Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Beneish M-Score Historical Data
The historical data trend for Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co'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.
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Beneish M-Score Chart
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Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Annual Data
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-1.97 |
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Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co Quarterly Data
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| Beneish M-Score |
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-1.97 |
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Competitive Comparison of Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co'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.
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co's Beneish M-Score falls into.
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co 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 Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co 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 * | + | 0.528 * | + | 0.404 * | + | 0.892 * | + | 0.115 * |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * | + | 4.679 * | - | 0.327 * |
| = | |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was HK$585.0 Mil.
Revenue was 160.389 + 156.162 + 198.593 + 364.973 = HK$880.1 Mil.
Gross Profit was 148.576 + 139.034 + 184.229 + 338.469 = HK$810.3 Mil.
Total Current Assets was HK$1,991.5 Mil.
Total Assets was HK$3,069.2 Mil.
Property, Plant and Equipment(Net PPE) was HK$510.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$268.4 Mil.
Total Current Liabilities was HK$492.1 Mil.
Long-Term Debt & Capital Lease Obligation was HK$10.7 Mil.
Net Income was 2.55 + 20.493 + 23.014 + 65.244 = HK$111.3 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0.0 Mil.
Cash Flow from Operations was 47.73 + 0 + 0 + 0 = HK$47.7 Mil.
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Total Receivables was HK$0.0 Mil.
Revenue was 215.439 + 351.647 + 497.618 + 0 = HK$1,064.7 Mil.
Gross Profit was 195.682 + 319.273 + 467.506 + 0 = HK$982.5 Mil.
Total Current Assets was HK$0.0 Mil.
Total Assets was HK$0.0 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.0 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0.0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$509.5 Mil.
Total Current Liabilities was HK$0.0 Mil.
Long-Term Debt & Capital Lease Obligation was HK$0.0 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) |
| = | (585.019 / 880.117) | / | (0 / 1064.704) |
| = | 0.664706 | / | 0 |
| | = | |
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) |
| = | (982.461 / 1064.704) | / | (810.308 / 880.117) |
| = | 0.922755 | / | 0.920682 |
| | = | |
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 - (1991.537 + 509.963) / 3069.177) | / | (1 - (0 + 0) / 0) |
| = | 0.184961 | / | |
| | = | |
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 |
| = | 880.117 | / | 1064.704 |
| | = | |
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)) |
| = | (0 / (0 + 0)) | / | (0 / (0 + 509.963)) |
| = | | / | 0 |
| | = | |
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) |
| = | (268.354 / 880.117) | / | (509.541 / 1064.704) |
| = | 0.304907 | / | 0.478575 |
| | = | |
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) |
| = | ((10.722 + 492.148) / 3069.177) | / | ((0 + 0) / 0) |
| = | 0.163845 | / | |
| | = | |
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 |
| = | (111.301 - 0 | - | 47.73) | / | 3069.177 |
| | = | 0.020713 |
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.
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