Rici Healthcare Holdings Beneish M-Score Historical Data
The historical data trend for Rici Healthcare Holdings'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.
Rici Healthcare Holdings Beneish M-Score Chart
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Rici Healthcare Holdings Annual Data
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Dec14 |
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Dec20 |
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Dec23 |
| Beneish M-Score |
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-2.89 |
-2.89 |
-2.85 |
-2.47 |
-2.80 |
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Rici Healthcare Holdings Semi-Annual Data
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Jun24 |
| Beneish M-Score |
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-2.47 |
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-2.80 |
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Competitive Comparison of Rici Healthcare Holdings's Beneish M-Score
For the Medical Care Facilities subindustry, Rici Healthcare Holdings'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.
Rici Healthcare Holdings's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Rici Healthcare Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Rici Healthcare Holdings's Beneish M-Score falls into.
Rici Healthcare Holdings 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 Rici Healthcare Holdings 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 * 1.0221 | + | 0.528 * 0.935 | + | 0.404 * 0.8463 | + | 0.892 * 1.2342 | + | 0.115 * 0.9824 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9419 | + | 4.679 * -0.099722 | - | 0.327 * 0.9705 |
| = | -2.80 |
* 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$620 Mil.
Revenue was HK$3,273 Mil.
Gross Profit was HK$1,367 Mil.
Total Current Assets was HK$1,574 Mil.
Total Assets was HK$5,073 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,090 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$434 Mil.
Selling, General, & Admin. Expense(SGA) was HK$661 Mil.
Total Current Liabilities was HK$2,368 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,482 Mil.
Net Income was HK$398 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$904 Mil.
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Total Receivables was HK$491 Mil.
Revenue was HK$2,652 Mil.
Gross Profit was HK$1,035 Mil.
Total Current Assets was HK$1,515 Mil.
Total Assets was HK$5,100 Mil.
Property, Plant and Equipment(Net PPE) was HK$3,099 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$427 Mil.
Selling, General, & Admin. Expense(SGA) was HK$569 Mil.
Total Current Liabilities was HK$2,405 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,583 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) |
| = | (619.955 / 3273.34) | / | (491.473 / 2652.228) |
| = | 0.189395 | / | 0.185306 |
| | = | 1.0221 |
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) |
| = | (1035.42 / 2652.228) | / | (1366.687 / 3273.34) |
| = | 0.390396 | / | 0.417521 |
| | = | 0.935 |
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 - (1573.51 + 3089.825) / 5072.678) | / | (1 - (1514.624 + 3098.993) / 5099.878) |
| = | 0.080696 | / | 0.095348 |
| | = | 0.8463 |
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 |
| = | 3273.34 | / | 2652.228 |
| | = | 1.2342 |
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)) |
| = | (426.643 / (426.643 + 3098.993)) | / | (434.053 / (434.053 + 3089.825)) |
| = | 0.121012 | / | 0.123175 |
| | = | 0.9824 |
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) |
| = | (661.112 / 3273.34) | / | (568.694 / 2652.228) |
| = | 0.201969 | / | 0.214421 |
| | = | 0.9419 |
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) |
| = | ((1481.837 + 2368.281) / 5072.678) | / | ((1583.362 + 2405.248) / 5099.878) |
| = | 0.758991 | / | 0.782099 |
| | = | 0.9705 |
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 |
| = | (397.92 - 0 | - | 903.779) | / | 5072.678 |
| | = | -0.099722 |
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.
Rici Healthcare Holdings has a M-score of -2.80 suggests that the company is unlikely to be a manipulator.
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