ShareHope Medicine Co (ROCO:8403) Beneish M-Score : -2.40 (As of Mar. 29, 2025)

View and export this data going back to 2011. Start your Free Trial

What is ShareHope Medicine Co 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ROCO:8403' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.32 Max: -2.13
Current: -2.4

During the past 13 years, the highest Beneish M-Score of ShareHope Medicine Co was -2.13. The lowest was -3.16. And the median was -2.32.

ShareHope Medicine Co Beneish M-Score Historical Data

The historical data trend for ShareHope Medicine Co'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.

* Premium members only.

ShareHope Medicine Co Beneish M-Score Chart

ShareHope Medicine Co Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-2.82

-2.26

-2.72

-2.32

-2.40

ShareHope Medicine Co Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.32	-2.39	-2.39	-2.66	-2.40

Competitive Comparison of ShareHope Medicine Co's Beneish M-Score

For the Medical Distribution subindustry, ShareHope Medicine Co'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.

ShareHope Medicine Co's Beneish M-Score Distribution in the Medical Distribution Industry

For the Medical Distribution industry and Healthcare sector, ShareHope Medicine Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ShareHope Medicine Co's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

ShareHope Medicine Co 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 ShareHope Medicine Co 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 * 0.9551

0.528 * 1.1355

0.404 * 0.9236

0.892 * 1.1168

0.115 * 0.9309

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9344

4.679 * -0.009375

0.327 * 0.9393

-2.40

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was NT$1,560 Mil.
Revenue was 1111.766 + 1149.776 + 1091.74 + 972.549 = NT$4,326 Mil.
Gross Profit was 171.096 + 174.534 + 197.519 + 171.255 = NT$714 Mil.
Total Current Assets was NT$3,392 Mil.
Total Assets was NT$7,102 Mil.
Property, Plant and Equipment(Net PPE) was NT$1,840 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$308 Mil.
Selling, General, & Admin. Expense(SGA) was NT$728 Mil.
Total Current Liabilities was NT$1,860 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,204 Mil.
Net Income was 87.659 + 16.745 + 71.164 + 24.529 = NT$200 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 60.397 + 66.137 + 104.494 + 35.647 = NT$267 Mil.

Total Receivables was NT$1,462 Mil.
Revenue was 1066.882 + 969.074 + 941.17 + 896.258 = NT$3,873 Mil.
Gross Profit was 223.633 + 147.292 + 188.398 + 167.054 = NT$726 Mil.
Total Current Assets was NT$3,240 Mil.
Total Assets was NT$7,446 Mil.
Property, Plant and Equipment(Net PPE) was NT$2,084 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$321 Mil.
Selling, General, & Admin. Expense(SGA) was NT$697 Mil.
Total Current Liabilities was NT$1,965 Mil.
Long-Term Debt & Capital Lease Obligation was NT$1,456 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)
	=	(1559.7 / 4325.831)	/	(1462.26 / 3873.384)
	=	0.360555	/	0.377515
	=	0.9551

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)
	=	(726.377 / 3873.384)	/	(714.404 / 4325.831)
	=	0.18753	/	0.165148
	=	1.1355

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 - (3392.392 + 1840.289) / 7101.717)	/	(1 - (3239.624 + 2084.341) / 7445.538)
	=	0.263181	/	0.284946
	=	0.9236

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
	=	4325.831	/	3873.384
	=	1.1168

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))
	=	(320.575 / (320.575 + 2084.341))	/	(307.564 / (307.564 + 1840.289))
	=	0.1333	/	0.143196
	=	0.9309

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)
	=	(727.535 / 4325.831)	/	(697.169 / 3873.384)
	=	0.168184	/	0.17999
	=	0.9344

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)
	=	((1204.431 + 1859.999) / 7101.717)	/	((1455.592 + 1964.972) / 7445.538)
	=	0.431506	/	0.459411
	=	0.9393

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
	=	(200.097 - 0	-	266.675)	/	7101.717
	=	-0.009375

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.

ShareHope Medicine Co has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.

ShareHope Medicine Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of ShareHope Medicine Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

ShareHope Medicine Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Distribution » ShareHope Medicine Co Ltd (ROCO:8403) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No.168 Chingkuo Road, 19th Floor, Taoyuan, TWN

Website

https://www.share-hope.com

ShareHope Medicine Co Ltd is engaged in providing wholesale and retail sales of medicines and hygiene materials, leasing assets for medical institutions to undertake related medical services and physical examinations for Taiwanese people and foreign laborers, on-site medical support services, hemodialysis business management, and ophthalmic medical management in collaboration with medical institutions. The company also provides a pharmaceutical procurement platform for medicines, health materials, and home care products. The company's revenue mainly stems from medicine and medical material sales, alongside service income from physical examinations for Taiwanese citizens and foreign laborers, on-site medical support, hemodialysis management, and ophthalmic collaborations.

ShareHope Medicine Co Headlines

No Headlines