Transcenta Holding Beneish M-Score Historical Data
The historical data trend for Transcenta 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.
Transcenta Holding Beneish M-Score Chart
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Transcenta Holding Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
0.94 |
-2.62 |
-2.47 |
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Transcenta Holding Semi-Annual Data
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Dec19 |
Jun20 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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0.94 |
- |
-2.62 |
- |
-2.47 |
Competitive Comparison of Transcenta Holding's Beneish M-Score
For the Biotechnology subindustry, Transcenta 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.
Transcenta Holding's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Transcenta Holding's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Transcenta Holding's Beneish M-Score falls into.
Transcenta Holding 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 Transcenta 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 * 2.1507 | + | 0.528 * 0.73 | + | 0.404 * 1.1565 | + | 0.892 * 0.5176 | + | 0.115 * 0.9894 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9232 | + | 4.679 * -0.06173 | - | 0.327 * 1.29 |
| = | -2.47 |
* 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 HK$57.22 Mil.
Revenue was HK$58.90 Mil.
Gross Profit was HK$15.75 Mil.
Total Current Assets was HK$748.19 Mil.
Total Assets was HK$1,852.10 Mil.
Property, Plant and Equipment(Net PPE) was HK$480.67 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$58.84 Mil.
Selling, General, & Admin. Expense(SGA) was HK$54.55 Mil.
Total Current Liabilities was HK$606.27 Mil.
Long-Term Debt & Capital Lease Obligation was HK$30.59 Mil.
Net Income was HK$-505.95 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-391.62 Mil.
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Total Receivables was HK$51.40 Mil.
Revenue was HK$113.78 Mil.
Gross Profit was HK$22.21 Mil.
Total Current Assets was HK$1,179.78 Mil.
Total Assets was HK$2,383.68 Mil.
Property, Plant and Equipment(Net PPE) was HK$510.30 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$61.72 Mil.
Selling, General, & Admin. Expense(SGA) was HK$54.79 Mil.
Total Current Liabilities was HK$614.61 Mil.
Long-Term Debt & Capital Lease Obligation was HK$20.79 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) |
| = | (57.222 / 58.899) | / | (51.4 / 113.784) |
| = | 0.971528 | / | 0.451733 |
| | = | 2.1507 |
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) |
| = | (22.21 / 113.784) | / | (15.748 / 58.899) |
| = | 0.195194 | / | 0.267373 |
| | = | 0.73 |
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 - (748.192 + 480.669) / 1852.095) | / | (1 - (1179.781 + 510.302) / 2383.678) |
| = | 0.336502 | / | 0.290977 |
| | = | 1.1565 |
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 |
| = | 58.899 | / | 113.784 |
| | = | 0.5176 |
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)) |
| = | (61.717 / (61.717 + 510.302)) | / | (58.835 / (58.835 + 480.669)) |
| = | 0.107893 | / | 0.109054 |
| | = | 0.9894 |
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) |
| = | (54.545 / 58.899) | / | (54.789 / 113.784) |
| = | 0.926077 | / | 0.481518 |
| | = | 1.9232 |
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) |
| = | ((30.589 + 606.273) / 1852.095) | / | ((20.79 + 614.606) / 2383.678) |
| = | 0.34386 | / | 0.266561 |
| | = | 1.29 |
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 |
| = | (-505.949 - 0 | - | -391.62) | / | 1852.095 |
| | = | -0.06173 |
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.
Transcenta Holding has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.
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