Orient Overseas (International) Beneish M-Score Historical Data
The historical data trend for Orient Overseas (International)'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.
Orient Overseas (International) Beneish M-Score Chart
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Orient Overseas (International) Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.28 |
-3.06 |
-2.70 |
-2.91 |
-0.22 |
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Orient Overseas (International) Semi-Annual Data
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Jun14 |
Dec14 |
Jun15 |
Dec15 |
Jun16 |
Dec16 |
Jun17 |
Dec17 |
Jun18 |
Dec18 |
Jun19 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.70 |
- |
-2.91 |
- |
-0.22 |
Competitive Comparison of Orient Overseas (International)'s Beneish M-Score
For the Marine Shipping subindustry, Orient Overseas (International)'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.
Orient Overseas (International)'s Beneish M-Score Distribution in the Transportation Industry
For the Transportation industry and Industrials sector, Orient Overseas (International)'s Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Orient Overseas (International)'s Beneish M-Score falls into.
Orient Overseas (International) 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 Orient Overseas (International) 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 * 2.0026 | + | 0.528 * 3.7985 | + | 0.404 * 1.1668 | + | 0.892 * 0.4223 | + | 0.115 * 1.0466 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0041 | + | 4.679 * 0.048091 | - | 0.327 * 0.7669 |
| = | -0.22 |
* 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$4,515 Mil.
Revenue was HK$65,164 Mil.
Gross Profit was HK$9,023 Mil.
Total Current Assets was HK$60,060 Mil.
Total Assets was HK$121,905 Mil.
Property, Plant and Equipment(Net PPE) was HK$58,366 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6,620 Mil.
Selling, General, & Admin. Expense(SGA) was HK$2,188 Mil.
Total Current Liabilities was HK$18,525 Mil.
Long-Term Debt & Capital Lease Obligation was HK$7,180 Mil.
Net Income was HK$10,683 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$4,820 Mil.
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Total Receivables was HK$5,338 Mil.
Revenue was HK$154,308 Mil.
Gross Profit was HK$81,160 Mil.
Total Current Assets was HK$95,998 Mil.
Total Assets was HK$155,982 Mil.
Property, Plant and Equipment(Net PPE) was HK$56,169 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$6,703 Mil.
Selling, General, & Admin. Expense(SGA) was HK$5,160 Mil.
Total Current Liabilities was HK$32,237 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10,650 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) |
| = | (4514.642 / 65163.854) | / | (5338.34 / 154308.092) |
| = | 0.069281 | / | 0.034595 |
| | = | 2.0026 |
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) |
| = | (81159.525 / 154308.092) | / | (9022.927 / 65163.854) |
| = | 0.525958 | / | 0.138465 |
| | = | 3.7985 |
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 - (60060.017 + 58365.705) / 121904.613) | / | (1 - (95997.774 + 56168.773) / 155981.742) |
| = | 0.028538 | / | 0.024459 |
| | = | 1.1668 |
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 |
| = | 65163.854 | / | 154308.092 |
| | = | 0.4223 |
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)) |
| = | (6703.043 / (6703.043 + 56168.773)) | / | (6620.032 / (6620.032 + 58365.705)) |
| = | 0.106614 | / | 0.101869 |
| | = | 1.0466 |
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) |
| = | (2188.001 / 65163.854) | / | (5160.194 / 154308.092) |
| = | 0.033577 | / | 0.033441 |
| | = | 1.0041 |
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) |
| = | ((7180.096 + 18524.76) / 121904.613) | / | ((10649.719 + 32237.325) / 155981.742) |
| = | 0.21086 | / | 0.274949 |
| | = | 0.7669 |
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 |
| = | (10682.651 - 0 | - | 4820.177) | / | 121904.613 |
| | = | 0.048091 |
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.
Orient Overseas (International) has a M-score of -0.22 signals that the company is likely to be a manipulator.
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