Hutchison Port Holdings Trust (Hutchison Port Holdings Trust) Beneish M-Score : -2.62 (As of May. 14, 2024)

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What is Hutchison Port Holdings Trust 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Hutchison Port Holdings Trust's Beneish M-Score or its related term are showing as below:

HCTPF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.49 Med: -2.69 Max: -2.53
Current: -2.62

During the past 13 years, the highest Beneish M-Score of Hutchison Port Holdings Trust was -2.53. The lowest was -3.49. And the median was -2.69.

Hutchison Port Holdings Trust Beneish M-Score Historical Data

The historical data trend for Hutchison Port Holdings Trust'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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Hutchison Port Holdings Trust Beneish M-Score Chart

Hutchison Port Holdings Trust Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.69

-2.54

-2.88

-2.62

Hutchison Port Holdings Trust Semi-Annual Data
	Jun14	Dec14	Jun15	Dec15	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.54	-	-2.88	-	-2.62

Competitive Comparison of Hutchison Port Holdings Trust's Beneish M-Score

For the Marine Shipping subindustry, Hutchison Port Holdings Trust'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.

Hutchison Port Holdings Trust's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Hutchison Port Holdings Trust's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hutchison Port Holdings Trust's Beneish M-Score falls into.

Hutchison Port Holdings Trust 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 Hutchison Port Holdings Trust 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 * 1.1305

0.528 * 1.1137

0.404 * 1.0513

0.892 * 0.8544

0.115 * 0.9958

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.043125

0.327 * 1.0175

-2.62

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was $387 Mil.
Revenue was $1,316 Mil.
Gross Profit was $448 Mil.
Total Current Assets was $1,446 Mil.
Total Assets was $10,766 Mil.
Property, Plant and Equipment(Net PPE) was $6,677 Mil.
Depreciation, Depletion and Amortization(DDA) was $371 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,452 Mil.
Long-Term Debt & Capital Lease Obligation was $2,673 Mil.
Net Income was $30 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $494 Mil.

Total Receivables was $401 Mil.
Revenue was $1,541 Mil.
Gross Profit was $584 Mil.
Total Current Assets was $1,746 Mil.
Total Assets was $11,386 Mil.
Property, Plant and Equipment(Net PPE) was $6,981 Mil.
Depreciation, Depletion and Amortization(DDA) was $386 Mil.
Selling, General, & Admin. Expense(SGA) was $0 Mil.
Total Current Liabilities was $1,463 Mil.
Long-Term Debt & Capital Lease Obligation was $2,824 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)
	=	(386.845 / 1316.205)	/	(400.523 / 1540.551)
	=	0.293909	/	0.259987
	=	1.1305

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)
	=	(584.377 / 1540.551)	/	(448.322 / 1316.205)
	=	0.37933	/	0.340617
	=	1.1137

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 - (1445.876 + 6676.803) / 10766.045)	/	(1 - (1745.962 + 6980.992) / 11386.206)
	=	0.245528	/	0.23355
	=	1.0513

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
	=	1316.205	/	1540.551
	=	0.8544

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))
	=	(385.847 / (385.847 + 6980.992))	/	(370.665 / (370.665 + 6676.803))
	=	0.052376	/	0.052595
	=	0.9958

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)
	=	(0 / 1316.205)	/	(0 / 1540.551)
	=	0	/	0
	=	1

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)
	=	((2673.16 + 1451.688) / 10766.045)	/	((2824.336 + 1463.061) / 11386.206)
	=	0.383135	/	0.376543
	=	1.0175

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
	=	(29.893 - 0	-	494.176)	/	10766.045
	=	-0.043125

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.

Hutchison Port Holdings Trust has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.

Hutchison Port Holdings Trust Beneish M-Score Related Terms

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Hutchison Port Holdings Trust (Hutchison Port Holdings Trust) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Hutchison Port Holdings Trust (OTCPK:HCTPF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

HUPHY:USA P7VU:Singapore NS8U:Singapore H09:Germany

Address

1 Harbourfront Avenue, No. 14-07, Keppel Bay Tower, Singapore, SGP, 098632

Website

https://www.hphtrust.com

Hutchison Port Holdings Trust invests in, develops, operates, and manages deep-water container ports. The company invests in other assets including river ports and provides additional port services such as freight forwarding and warehousing. The company derives revenue through the port and related services, transportation and logistics solutions, management and service fee income, and system development and support fees. The port and related services account for the vast majority of revenue. Hutchison Port Holdings operates in both Hong Kong and Mainland China and derives the majority of revenue from Mainland China.