Evergreen International Storage & Transport (TPE:2607) Beneish M-Score : -1.68 (As of May. 17, 2024)

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What is Evergreen International Storage & Transport 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.

Warning Sign:

Beneish M-Score -1.68 higher than -1.78, which implies that the company might have manipulated its financial results.

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

TPE:2607' s Beneish M-Score Range Over the Past 10 Years
Min: -5.88 Med: -2.62 Max: -0.57
Current: -1.68

During the past 13 years, the highest Beneish M-Score of Evergreen International Storage & Transport was -0.57. The lowest was -5.88. And the median was -2.62.

Evergreen International Storage & Transport Beneish M-Score Historical Data

The historical data trend for Evergreen International Storage & Transport'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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Evergreen International Storage & Transport Beneish M-Score Chart

Evergreen International Storage & Transport Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.89

-2.80

-1.85

-1.49

-1.78

Evergreen International Storage & Transport Quarterly Data
	Jun19	Sep19	Dec19	Mar20	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															-2.59	-2.82	-2.63	-1.78	-1.68

Competitive Comparison of Evergreen International Storage & Transport's Beneish M-Score

For the Marine Shipping subindustry, Evergreen International Storage & Transport'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.

Evergreen International Storage & Transport's Beneish M-Score Distribution in the Transportation Industry

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

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

Evergreen International Storage & Transport 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 Evergreen International Storage & Transport 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 * 2.0189

0.528 * 1.081

0.404 * 0.7139

0.892 * 1.0617

0.115 * 0.9087

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0444

4.679 * -0.026422

0.327 * 0.9275

-1.68

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was NT$5,640 Mil.
Revenue was 4485.959 + 4737.891 + 4342.275 + 4060.962 = NT$17,627 Mil.
Gross Profit was 978.813 + 1181.47 + 1122.826 + 947.251 = NT$4,230 Mil.
Total Current Assets was NT$16,472 Mil.
Total Assets was NT$44,748 Mil.
Property, Plant and Equipment(Net PPE) was NT$18,758 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,434 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,536 Mil.
Total Current Liabilities was NT$3,542 Mil.
Long-Term Debt & Capital Lease Obligation was NT$4,214 Mil.
Net Income was 569.356 + 330.994 + 731.179 + 1210.074 = NT$2,842 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 628.173 + 634.493 + 1283.292 + 1478.004 = NT$4,024 Mil.

Total Receivables was NT$2,631 Mil.
Revenue was 3252.926 + 3736.986 + 4931.528 + 4681.133 = NT$16,603 Mil.
Gross Profit was 840.979 + 881.424 + 1340.379 + 1244.447 = NT$4,307 Mil.
Total Current Assets was NT$10,529 Mil.
Total Assets was NT$41,416 Mil.
Property, Plant and Equipment(Net PPE) was NT$18,547 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$1,280 Mil.
Selling, General, & Admin. Expense(SGA) was NT$1,385 Mil.
Total Current Liabilities was NT$2,904 Mil.
Long-Term Debt & Capital Lease Obligation was NT$4,836 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)
	=	(5639.81 / 17627.087)	/	(2631.157 / 16602.573)
	=	0.319951	/	0.158479
	=	2.0189

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)
	=	(4307.229 / 16602.573)	/	(4230.36 / 17627.087)
	=	0.259431	/	0.239992
	=	1.081

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 - (16472.264 + 18758.047) / 44748.272)	/	(1 - (10529.453 + 18547.404) / 41416.117)
	=	0.2127	/	0.297934
	=	0.7139

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
	=	17627.087	/	16602.573
	=	1.0617

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))
	=	(1279.875 / (1279.875 + 18547.404))	/	(1434.426 / (1434.426 + 18758.047))
	=	0.064551	/	0.071038
	=	0.9087

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)
	=	(1536.25 / 17627.087)	/	(1385.382 / 16602.573)
	=	0.087153	/	0.083444
	=	1.0444

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)
	=	((4213.833 + 3542.252) / 44748.272)	/	((4836.27 + 2903.689) / 41416.117)
	=	0.173327	/	0.186883
	=	0.9275

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
	=	(2841.603 - 0	-	4023.962)	/	44748.272
	=	-0.026422

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.

Evergreen International Storage & Transport has a M-score of -1.68 signals that the company is likely to be a manipulator.

Evergreen International Storage & Transport Beneish M-Score Related Terms

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Evergreen International Storage & Transport (TPE:2607) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Evergreen International Storage & Transport Corp (TPE:2607) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

899, Ching Kuo Road, Taoyuan District, Taoyuan, TWN

Website

https://www.evergreen-eitc.com.tw

Evergreen International Storage & Transport Corp is a transportation and logistics company domiciled in Taiwan. The company organizes itself into five product lines: inland transportation, international marine transportation, container terminals, gasoline stations, and others. Inland transportation, which is the largest segment by revenue, transports cargo inland and provides passenger transportation services. International marine transportation, the second-largest segment, transports cargo internationally and provides ship chartering. The container terminals segment leases and operate container ports. The gasoline station segment operates refueling stations. The company generates the majority of its revenue in Taiwan.

Evergreen International Storage & Transport (TPE:2607) Headlines

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