New Horizon Health Beneish M-Score Historical Data
The historical data trend for New Horizon Health'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.
New Horizon Health Beneish M-Score Chart
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New Horizon Health Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
|
- |
- |
-5.82 |
-6.25 |
0.52 |
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New Horizon Health Semi-Annual Data
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|
Dec18 |
Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
| Beneish M-Score |
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- |
-6.25 |
4.98 |
0.52 |
- |
Competitive Comparison of New Horizon Health's Beneish M-Score
For the Medical Devices subindustry, New Horizon Health'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.
New Horizon Health's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, New Horizon Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where New Horizon Health's Beneish M-Score falls into.
New Horizon Health 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 New Horizon Health 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 * 1.2103 | + | 0.528 * 0.8605 | + | 0.404 * 2.0388 | + | 0.892 * 3.279 | + | 0.115 * 1.0312 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4971 | + | 4.679 * 0.129446 | - | 0.327 * 1.8334 |
| = | 0.52 |
* 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 (Dec22) TTM: | Last Year (Dec21) TTM: |
Total Receivables was HK$652 Mil.
Revenue was HK$854 Mil.
Gross Profit was HK$722 Mil.
Total Current Assets was HK$2,234 Mil.
Total Assets was HK$2,875 Mil.
Property, Plant and Equipment(Net PPE) was HK$162 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$29 Mil.
Selling, General, & Admin. Expense(SGA) was HK$798 Mil.
Total Current Liabilities was HK$254 Mil.
Long-Term Debt & Capital Lease Obligation was HK$251 Mil.
Net Income was HK$-88 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$-461 Mil.
|
Total Receivables was HK$164 Mil.
Revenue was HK$261 Mil.
Gross Profit was HK$189 Mil.
Total Current Assets was HK$2,521 Mil.
Total Assets was HK$2,882 Mil.
Property, Plant and Equipment(Net PPE) was HK$125 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$24 Mil.
Selling, General, & Admin. Expense(SGA) was HK$490 Mil.
Total Current Liabilities was HK$237 Mil.
Long-Term Debt & Capital Lease Obligation was HK$40 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) |
| = | (652.267 / 854.242) | / | (164.354 / 260.519) |
| = | 0.763562 | / | 0.630871 |
| | = | 1.2103 |
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) |
| = | (189.358 / 260.519) | / | (721.588 / 854.242) |
| = | 0.726849 | / | 0.844711 |
| | = | 0.8605 |
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 - (2234.073 + 161.518) / 2875.346) | / | (1 - (2521.34 + 125.025) / 2882.235) |
| = | 0.166851 | / | 0.081836 |
| | = | 2.0388 |
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 |
| = | 854.242 | / | 260.519 |
| | = | 3.279 |
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)) |
| = | (23.6 / (23.6 + 125.025)) | / | (29.399 / (29.399 + 161.518)) |
| = | 0.158789 | / | 0.153988 |
| | = | 1.0312 |
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) |
| = | (798.086 / 854.242) | / | (489.671 / 260.519) |
| = | 0.934262 | / | 1.879598 |
| | = | 0.4971 |
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) |
| = | ((251.419 + 253.978) / 2875.346) | / | ((39.559 + 236.761) / 2882.235) |
| = | 0.175769 | / | 0.09587 |
| | = | 1.8334 |
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 |
| = | (-88.486 - 0 | - | -460.687) | / | 2875.346 |
| | = | 0.129446 |
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.
New Horizon Health has a M-score of 0.52 signals that the company is likely to be a manipulator.
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