Zhongzhi Pharmaceutical Holdings Beneish M-Score Historical Data
The historical data trend for Zhongzhi Pharmaceutical 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.
Zhongzhi Pharmaceutical Holdings Beneish M-Score Chart
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Zhongzhi Pharmaceutical Holdings Annual Data
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Trend |
Dec15 |
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Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-1.99 |
-2.66 |
-2.90 |
-2.15 |
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Zhongzhi Pharmaceutical Holdings Semi-Annual Data
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Jun15 |
Dec15 |
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Dec16 |
Jun17 |
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Dec24 |
| Beneish M-Score |
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-2.90 |
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-2.15 |
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Competitive Comparison of Zhongzhi Pharmaceutical Holdings's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Zhongzhi Pharmaceutical 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.
Zhongzhi Pharmaceutical Holdings's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Zhongzhi Pharmaceutical Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Zhongzhi Pharmaceutical Holdings's Beneish M-Score falls into.
Zhongzhi Pharmaceutical 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 Zhongzhi Pharmaceutical 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 * 0.9519 | + | 0.528 * 0.9882 | + | 0.404 * 1.208 | + | 0.892 * 1.0996 | + | 0.115 * 1.0953 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9689 | + | 4.679 * 0.03418 | - | 0.327 * 0.8966 |
| = | -2.15 |
* 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$387 Mil.
Revenue was HK$2,242 Mil.
Gross Profit was HK$1,332 Mil.
Total Current Assets was HK$956 Mil.
Total Assets was HK$1,961 Mil.
Property, Plant and Equipment(Net PPE) was HK$739 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$112 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,088 Mil.
Total Current Liabilities was HK$666 Mil.
Long-Term Debt & Capital Lease Obligation was HK$109 Mil.
Net Income was HK$178 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$111 Mil.
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Total Receivables was HK$370 Mil.
Revenue was HK$2,039 Mil.
Gross Profit was HK$1,197 Mil.
Total Current Assets was HK$1,218 Mil.
Total Assets was HK$2,094 Mil.
Property, Plant and Equipment(Net PPE) was HK$641 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$108 Mil.
Selling, General, & Admin. Expense(SGA) was HK$1,021 Mil.
Total Current Liabilities was HK$817 Mil.
Long-Term Debt & Capital Lease Obligation was HK$106 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) |
| = | (386.809 / 2242.041) | / | (369.566 / 2039.048) |
| = | 0.172525 | / | 0.181244 |
| | = | 0.9519 |
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) |
| = | (1197.448 / 2039.048) | / | (1332.379 / 2242.041) |
| = | 0.587258 | / | 0.594271 |
| | = | 0.9882 |
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 - (956.095 + 739.388) / 1960.746) | / | (1 - (1218.246 + 641.356) / 2094.127) |
| = | 0.135287 | / | 0.111992 |
| | = | 1.208 |
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 |
| = | 2242.041 | / | 2039.048 |
| | = | 1.0996 |
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)) |
| = | (107.633 / (107.633 + 641.356)) | / | (111.652 / (111.652 + 739.388)) |
| = | 0.143704 | / | 0.131195 |
| | = | 1.0953 |
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) |
| = | (1088.099 / 2242.041) | / | (1021.31 / 2039.048) |
| = | 0.485316 | / | 0.500876 |
| | = | 0.9689 |
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) |
| = | ((108.585 + 665.683) / 1960.746) | / | ((105.665 + 816.599) / 2094.127) |
| = | 0.394884 | / | 0.440405 |
| | = | 0.8966 |
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 |
| = | (178.04 - 0 | - | 111.022) | / | 1960.746 |
| | = | 0.03418 |
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.
Zhongzhi Pharmaceutical Holdings has a M-score of -2.15 suggests that the company is unlikely to be a manipulator.
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