Evergreen Marine (Taiwan) (TPE:2603) Beneish M-Score : -2.53 (As of Apr. 17, 2025)

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What is Evergreen Marine (Taiwan) 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Evergreen Marine (Taiwan)'s Beneish M-Score or its related term are showing as below:

TPE:2603' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29 Med: -2.66 Max: -0.51
Current: -2.53

During the past 13 years, the highest Beneish M-Score of Evergreen Marine (Taiwan) was -0.51. The lowest was -3.29. And the median was -2.66.

Evergreen Marine (Taiwan) Beneish M-Score Historical Data

The historical data trend for Evergreen Marine (Taiwan)'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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Evergreen Marine (Taiwan) Beneish M-Score Chart

Evergreen Marine (Taiwan) Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.79

-2.18

-3.22

-0.51

-2.53

Evergreen Marine (Taiwan) 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															-0.51	-0.11	-0.77	-2.02	-2.53

Competitive Comparison of Evergreen Marine (Taiwan)'s Beneish M-Score

For the Marine Shipping subindustry, Evergreen Marine (Taiwan)'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.

Evergreen Marine (Taiwan)'s Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Evergreen Marine (Taiwan)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Evergreen Marine (Taiwan)'s Beneish M-Score falls into.

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Evergreen Marine (Taiwan) 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 Evergreen Marine (Taiwan) 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 * 0.8323

0.528 * 0.4748

0.404 * 0.9539

0.892 * 1.6753

0.115 * 1.0511

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7624

4.679 * -0.05776

0.327 * 0.9331

-2.53

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$32,334 Mil.
Revenue was 115811.709 + 152788.923 + 106328.606 + 88638.659 = NT$463,568 Mil.
Gross Profit was 40904.049 + 80369.23 + 35882.184 + 18949.308 = NT$176,105 Mil.
Total Current Assets was NT$312,872 Mil.
Total Assets was NT$914,214 Mil.
Property, Plant and Equipment(Net PPE) was NT$468,892 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$39,320 Mil.
Selling, General, & Admin. Expense(SGA) was NT$21,461 Mil.
Total Current Liabilities was NT$150,345 Mil.
Long-Term Debt & Capital Lease Obligation was NT$128,107 Mil.
Net Income was 30698.981 + 61913.18 + 29458.883 + 17382.249 = NT$139,453 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 53062.475 + 82284.636 + 32070.826 + 24840.603 = NT$192,259 Mil.

Total Receivables was NT$23,190 Mil.
Revenue was 69691.146 + 72812.414 + 67384.615 + 66826.65 = NT$276,715 Mil.
Gross Profit was 8903.548 + 12408.948 + 13795.232 + 14801.426 = NT$49,909 Mil.
Total Current Assets was NT$238,140 Mil.
Total Assets was NT$731,831 Mil.
Property, Plant and Equipment(Net PPE) was NT$382,546 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$33,864 Mil.
Selling, General, & Admin. Expense(SGA) was NT$16,804 Mil.
Total Current Liabilities was NT$111,750 Mil.
Long-Term Debt & Capital Lease Obligation was NT$127,136 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)
	=	(32333.641 / 463567.897)	/	(23189.879 / 276714.825)
	=	0.06975	/	0.083804
	=	0.8323

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)
	=	(49909.154 / 276714.825)	/	(176104.771 / 463567.897)
	=	0.180363	/	0.37989
	=	0.4748

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 - (312872.446 + 468891.753) / 914213.59)	/	(1 - (238140.293 + 382545.516) / 731830.758)
	=	0.144878	/	0.151872
	=	0.9539

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
	=	463567.897	/	276714.825
	=	1.6753

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))
	=	(33864.11 / (33864.11 + 382545.516))	/	(39319.501 / (39319.501 + 468891.753))
	=	0.081324	/	0.077368
	=	1.0511

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)
	=	(21461.262 / 463567.897)	/	(16803.763 / 276714.825)
	=	0.046296	/	0.060726
	=	0.7624

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)
	=	((128106.771 + 150345.441) / 914213.59)	/	((127135.787 + 111750.258) / 731830.758)
	=	0.304581	/	0.326423
	=	0.9331

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
	=	(139453.293 - 0	-	192258.54)	/	914213.59
	=	-0.05776

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.

Evergreen Marine (Taiwan) has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.

Evergreen Marine (Taiwan) Beneish M-Score Related Terms

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Evergreen Marine (Taiwan) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Evergreen Marine Corp (Taiwan) Ltd (TPE:2603) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 166, Minsheng East Road, Section 2, Zhongshan District, Taipei, TWN

Website

https://www.evergreen-marine.com

Evergreen Marine Corp (Taiwan) Ltd is engaged in domestic and international marine transportation, shipping agency services, commercial port area ship repair services, and the distribution of containers. The company's main source of revenue is generated by transporting goods via its fleet of cargo ships. It has a geographic presence in Asia, the Americas, and Europe, and Taiwan. It generates the majority of its revenue from Asia.

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