J&T Global Express Beneish M-Score Historical Data
The historical data trend for J&T Global Express'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.
J&T Global Express Beneish M-Score Chart
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J&T Global Express Annual Data
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Trend |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
0.46 |
-4.26 |
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J&T Global Express Semi-Annual Data
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|
Dec20 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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- |
- |
0.46 |
- |
-4.26 |
Competitive Comparison of J&T Global Express's Beneish M-Score
For the Integrated Freight & Logistics subindustry, J&T Global Express'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.
J&T Global Express's Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, J&T Global Express's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where J&T Global Express's Beneish M-Score falls into.
J&T Global Express 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 J&T Global Express 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 * 1.0308 | + | 0.528 * -0.696 | + | 0.404 * 1.0305 | + | 0.892 * 1.2215 | + | 0.115 * 1.1124 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.6173 | + | 4.679 * -0.218581 | - | 0.327 * 1.0056 |
| = | -4.26 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$11,929 Mil.
Revenue was HK$69,111 Mil.
Gross Profit was HK$3,692 Mil.
Total Current Assets was HK$24,502 Mil.
Total Assets was HK$51,556 Mil.
Property, Plant and Equipment(Net PPE) was HK$13,134 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,769 Mil.
Selling, General, & Admin. Expense(SGA) was HK$16,849 Mil.
Total Current Liabilities was HK$16,282 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10,743 Mil.
Net Income was HK$-8,598 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$2,671 Mil.
|
Total Receivables was HK$9,475 Mil.
Revenue was HK$56,580 Mil.
Gross Profit was HK$-2,104 Mil.
Total Current Assets was HK$22,160 Mil.
Total Assets was HK$46,211 Mil.
Property, Plant and Equipment(Net PPE) was HK$11,944 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$3,939 Mil.
Selling, General, & Admin. Expense(SGA) was HK$8,529 Mil.
Total Current Liabilities was HK$13,481 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10,607 Mil.
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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) |
| = | (11929.266 / 69110.88) | / | (9474.552 / 56579.834) |
| = | 0.172611 | / | 0.167455 |
| | = | 1.0308 |
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) |
| = | (-2103.911 / 56579.834) | / | (3692.458 / 69110.88) |
| = | -0.037185 | / | 0.053428 |
| | = | -0.696 |
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 - (24501.732 + 13134.233) / 51555.723) | / | (1 - (22159.561 + 11943.512) / 46210.701) |
| = | 0.269994 | / | 0.262009 |
| | = | 1.0305 |
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 |
| = | 69110.88 | / | 56579.834 |
| | = | 1.2215 |
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)) |
| = | (3939 / (3939 + 11943.512)) | / | (3768.572 / (3768.572 + 13134.233)) |
| = | 0.248009 | / | 0.222955 |
| | = | 1.1124 |
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) |
| = | (16848.964 / 69110.88) | / | (8529.124 / 56579.834) |
| = | 0.243796 | / | 0.150745 |
| | = | 1.6173 |
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) |
| = | ((10743.387 + 16281.668) / 51555.723) | / | ((10606.58 + 13481.331) / 46210.701) |
| = | 0.524191 | / | 0.521263 |
| | = | 1.0056 |
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 |
| = | (-8598.496 - 0 | - | 2670.585) | / | 51555.723 |
| | = | -0.218581 |
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.
J&T Global Express has a M-score of -4.26 suggests that the company is unlikely to be a manipulator.
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