Canbridge Pharmaceuticals (HKSE:01228) Beneish M-Score : -3.57 (As of Jun. 04, 2024)

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What is Canbridge Pharmaceuticals 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 -3.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

HKSE:01228' s Beneish M-Score Range Over the Past 10 Years
Min: -4.44 Med: -3.57 Max: -2.73
Current: -3.57

During the past 5 years, the highest Beneish M-Score of Canbridge Pharmaceuticals was -2.73. The lowest was -4.44. And the median was -3.57.

Canbridge Pharmaceuticals Beneish M-Score Historical Data

The historical data trend for Canbridge Pharmaceuticals'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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Canbridge Pharmaceuticals Beneish M-Score Chart

Canbridge Pharmaceuticals Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-4.44

-2.73

-3.57

Canbridge Pharmaceuticals Semi-Annual Data
	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23
Beneish M-Score	Get a 7-Day Free Trial				-4.44	-	-2.73	-	-3.57

Competitive Comparison of Canbridge Pharmaceuticals's Beneish M-Score

For the Biotechnology subindustry, Canbridge Pharmaceuticals'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.

Canbridge Pharmaceuticals's Beneish M-Score Distribution in the Biotechnology Industry

For the Biotechnology industry and Healthcare sector, Canbridge Pharmaceuticals's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Canbridge Pharmaceuticals's Beneish M-Score falls into.

Canbridge Pharmaceuticals 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 Canbridge Pharmaceuticals 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 * 0.7719

0.528 * 0.9926

0.404 * 1.9053

0.892 * 1.2759

0.115 * 0.7194

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6806

4.679 * -0.254466

0.327 * 1.9637

-3.57

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$35.4 Mil.
Revenue was HK$112.5 Mil.
Gross Profit was HK$70.2 Mil.
Total Current Assets was HK$229.5 Mil.
Total Assets was HK$432.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$119.2 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$31.1 Mil.
Selling, General, & Admin. Expense(SGA) was HK$189.8 Mil.
Total Current Liabilities was HK$358.7 Mil.
Long-Term Debt & Capital Lease Obligation was HK$117.3 Mil.
Net Income was HK$-414.4 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$-304.3 Mil.

Total Receivables was HK$36.0 Mil.
Revenue was HK$88.2 Mil.
Gross Profit was HK$54.6 Mil.
Total Current Assets was HK$564.1 Mil.
Total Assets was HK$784.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$140.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$24.5 Mil.
Selling, General, & Admin. Expense(SGA) was HK$218.5 Mil.
Total Current Liabilities was HK$310.6 Mil.
Long-Term Debt & Capital Lease Obligation was HK$128.9 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)
	=	(35.446 / 112.518)	/	(35.991 / 88.189)
	=	0.315025	/	0.408112
	=	0.7719

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)
	=	(54.601 / 88.189)	/	(70.181 / 112.518)
	=	0.619136	/	0.623731
	=	0.9926

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 - (229.545 + 119.23) / 432.439)	/	(1 - (564.12 + 140.254) / 783.984)
	=	0.19347	/	0.101545
	=	1.9053

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
	=	112.518	/	88.189
	=	1.2759

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))
	=	(24.543 / (24.543 + 140.254))	/	(31.129 / (31.129 + 119.23))
	=	0.148929	/	0.207031
	=	0.7194

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)
	=	(189.772 / 112.518)	/	(218.529 / 88.189)
	=	1.686592	/	2.477962
	=	0.6806

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)
	=	((117.259 + 358.699) / 432.439)	/	((128.852 + 310.564) / 783.984)
	=	1.100636	/	0.560491
	=	1.9637

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
	=	(-414.364 - 0	-	-304.323)	/	432.439
	=	-0.254466

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.

Canbridge Pharmaceuticals has a M-score of -3.57 suggests that the company is unlikely to be a manipulator.

Canbridge Pharmaceuticals Beneish M-Score Related Terms

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Canbridge Pharmaceuticals (HKSE:01228) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Biotechnology » Canbridge Pharmaceuticals Inc (HKSE:01228) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

MF1:Germany

Address

Building 21, No. 388 Xinping Street, Unit 18, 6th Floor, Suzhou Industrial Park,, Suzhou, CHN

Website

https://www.canbridgepharma.com

Canbridge Pharmaceuticals Inc is a global biopharmaceutical company. It is committed to the research, development, and commercialization of biotech therapies targeting rare diseases and rare oncology. The company's core product in the rare oncology area CAN008, is a glycosylated CD95-Fc fusion protein being developed for the treatment of glioblastoma multiforme (GBM). In the rare disease area, the company have seven biologics and small molecules products and product candidates for the treatment of Hunter Syndrome (MPS II) and other lysosomal storage disorders (LSDs), complement mediated disorders, hemophilia A, metabolic disorders, and rare cholestatic liver diseases including ALGS, PFIC and BA. Its pipeline consists of biologics, small molecules, and gene therapy solutions and 13 drugs.

Executives

Xue James Qun	2101 Beneficial owner
Athos Capital Limited	2102 Investment manager
Moskey Matthew Love	2201 Interest of corporation controlled by you
Schulte-hillen Friedrich Bela	2201 Interest of corporation controlled by you
Athos Asia Event Driven Master Fund	2101 Beneficial owner
Ctx Pharma Holdings Limited	2101 Beneficial owner
Kolchinsky Anna Inge Leonore Haas	2202 Interest of your spouse
Kolchinsky Peter	2305 Beneficiary of a trust
Ra Capital Management, L.p.	2102 Investment manager
Ra Capital Healthcare Fund Gp, Llc	2201 Interest of corporation controlled by you
Ra Capital Healthcare Fund, L.p.	2101 Beneficial owner
Wuxi Apptec Co., Ltd.
Qiming Corporate Gp Iv, Ltd.	2201 Interest of corporation controlled by you
Qiming Gp Iv, L.p.	2201 Interest of corporation controlled by you
Qiming Venture Partners Iv, L.p.	2101 Beneficial owner

Canbridge Pharmaceuticals (HKSE:01228) Headlines

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