Shanghai Henlius Biotech Beneish M-Score Historical Data
The historical data trend for Shanghai Henlius Biotech'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.
Shanghai Henlius Biotech Beneish M-Score Chart
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Shanghai Henlius Biotech Annual Data
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14.39 |
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Shanghai Henlius Biotech Quarterly Data
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| Beneish M-Score |
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-2.19 |
Competitive Comparison of Shanghai Henlius Biotech's Beneish M-Score
For the Biotechnology subindustry, Shanghai Henlius Biotech'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.
Shanghai Henlius Biotech's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Shanghai Henlius Biotech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shanghai Henlius Biotech's Beneish M-Score falls into.
Shanghai Henlius Biotech 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 Shanghai Henlius Biotech 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 * 0.6922 | + | 0.528 * 0.9736 | + | 0.404 * 0.9664 | + | 0.892 * 1.4576 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9177 | + | 4.679 * 0.030828 | - | 0.327 * 0.8888 |
| = | -2.19 |
* 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 (Jun24) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$849 Mil.
Revenue was 0 + 1604.682 + 1531.116 + 0 = HK$3,136 Mil.
Gross Profit was 0 + 1224.492 + 1094.652 + 0 = HK$2,319 Mil.
Total Current Assets was HK$2,580 Mil.
Total Assets was HK$10,744 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,925 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,292 Mil.
Total Current Liabilities was HK$5,278 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,309 Mil.
Net Income was 0 + 151.186 + 180.016 + 0 = HK$331 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = HK$0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = HK$0 Mil.
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Total Receivables was HK$842 Mil.
Revenue was 1206.623 + 944.707 + 0 + 0 = HK$2,151 Mil.
Gross Profit was 838.169 + 710.921 + 0 + 0 = HK$1,549 Mil.
Total Current Assets was HK$2,447 Mil.
Total Assets was HK$9,966 Mil.
Property, Plant and Equipment(Net PPE) was HK$2,490 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$0 Mil.
Selling, General, & Admin. Expense(SGA) was HK$966 Mil.
Total Current Liabilities was HK$5,585 Mil.
Long-Term Debt & Capital Lease Obligation was HK$1,290 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) |
| = | (849.243 / 3135.798) | / | (841.726 / 2151.33) |
| = | 0.270822 | / | 0.391258 |
| | = | 0.6922 |
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) |
| = | (1549.09 / 2151.33) | / | (2319.144 / 3135.798) |
| = | 0.720062 | / | 0.739571 |
| | = | 0.9736 |
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 - (2580.003 + 2924.898) / 10743.646) | / | (1 - (2447.327 + 2490.13) / 9965.906) |
| = | 0.487613 | / | 0.504565 |
| | = | 0.9664 |
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 |
| = | 3135.798 | / | 2151.33 |
| | = | 1.4576 |
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)) |
| = | (0 / (0 + 2490.13)) | / | (0 / (0 + 2924.898)) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1291.649 / 3135.798) | / | (965.562 / 2151.33) |
| = | 0.411904 | / | 0.448821 |
| | = | 0.9177 |
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) |
| = | ((1309.476 + 5278.239) / 10743.646) | / | ((1289.738 + 5585.336) / 9965.906) |
| = | 0.613173 | / | 0.689859 |
| | = | 0.8888 |
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 |
| = | (331.202 - 0 | - | 0) | / | 10743.646 |
| | = | 0.030828 |
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.
Shanghai Henlius Biotech has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.
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