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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 -3.3 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Aidigong Maternal & Child Health's Beneish M-Score or its related term are showing as below:
During the past 13 years, the highest Beneish M-Score of Aidigong Maternal & Child Health was 24.10. The lowest was -4.01. And the median was -2.02.
The historical data trend for Aidigong Maternal & Child 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.
Aidigong Maternal & Child Health Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial |
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-2.06 | -4.01 | -1.72 | -1.99 | -3.30 |
Aidigong Maternal & Child Health Semi-Annual Data | ||||||||||||||||||||
Jun14 | Dec14 | Jun15 | Dec15 | Jun16 | Dec16 | Jun17 | Dec17 | Jun18 | Dec18 | Jun19 | Dec19 | Jun20 | Dec20 | Jun21 | Dec21 | Jun22 | Dec22 | Jun23 | Dec23 | |
Beneish M-Score | Get a 7-Day Free Trial |
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-1.72 | - | -1.99 | - | -3.30 |
For the Medical Care Facilities subindustry, Aidigong Maternal & Child 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.
For the Healthcare Providers & Services industry and Healthcare sector, Aidigong Maternal & Child Health's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aidigong Maternal & Child Health'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 Aidigong Maternal & Child 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 * 1.1045 | + | 0.528 * 0.6654 | + | 0.404 * 1.1039 | + | 0.892 * 0.8156 | + | 0.115 * 0.7687 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 1.1701 | + | 4.679 * -0.132699 | - | 0.327 * 0.8173 | |||||||
= | -3.30 |
* 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.
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) |
= | (344.779 / 554.581) | / | (382.716 / 679.946) | |
= | 0.621693 | / | 0.562862 | |
= | 1.1045 |
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) | |
= | (98.74 / 679.946) | / | (121.032 / 554.581) | |
= | 0.145217 | / | 0.21824 | |
= | 0.6654 |
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 - (446.899 + 297.107) / 1960.167) | / | (1 - (492.625 + 484.691) / 2231.524) | |
= | 0.620437 | / | 0.562041 | |
= | 1.1039 |
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 | |
= | 554.581 | / | 679.946 | |
= | 0.8156 |
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)) |
= | (197.173 / (197.173 + 484.691)) | / | (179.154 / (179.154 + 297.107)) | |
= | 0.289168 | / | 0.376168 | |
= | 0.7687 |
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) |
= | (257.186 / 554.581) | / | (269.476 / 679.946) | |
= | 0.463748 | / | 0.39632 | |
= | 1.1701 |
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) |
= | ((442.784 + 384.428) / 1960.167) | / | ((688.596 + 463.67) / 2231.524) | |
= | 0.422011 | / | 0.516358 | |
= | 0.8173 |
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 | |
= | (-177.421 - 0 | - | 82.691) | / | 1960.167 | |
= | -0.132699 |
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.
Aidigong Maternal & Child Health has a M-score of -3.30 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of Aidigong Maternal & Child Health's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
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