San Yang Ma (Chongqing) Logistics Co (SZSE:001317) Beneish M-Score : -2.27 (As of May. 23, 2024)

View and export this data going back to 2021. Start your Free Trial

What is San Yang Ma (Chongqing) Logistics Co 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for San Yang Ma (Chongqing) Logistics Co's Beneish M-Score or its related term are showing as below:

SZSE:001317' s Beneish M-Score Range Over the Past 10 Years
Min: -2.62 Med: -2.27 Max: -1.82
Current: -2.27

During the past 7 years, the highest Beneish M-Score of San Yang Ma (Chongqing) Logistics Co was -1.82. The lowest was -2.62. And the median was -2.27.

San Yang Ma (Chongqing) Logistics Co Beneish M-Score Historical Data

The historical data trend for San Yang Ma (Chongqing) Logistics 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.

* Premium members only.

San Yang Ma (Chongqing) Logistics Co Beneish M-Score Chart

San Yang Ma (Chongqing) Logistics Co Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-1.82

-2.54

-2.37

San Yang Ma (Chongqing) Logistics Co Quarterly Data
	Jun18	Dec18	Jun19	Dec19	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.27	-2.28	-2.03	-2.37	-2.27

Competitive Comparison of San Yang Ma (Chongqing) Logistics Co's Beneish M-Score

For the Integrated Freight & Logistics subindustry, San Yang Ma (Chongqing) Logistics 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.

San Yang Ma (Chongqing) Logistics Co's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, San Yang Ma (Chongqing) Logistics Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where San Yang Ma (Chongqing) Logistics Co's Beneish M-Score falls into.

San Yang Ma (Chongqing) Logistics 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 San Yang Ma (Chongqing) Logistics Co 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 * 0.9654

0.528 * 0.9384

0.404 * 0.7813

0.892 * 1.2756

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1554

4.679 * 0.045547

0.327 * 1.2147

-2.27

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ¥446 Mil.
Revenue was 267.65 + 286.739 + 239.212 + 233.697 = ¥1,027 Mil.
Gross Profit was 23.669 + 18.298 + 16.169 + 17.822 = ¥76 Mil.
Total Current Assets was ¥876 Mil.
Total Assets was ¥1,650 Mil.
Property, Plant and Equipment(Net PPE) was ¥573 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥22 Mil.
Total Current Liabilities was ¥444 Mil.
Long-Term Debt & Capital Lease Obligation was ¥310 Mil.
Net Income was 6.314 + 2.394 + 4.859 + 4.999 = ¥19 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -76.291 + 32.427 + -2.986 + -9.744 = ¥-57 Mil.

Total Receivables was ¥362 Mil.
Revenue was 220.617 + 200.515 + 185.118 + 199.087 = ¥805 Mil.
Gross Profit was 17.811 + 5.832 + 15.633 + 16.601 = ¥56 Mil.
Total Current Assets was ¥674 Mil.
Total Assets was ¥1,342 Mil.
Property, Plant and Equipment(Net PPE) was ¥458 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥15 Mil.
Total Current Liabilities was ¥384 Mil.
Long-Term Debt & Capital Lease Obligation was ¥121 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)
	=	(445.672 / 1027.298)	/	(361.901 / 805.337)
	=	0.433829	/	0.449378
	=	0.9654

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)
	=	(55.877 / 805.337)	/	(75.958 / 1027.298)
	=	0.069383	/	0.07394
	=	0.9384

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 - (876.062 + 572.772) / 1650.172)	/	(1 - (673.749 + 458.482) / 1341.765)
	=	0.12201	/	0.156163
	=	0.7813

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
	=	1027.298	/	805.337
	=	1.2756

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 + 458.482))	/	(0 / (0 + 572.772))
	=	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)
	=	(21.712 / 1027.298)	/	(14.732 / 805.337)
	=	0.021135	/	0.018293
	=	1.1554

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)
	=	((310.434 + 443.567) / 1650.172)	/	((120.905 + 383.794) / 1341.765)
	=	0.456923	/	0.376146
	=	1.2147

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
	=	(18.566 - 0	-	-56.594)	/	1650.172
	=	0.045547

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.

San Yang Ma (Chongqing) Logistics Co has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.

San Yang Ma (Chongqing) Logistics Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of San Yang Ma (Chongqing) Logistics Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

San Yang Ma (Chongqing) Logistics Co (SZSE:001317) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » San Yang Ma (Chongqing) Logistics Co Ltd (SZSE:001317) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Tuzhu Middle Road, No. 1-80, No. 199, Shapingba District, Chongqing, CHN, 401333

Website

http://www.sanyangma.com

SanYangMa (ChongQing) Logistics Co Ltd is engaged in the business of commodity vehicle logistics, warehousing logistics and fast-moving consumer goods logistics. The company's service brands include Changan, Dongfeng Xiaokang, SAIC-GM-Wuling, FAW-Volkswagen, Dongfeng Nissan, BYD, Great Wall, Guangqi Honda, Shanghai Volkswagen, Beijing Hyundai and other cars.

San Yang Ma (Chongqing) Logistics Co (SZSE:001317) Headlines

No Headlines