Transport International Holdings (HKSE:00062) Beneish M-Score : -2.78 (As of May. 15, 2024)

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What is Transport International 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:00062' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.68 Max: -1.39
Current: -2.78

During the past 13 years, the highest Beneish M-Score of Transport International Holdings was -1.39. The lowest was -3.28. And the median was -2.68.

Transport International Holdings Beneish M-Score Historical Data

The historical data trend for Transport International 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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Transport International Holdings Beneish M-Score Chart

Transport International Holdings Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.98

-1.89

-2.81

-1.39

-2.78

Transport International Holdings 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															-2.81	-	-1.39	-	-2.78

Competitive Comparison of Transport International Holdings's Beneish M-Score

For the Railroads subindustry, Transport International 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.

Transport International Holdings's Beneish M-Score Distribution in the Transportation Industry

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

* The bar in red indicates where Transport International Holdings's Beneish M-Score falls into.

Transport International 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 Transport International 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 * 0.8974

0.528 * 0.6094

0.404 * 1.0301

0.892 * 1.1934

0.115 * 0.9873

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1

4.679 * -0.039904

0.327 * 0.9794

-2.78

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$1,025 Mil.
Revenue was HK$7,885 Mil.
Gross Profit was HK$2,380 Mil.
Total Current Assets was HK$3,299 Mil.
Total Assets was HK$24,187 Mil.
Property, Plant and Equipment(Net PPE) was HK$7,827 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,133 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0 Mil.
Total Current Liabilities was HK$3,169 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,379 Mil.
Net Income was HK$402 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$1,367 Mil.

Total Receivables was HK$957 Mil.
Revenue was HK$6,607 Mil.
Gross Profit was HK$1,215 Mil.
Total Current Assets was HK$3,546 Mil.
Total Assets was HK$23,904 Mil.
Property, Plant and Equipment(Net PPE) was HK$7,828 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1,117 Mil.
Selling, General, & Admin. Expense(SGA) was HK$0 Mil.
Total Current Liabilities was HK$3,312 Mil.
Long-Term Debt & Capital Lease Obligation was HK$3,296 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)
	=	(1025.064 / 7884.753)	/	(957.169 / 6607.171)
	=	0.130006	/	0.144868
	=	0.8974

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)
	=	(1215.128 / 6607.171)	/	(2379.501 / 7884.753)
	=	0.18391	/	0.301785
	=	0.6094

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 - (3299.219 + 7827.192) / 24187.089)	/	(1 - (3545.74 + 7827.758) / 23904.428)
	=	0.539986	/	0.52421
	=	1.0301

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
	=	7884.753	/	6607.171
	=	1.1934

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))
	=	(1116.694 / (1116.694 + 7827.758))	/	(1133.103 / (1133.103 + 7827.192))
	=	0.124848	/	0.126458
	=	0.9873

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 / 7884.753)	/	(0 / 6607.171)
	=	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)
	=	((3379.493 + 3168.969) / 24187.089)	/	((3296.192 + 3311.823) / 23904.428)
	=	0.270742	/	0.276435
	=	0.9794

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
	=	(401.663 - 0	-	1366.836)	/	24187.089
	=	-0.039904

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.

Transport International Holdings has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

Transport International Holdings Beneish M-Score Related Terms

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Transport International Holdings (HKSE:00062) Business Description

Industry

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Traded in Other Exchanges

KWO:Germany

Address

9 Po Lun Street, 15th Floor, Lai Chi Kok, Kowloon, Hong Kong, HKG

Website

http://www.tih.hk

Transport International Holdings Ltd is a public transportation company domiciled in the People's Republic of China. The company's main segments include franchised bus operation and property holdings and development. The franchised bus operation segment, which generates the vast majority of revenue, provides franchised public bus services in Hong Kong. The property holdings and development segment develops and leases nonresidential properties for use as investment properties.

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