Sinohealth Holdings (HKSE:02361) Beneish M-Score : -1.91 (As of Apr. 20, 2025)

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What is Sinohealth Holdings Beneish M-Score?

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 -1.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Sinohealth Holdings's Beneish M-Score or its related term are showing as below:

HKSE:02361' s Beneish M-Score Range Over the Past 10 Years
Min: -1.91 Med: -1.48 Max: 4.53
Current: -1.91

During the past 6 years, the highest Beneish M-Score of Sinohealth Holdings was 4.53. The lowest was -1.91. And the median was -1.48.

Sinohealth Holdings Beneish M-Score Historical Data

The historical data trend for Sinohealth 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.

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Sinohealth Holdings Beneish M-Score Chart

Sinohealth Holdings Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.48

4.53

-1.91

Sinohealth Holdings Semi-Annual Data
	Dec19	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24
Beneish M-Score	Get a 7-Day Free Trial					4.53	-	-1.91	-	-

Competitive Comparison of Sinohealth Holdings's Beneish M-Score

For the Health Information Services subindustry, Sinohealth 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.

Sinohealth Holdings's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Sinohealth Holdings's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Sinohealth Holdings's Beneish M-Score falls into.

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Sinohealth 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 Sinohealth Holdings for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9332

0.528 * 0.7909

0.404 * 2.0428

0.892 * 1.088

0.115 * 1.3845

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7762

4.679 * 0.028799

0.327 * 0.9257

-1.91

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was HK$107.1 Mil.
Revenue was HK$433.3 Mil.
Gross Profit was HK$244.4 Mil.
Total Current Assets was HK$666.4 Mil.
Total Assets was HK$872.6 Mil.
Property, Plant and Equipment(Net PPE) was HK$20.3 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.4 Mil.
Selling, General, & Admin. Expense(SGA) was HK$73.3 Mil.
Total Current Liabilities was HK$92.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$11.0 Mil.
Net Income was HK$111.6 Mil.
Gross Profit was HK$0.0 Mil.
Cash Flow from Operations was HK$86.5 Mil.

Total Receivables was HK$105.5 Mil.
Revenue was HK$398.3 Mil.
Gross Profit was HK$177.7 Mil.
Total Current Assets was HK$784.1 Mil.
Total Assets was HK$889.4 Mil.
Property, Plant and Equipment(Net PPE) was HK$12.5 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$9.7 Mil.
Selling, General, & Admin. Expense(SGA) was HK$86.8 Mil.
Total Current Liabilities was HK$109.2 Mil.
Long-Term Debt & Capital Lease Obligation was HK$4.4 Mil.

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)
	=	(107.081 / 433.349)	/	(105.463 / 398.296)
	=	0.247101	/	0.264785
	=	0.9332

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)
	=	(177.678 / 398.296)	/	(244.429 / 433.349)
	=	0.446095	/	0.564047
	=	0.7909

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 - (666.4 + 20.301) / 872.552)	/	(1 - (784.144 + 12.549) / 889.433)
	=	0.212997	/	0.104269
	=	2.0428

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
	=	433.349	/	398.296
	=	1.088

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))
	=	(9.748 / (9.748 + 12.549))	/	(9.369 / (9.369 + 20.301))
	=	0.437189	/	0.315774
	=	1.3845

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)
	=	(73.34 / 433.349)	/	(86.848 / 398.296)
	=	0.16924	/	0.218049
	=	0.7762

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)
	=	((10.966 + 92.163) / 872.552)	/	((4.36 + 109.202) / 889.433)
	=	0.118192	/	0.127679
	=	0.9257

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
	=	(111.6 - 0	-	86.471)	/	872.552
	=	0.028799

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.

Sinohealth Holdings has a M-score of -1.91 suggests that the company is unlikely to be a manipulator.

Sinohealth Holdings Beneish M-Score Related Terms

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Sinohealth Holdings Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » Sinohealth Holdings Ltd (HKSE:02361) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 5 Wangjiang Second Street, Room 1111, Huangge Town, Nansha District, Guangdong Province, Guangzhou City, CHN

Website

https://ir.sinohealth.cn

Sinohealth is a leading provider of Big Data and artificial intelligence-based marketing and distribution information tools, including SaaS-based customer relationship management solutions to mainland China medical product manufacturers. It sources retail data through pharmacy partnerships and provides data analysis to the pharmaceutical and corporate clients it serves. Since its establishment in 2007, its focus has been on building a strong Big Data engine and networking capabilities to assist clients in their product investments and sales and marketing strategies. It is now launching various cloud-based systems and platform solutions for its clients and expanding its SaaS products, which are expected to be the key growth driver in future.

Executives

Futu Trustee Limited	2301 Trustee
Shanghai Tianyi Assets Management Co., Ltd	2201 Interest of corporation controlled by you
Yu Rong	2201 Interest of corporation controlled by you
Tianyi (bvi) Limited	2101 Beneficial owner
Shang Hai Xuan Yu Qi Ye Guan Li You Xian Gong Si	2201 Interest of corporation controlled by you
Rikan Industry Investment Limited Partnership
Wang Lifang	2201 Interest of corporation controlled by you
Wu Yushu	2201 Interest of corporation controlled by you
Wlf Investment Holdings Limited	2101 Beneficial owner
Li Hanxiong	2201 Interest of corporation controlled by you
Montesy Capital Holding Ltd	2101 Beneficial owner
Wu Meirong	2202 Interest of your spouse
Ying Lian You Xian Gong Si	2101 Beneficial owner

Sinohealth Holdings Headlines

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