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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 -1.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for China Pharma Holding's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of China Pharma Holding was -0.75. The lowest was -4.34. And the median was -3.33.
The historical data trend for China Pharma Holding'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.
China Pharma Holding Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -4.25 | -3.36 | -0.75 | -3.26 | -1.85 |
China Pharma Holding 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 | -3.26 | -1.44 | 1.01 | -2.03 | -1.85 |
For the Drug Manufacturers - Specialty & Generic subindustry, China Pharma Holding'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.
For the Drug Manufacturers industry and Healthcare sector, China Pharma Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Pharma Holding's Beneish M-Score falls into.
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 China Pharma Holding 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 * 1.8136 | + | 0.528 * 1.5178 | + | 0.404 * 1.7841 | + | 0.892 * 0.8651 | + | 0.115 * 0.7625 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.8759 | + | 4.679 * -0.145485 | - | 0.327 * 0.7013 | |||||||
= | -1.85 |
* 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 $0.73 Mil. Revenue was 2.15 + 1.803 + 1.098 + 1.96 = $7.01 Mil. Gross Profit was -0.079 + -0.233 + -0.147 + 0.178 = $-0.28 Mil. Total Current Assets was $6.00 Mil. Total Assets was $16.47 Mil. Property, Plant and Equipment(Net PPE) was $6.82 Mil. Depreciation, Depletion and Amortization(DDA) was $2.75 Mil. Selling, General, & Admin. Expense(SGA) was $2.25 Mil. Total Current Liabilities was $6.82 Mil. Long-Term Debt & Capital Lease Obligation was $1.45 Mil. Net Income was -1.232 + -0.778 + -0.593 + -0.476 = $-3.08 Mil. Non Operating Income was -0.008 + 0.018 + -0.004 + 0.01 = $0.02 Mil. Cash Flow from Operations was -0.022 + 1.007 + -0.216 + -1.468 = $-0.70 Mil. |
Total Receivables was $0.46 Mil. Revenue was 2.921 + 1.966 + 1.613 + 1.604 = $8.10 Mil. Gross Profit was 0.043 + -0.138 + -0.229 + -0.169 = $-0.49 Mil. Total Current Assets was $5.97 Mil. Total Assets was $17.78 Mil. Property, Plant and Equipment(Net PPE) was $9.61 Mil. Depreciation, Depletion and Amortization(DDA) was $2.70 Mil. Selling, General, & Admin. Expense(SGA) was $2.96 Mil. Total Current Liabilities was $12.74 Mil. Long-Term Debt & Capital Lease Obligation was $0.00 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) |
= | (0.728 / 7.011) | / | (0.464 / 8.104) | |
= | 0.103837 | / | 0.057256 | |
= | 1.8136 |
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) | |
= | (-0.493 / 8.104) | / | (-0.281 / 7.011) | |
= | -0.060834 | / | -0.04008 | |
= | 1.5178 |
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 - (5.997 + 6.819) / 16.469) | / | (1 - (5.965 + 9.608) / 17.784) | |
= | 0.221811 | / | 0.124325 | |
= | 1.7841 |
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 | |
= | 7.011 | / | 8.104 | |
= | 0.8651 |
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)) |
= | (2.7 / (2.7 + 9.608)) | / | (2.754 / (2.754 + 6.819)) | |
= | 0.21937 | / | 0.287684 | |
= | 0.7625 |
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) |
= | (2.246 / 7.011) | / | (2.964 / 8.104) | |
= | 0.320354 | / | 0.365745 | |
= | 0.8759 |
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) |
= | ((1.452 + 6.821) / 16.469) | / | ((0 + 12.739) / 17.784) | |
= | 0.502338 | / | 0.716318 | |
= | 0.7013 |
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 | |
= | (-3.079 - 0.016 | - | -0.699) | / | 16.469 | |
= | -0.145485 |
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.
China Pharma Holding has a M-score of -1.85 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of China Pharma Holding's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Ke Deng | 10 percent owner | NO.17, JINPAN ROAD, SECOND FLOOR, HAIKOU F4 570216 |
Frank Waung | officer: Chief Financial Officer | 72 GREAT HILLS RD., SHORT HILLS NJ 07078 |
G Michael Bennett | director | 4/F, NO. 3 JINYUAN ROAD, DAXING DISTRICT INDUSTRIAL DEVELOPMENT A, BEIJING F4 102600 |
Yingwen Zhang | director | NO. 5, UNIT 1, BLDG. 4, NO. 14 XIN NAN ZHI RD., CHENGDU, SICHUAN F4 610041 |
Baowen Dong | director | NO.9, BLDG. 9, SOUTH PARK, NO. 24, SECTION 1, 1ST RING ROAD, CHENGDU, SICHUAN F4 610041 |
Heung Mei Tsui | director, 10 percent owner | FLAT F, 3RD FL., MAYSON GARDEN BLDG., 68 HING FAT ST., CAUSEWAY BAY, HONG KONG F4 XXXXX |
Zhilin Li | officer: President and CEO | 2/F JIAHAI BLDG., NO. 17 JINPAN ROAD, JINPAN INDUSTRY DEVELOPMENT, HAIKOU, HAINAN PROVINCE F4 570216 |
Jian Yang | officer: Secretary | NO. 1 HAOYUAN ROAD, XINHUA DISTRICT, HAIKOU, HAINAN PROVI F4 570216 |
Xinhua Wu | officer: CFO | 2/F JIAHAI BLDG., NO. 17 JINPAN ROAD, JINPAN INDUSTRY DEVELOPMENT, HAIKOU, HAINAN PROVI F4 570216 |
George L Diamond | 10 percent owner | 174 FM 1830, ARGYLE TX 76226 |
David F Brigante | 10 percent owner | 174FM 1830, ARGYLE TX 76226 |
Marat Rosenberg | 10 percent owner | 17 FM 1830, ARGYLE TX 76226 |
Halter Financial Investments Lp | 10 percent owner | 174 FM 1830, ARGYLE TX 76226 |
Halter Financial Investments Gp Llc | 10 percent owner | 174 FM 1830, ARGYLE TX 76226 |
Timothy P Halter | director, 10 percent owner, officer: CEO, President & CFO | 174 FM 1830, ARGYLE TX 76226 |
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