation companies, COSCO SHIPPING Specialized Carriers Co ranks better than 71.61% on this metric.

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 -2.81 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for COSCO SHIPPING Specialized Carriers Co's Beneish M-Score or its related term are showing as below:

SHSE:600428' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.6   Max: -2.01
Current: -2.81

During the past 13 years, the highest Beneish M-Score of COSCO SHIPPING Specialized Carriers Co was -2.01. The lowest was -3.16. And the median was -2.60.

COSCO SHIPPING Specialized Carriers Co Beneish M-Score Historical Data

* Premium members only.

The historical data trend for COSCO SHIPPING Specialized Carriers Co'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.

COSCO SHIPPING Specialized Carriers Co Beneish M-Score Chart

COSCO SHIPPING Specialized Carriers Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.25 -2.31 -2.99 -2.49 -2.66

COSCO SHIPPING Specialized Carriers Co Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.51 -2.59 -2.64 -2.66 -2.81

COSCO SHIPPING Specialized Carriers Co Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, COSCO SHIPPING Specialized Carriers Co'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.

COSCO SHIPPING Specialized Carriers Co Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, COSCO SHIPPING Specialized Carriers Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where COSCO SHIPPING Specialized Carriers Co's Beneish M-Score falls into.


SHSE:600428
82GF Score
COSCO SHIPPING Specialized Carriers Co Ltd SHSE:600428
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

COSCO SHIPPING Specialized Carriers Co 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 COSCO SHIPPING Specialized Carriers Co 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 * 0.9557+0.528 * 1.0147+0.404 * 0.9864+0.892 * 1.3244+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9854+4.679 * -0.120627-0.327 * 1.0572
=-2.81

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was ¥3,086 Mil.
Revenue was 6547.047 + 6600.036 + 5835.368 + 5579.143 = ¥24,562 Mil.
Gross Profit was 1273.485 + 1360.749 + 1361.027 + 1198.875 = ¥5,194 Mil.
Total Current Assets was ¥12,998 Mil.
Total Assets was ¥44,870 Mil.
Property, Plant and Equipment(Net PPE) was ¥27,242 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥280 Mil.
Total Current Liabilities was ¥12,308 Mil.
Long-Term Debt & Capital Lease Obligation was ¥11,637 Mil.
Net Income was 405.874 + 450.997 + 504.046 + 479.587 = ¥1,841 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1933.449 + 2076.888 + 1634.581 + 1608.081 = ¥7,253 Mil.
 Total Receivables was ¥2,438 Mil.
Revenue was 5196.011 + 4737.026 + 4562.832 + 4050.009 = ¥18,546 Mil.
Gross Profit was 1009.875 + 1176.21 + 1095.109 + 698.339 = ¥3,980 Mil.
Total Current Assets was ¥10,990 Mil.
Total Assets was ¥40,178 Mil.
Property, Plant and Equipment(Net PPE) was ¥24,985 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥215 Mil.
Total Current Liabilities was ¥8,561 Mil.
Long-Term Debt & Capital Lease Obligation was ¥11,719 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)
=(3085.853 / 24561.594) / (2438.144 / 18545.878)
=0.125637 / 0.131466
=0.9557

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)
=(3979.533 / 18545.878) / (5194.136 / 24561.594)
=0.214578 / 0.211474
=1.0147

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 - (12997.941 + 27241.875) / 44869.609) / (1 - (10990.251 + 24985.216) / 40178.437)
=0.103183 / 0.104608
=0.9864

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
=24561.594 / 18545.878
=1.3244

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))
=(0 / (0 + 24985.216)) / (0 / (0 + 27241.875))
=0 / 0
=1

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)
=(280.151 / 24561.594) / (214.662 / 18545.878)
=0.011406 / 0.011575
=0.9854

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)
=((11636.966 + 12307.524) / 44869.609) / ((11718.795 + 8561.487) / 40178.437)
=0.533646 / 0.504755
=1.0572

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
=(1840.504 - 0 - 7252.999) / 44869.609
=-0.120627

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.

COSCO SHIPPING Specialized Carriers Co has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.81 mean?
COSCO SHIPPING Specialized Carriers Co (SHSE:600428) has a Beneish M-Score of -2.81 as of Jul. 15, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on COSCO SHIPPING Specialized Carriers Co and its competitors. According to the industry distribution chart, COSCO SHIPPING Specialized Carriers Co ranks #274 out of 965 companies in the Transportation industry, placing it in the top 28.4%.
Is COSCO SHIPPING Specialized Carriers Co's Beneish M-Score too high?
COSCO SHIPPING Specialized Carriers Co's current Beneish M-Score is -2.81. Based on the distribution chart, COSCO SHIPPING Specialized Carriers Co ranks #274 out of 965 companies in the Transportation industry, which is above the industry midpoint. Overall, COSCO SHIPPING Specialized Carriers Co has a GF Score™ of 82/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does COSCO SHIPPING Specialized Carriers Co's Beneish M-Score compare to competitors?
According to the Transportation industry distribution chart, COSCO SHIPPING Specialized Carriers Co ranks #274 out of 965 companies for Beneish M-Score. This puts COSCO SHIPPING Specialized Carriers Co in the upper 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 COSCO SHIPPING Specialized Carriers Co and its competitors. COSCO SHIPPING Specialized Carriers Co's current Beneish M-Score is -2.81. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is COSCO SHIPPING Specialized Carriers Co stock overvalued right now?
Based on GuruFocus' analysis, COSCO SHIPPING Specialized Carriers Co (SHSE:600428) is currently considered Modestly Overvalued. The stock's GF Value™ is ¥8.54, compared to a current price of ¥10.57 — trading 23.8% above its estimated fair value. The current Beneish M-Score is -2.81. COSCO SHIPPING Specialized Carriers Co's overall GF Score™ is 82/100 with 7 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 COSCO SHIPPING Specialized Carriers Co (SHSE:600428), the current Beneish M-Score is -2.81 as of Jul. 15, 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.

Is COSCO SHIPPING Specialized Carriers Co (SHSE:600428) Overvalued in 2026?

Based on GuruFocus' analysis, COSCO SHIPPING Specialized Carriers Co stock appears to be overvalued. The current stock price of ¥10.57 is trading 23.8% above its estimated GF Value™ of ¥8.54. GuruFocus considers COSCO SHIPPING Specialized Carriers Co to be Modestly Overvalued.

Key valuation signals for SHSE:600428:

  • Beneish M-Score: -2.81
  • GF Value™: ¥8.54 vs. price of ¥10.57 (23.8% above fair value)
  • GF Score™: 82/100 with 7 warning signs

No single metric tells the full story. See the SHSE:600428 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

COSCO SHIPPING Specialized Carriers Co Business Description

Address No. 282 Dongjiang Avenue, Free Trade Zone, Kangsheng Building, Guangdong Province, Guangzhou, CHN, 510623
COSCO SHIPPING Specialized Carriers Co Ltd is mainly engaged in the multipurpose shipping business. It also offers specialized shipping services. The company's specialized shipping unit owns semisubmersible ships, heavy-lift ships, roll-on/roll-off vessels, and vehicle carriers. Parent company COSCO owns a 50.13% stake in COSCO Shipping. At the end of December 2010, COSCO Shipping owned 77 ships with a total shipping capacity of 1.3173 million deadweight tons.
82GF Score

Get the complete analysis for SHSE:600428

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

¥10.57
Price
¥8.54
GF Value