Tian Yuan Group Holdings (HKSE:06119) Beneish M-Score : -2.29 (As of Jun. 07, 2024)

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What is Tian Yuan Group 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 -2.29 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Tian Yuan Group Holdings's Beneish M-Score or its related term are showing as below:

HKSE:06119' s Beneish M-Score Range Over the Past 10 Years
Min: -3.64 Med: -2.29 Max: 2.63
Current: -2.29

During the past 9 years, the highest Beneish M-Score of Tian Yuan Group Holdings was 2.63. The lowest was -3.64. And the median was -2.29.

Tian Yuan Group Holdings Beneish M-Score Historical Data

The historical data trend for Tian Yuan Group 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.

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Tian Yuan Group Holdings Beneish M-Score Chart

Tian Yuan Group Holdings Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.25

-1.58

-3.41

-2.57

-2.29

Tian Yuan Group Holdings Semi-Annual Data
	Dec15	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial											-3.41	-	-2.57	-	-2.29

Competitive Comparison of Tian Yuan Group Holdings's Beneish M-Score

For the Marine Shipping subindustry, Tian Yuan Group 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.

Tian Yuan Group Holdings's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Tian Yuan Group Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Tian Yuan Group Holdings's Beneish M-Score falls into.

Tian Yuan Group 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 Tian Yuan Group 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 * 1.1634

0.528 * 1.0472

0.404 * 1.2281

0.892 * 0.9332

0.115 * 0.9196

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9177

4.679 * -0.047475

0.327 * 0.3893

-2.29

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$14.3 Mil.
Revenue was HK$331.3 Mil.
Gross Profit was HK$53.9 Mil.
Total Current Assets was HK$200.9 Mil.
Total Assets was HK$421.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$158.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$14.9 Mil.
Selling, General, & Admin. Expense(SGA) was HK$16.0 Mil.
Total Current Liabilities was HK$41.5 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.1 Mil.
Net Income was HK$20.9 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$40.9 Mil.

Total Receivables was HK$13.1 Mil.
Revenue was HK$355.0 Mil.
Gross Profit was HK$60.4 Mil.
Total Current Assets was HK$289.6 Mil.
Total Assets was HK$525.9 Mil.
Property, Plant and Equipment(Net PPE) was HK$172.9 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$14.8 Mil.
Selling, General, & Admin. Expense(SGA) was HK$18.7 Mil.
Total Current Liabilities was HK$133.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.2 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)
	=	(14.25 / 331.296)	/	(13.125 / 355.005)
	=	0.043013	/	0.036971
	=	1.1634

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)
	=	(60.432 / 355.005)	/	(53.852 / 331.296)
	=	0.170229	/	0.16255
	=	1.0472

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 - (200.89 + 158.284) / 421.552)	/	(1 - (289.569 + 172.933) / 525.863)
	=	0.147972	/	0.12049
	=	1.2281

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
	=	331.296	/	355.005
	=	0.9332

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))
	=	(14.822 / (14.822 + 172.933))	/	(14.864 / (14.864 + 158.284))
	=	0.078943	/	0.085846
	=	0.9196

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)
	=	(15.978 / 331.296)	/	(18.657 / 355.005)
	=	0.048229	/	0.052554
	=	0.9177

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)
	=	((0.078 + 41.476) / 421.552)	/	((0.18 + 132.982) / 525.863)
	=	0.098574	/	0.253226
	=	0.3893

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
	=	(20.904 - 0	-	40.917)	/	421.552
	=	-0.047475

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.

Tian Yuan Group Holdings has a M-score of -2.29 suggests that the company is unlikely to be a manipulator.

Tian Yuan Group Holdings Beneish M-Score Related Terms

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Tian Yuan Group Holdings (HKSE:06119) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Tian Yuan Group Holdings Ltd (HKSE:06119) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

168 Renmin South Road, Maoming, CHN

Website

https://www.tianyuangroupholdings.com

Tian Yuan Group Holdings Ltd is engaged in the provision of bulk and general cargo uploading and unloading services supply and sales of oil products and related ancillary value-added port services in The People's Republic of China. Cargo uploading and unloading services handle bulk cargo such as coal, quartz sand, oil products, grain, asphalt, and kaolinite, as well as a small portion of break bulk cargo and neo-bulk cargo. Related ancillary value-added port services consist of storage services at oil tanks and grain barns as well as leasing of shovel trucks. It operates in two segments: Cargo handling and ancillary services and Sales of oil products. The company generates a majority of its revenue from Cargo handling and ancillary service segment.

Executives

Huang Yongcheng	2101 Beneficial owner
Sino Ford Enterprises Limited
Yang Jinming
Zhang Dan

Tian Yuan Group Holdings (HKSE:06119) Headlines

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