Hoechst Pakistan Beneish M-Score Historical Data
The historical data trend for Hoechst Pakistan'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.
Hoechst Pakistan Beneish M-Score Chart
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Hoechst Pakistan Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-2.25 |
-2.73 |
-2.21 |
-3.38 |
-1.29 |
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Hoechst Pakistan Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-3.38 |
-2.92 |
-1.92 |
-1.28 |
-1.29 |
Competitive Comparison of Hoechst Pakistan's Beneish M-Score
For the Drug Manufacturers - General subindustry, Hoechst Pakistan'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.
Hoechst Pakistan's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Hoechst Pakistan's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Hoechst Pakistan's Beneish M-Score falls into.
Hoechst Pakistan 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 Hoechst Pakistan 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 * 1.1048 | + | 0.528 * 0.8208 | + | 0.404 * 1.1568 | + | 0.892 * 1.2517 | + | 0.115 * 1.1984 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0939 | + | 4.679 * 0.198514 | - | 0.327 * 1.1159 |
| = | -1.29 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was ₨878 Mil.
Revenue was 6231.068 + 7185.969 + 7043.482 + 6287.309 = ₨26,748 Mil.
Gross Profit was 2134.971 + 2507.795 + 2158.234 + 1626.537 = ₨8,428 Mil.
Total Current Assets was ₨10,970 Mil.
Total Assets was ₨13,557 Mil.
Property, Plant and Equipment(Net PPE) was ₨2,147 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨309 Mil.
Selling, General, & Admin. Expense(SGA) was ₨2,054 Mil.
Total Current Liabilities was ₨6,532 Mil.
Long-Term Debt & Capital Lease Obligation was ₨209 Mil.
Net Income was 652.238 + 378.906 + 490.187 + 335.816 = ₨1,857 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ₨0 Mil.
Cash Flow from Operations was 614.376 + -1922.566 + 194.868 + 279.262 = ₨-834 Mil.
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Total Receivables was ₨635 Mil.
Revenue was 5489.72 + 5831.38 + 5285.241 + 4762.608 = ₨21,369 Mil.
Gross Profit was 1194.934 + 1785.162 + 905.098 + 1641.249 = ₨5,526 Mil.
Total Current Assets was ₨7,816 Mil.
Total Assets was ₨9,870 Mil.
Property, Plant and Equipment(Net PPE) was ₨1,778 Mil.
Depreciation, Depletion and Amortization(DDA) was ₨315 Mil.
Selling, General, & Admin. Expense(SGA) was ₨1,500 Mil.
Total Current Liabilities was ₨4,399 Mil.
Long-Term Debt & Capital Lease Obligation was ₨0 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) |
| = | (878.281 / 26747.828) | / | (635.076 / 21368.949) |
| = | 0.032836 | / | 0.02972 |
| | = | 1.1048 |
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) |
| = | (5526.443 / 21368.949) | / | (8427.537 / 26747.828) |
| = | 0.25862 | / | 0.315074 |
| | = | 0.8208 |
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 - (10970.298 + 2147.408) / 13556.735) | / | (1 - (7816.272 + 1777.765) / 9870.362) |
| = | 0.032385 | / | 0.027995 |
| | = | 1.1568 |
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 |
| = | 26747.828 | / | 21368.949 |
| | = | 1.2517 |
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)) |
| = | (315.247 / (315.247 + 1777.765)) | / | (308.696 / (308.696 + 2147.408)) |
| = | 0.150619 | / | 0.125685 |
| | = | 1.1984 |
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) |
| = | (2053.824 / 26747.828) | / | (1500.001 / 21368.949) |
| = | 0.076785 | / | 0.070195 |
| | = | 1.0939 |
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) |
| = | ((209.475 + 6532.317) / 13556.735) | / | ((0 + 4398.924) / 9870.362) |
| = | 0.497302 | / | 0.44567 |
| | = | 1.1159 |
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 |
| = | (1857.147 - 0 | - | -834.06) | / | 13556.735 |
| | = | 0.198514 |
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.
Hoechst Pakistan has a M-score of -1.29 signals that the company is likely to be a manipulator.
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