Shin Yang Group Bhd (XKLS:5173) Beneish M-Score : -0.30 (As of May. 31, 2024)

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What is Shin Yang Group Bhd 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 -0.3 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Shin Yang Group Bhd's Beneish M-Score or its related term are showing as below:

XKLS:5173' s Beneish M-Score Range Over the Past 10 Years
Min: -99.87 Med: -2.92 Max: 361.46
Current: -0.3

During the past 13 years, the highest Beneish M-Score of Shin Yang Group Bhd was 361.46. The lowest was -99.87. And the median was -2.92.

Shin Yang Group Bhd Beneish M-Score Historical Data

The historical data trend for Shin Yang Group Bhd'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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Shin Yang Group Bhd Beneish M-Score Chart

Shin Yang Group Bhd Annual Data

Trend

Jun14

Jun15

Jun16

Jun17

Jun18

Jun19

Jun20

Jun21

Jun22

Jun23

Beneish M-Score

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-3.75

-2.31

1.65

-3.13

-2.55

Shin Yang Group Bhd Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.20	-3.00	-2.55	-2.01	-0.30

Competitive Comparison of Shin Yang Group Bhd's Beneish M-Score

For the Marine Shipping subindustry, Shin Yang Group Bhd'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.

Shin Yang Group Bhd's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, Shin Yang Group Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shin Yang Group Bhd's Beneish M-Score falls into.

Shin Yang Group Bhd 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 Shin Yang Group Bhd 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 * 1.3984

0.528 * 4.3895

0.404 * 1.3096

0.892 * 0.9046

0.115 * 0.9198

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3174

4.679 * -0.00863

0.327 * 0.7434

-0.30

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was RM225.9 Mil.
Revenue was 235.274 + 222.41 + 102.259 + 234.842 = RM794.8 Mil.
Gross Profit was 22.394 + 28.981 + -74.015 + 54.88 = RM32.2 Mil.
Total Current Assets was RM644.0 Mil.
Total Assets was RM1,550.9 Mil.
Property, Plant and Equipment(Net PPE) was RM896.3 Mil.
Depreciation, Depletion and Amortization(DDA) was RM94.6 Mil.
Selling, General, & Admin. Expense(SGA) was RM49.4 Mil.
Total Current Liabilities was RM231.7 Mil.
Long-Term Debt & Capital Lease Obligation was RM31.9 Mil.
Net Income was 19.516 + 26.053 + 47.919 + 44.818 = RM138.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 52.924 + 10.848 + 44.095 + 43.823 = RM151.7 Mil.

Total Receivables was RM178.5 Mil.
Revenue was 234.375 + 247.301 + 186.749 + 210.173 = RM878.6 Mil.
Gross Profit was 46.093 + 60.628 + 10.634 + 39.084 = RM156.4 Mil.
Total Current Assets was RM568.9 Mil.
Total Assets was RM1,530.7 Mil.
Property, Plant and Equipment(Net PPE) was RM953.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM91.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM41.4 Mil.
Total Current Liabilities was RM305.3 Mil.
Long-Term Debt & Capital Lease Obligation was RM44.6 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)
	=	(225.866 / 794.785)	/	(178.545 / 878.598)
	=	0.284185	/	0.203216
	=	1.3984

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)
	=	(156.439 / 878.598)	/	(32.24 / 794.785)
	=	0.178055	/	0.040564
	=	4.3895

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 - (643.977 + 896.289) / 1550.907)	/	(1 - (568.945 + 953.722) / 1530.686)
	=	0.006861	/	0.005239
	=	1.3096

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
	=	794.785	/	878.598
	=	0.9046

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))
	=	(91.819 / (91.819 + 953.722))	/	(94.603 / (94.603 + 896.289))
	=	0.08782	/	0.095473
	=	0.9198

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)
	=	(49.396 / 794.785)	/	(41.448 / 878.598)
	=	0.06215	/	0.047175
	=	1.3174

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)
	=	((31.879 + 231.712) / 1550.907)	/	((44.623 + 305.325) / 1530.686)
	=	0.169959	/	0.228622
	=	0.7434

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
	=	(138.306 - 0	-	151.69)	/	1550.907
	=	-0.00863

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.

Shin Yang Group Bhd has a M-score of -0.30 signals that the company is likely to be a manipulator.

Shin Yang Group Bhd Beneish M-Score Related Terms

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Shin Yang Group Bhd (XKLS:5173) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » Shin Yang Group Bhd (XKLS:5173) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Sublot 153, Parent Lot 70, Jalan Kuala Baram, Kuala Baram, Miri, SWK, MYS, 98100

Website

https://www.syshippingcorp.com.my

Shin Yang Group Bhd formerly Shin Yang Shipping Corp Bhd is a shipping company engaged in shipbuilding and shipping services. It has four business segments, shipping, ship repair and fabrication of metal structures segment, domestic and regional shipping segment which generates the majority of revenue, carries out shipping business in coastal and regional routes within Malaysia and the ASEAN region, International shipping segment, Land transportation and hiring services segment, Manufacturing, distribution and marketing of industrial gases, provision of services and maintenance and trading in welding equipment and machinery, and others segment consist of the business of shipping agency. It operates in various countries like Malaysia, Singapore, Netherlands, Japan, Taiwan, and others.

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