Dr Sulaiman Al Habib Medical Services Group (SAU:4013) Beneish M-Score : -2.97 (As of Apr. 24, 2024)

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What is Dr Sulaiman Al Habib Medical Services Group 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 -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Dr Sulaiman Al Habib Medical Services Group's Beneish M-Score or its related term are showing as below:

SAU:4013' s Beneish M-Score Range Over the Past 10 Years
Min: -2.97 Med: -2.75 Max: 0.6
Current: -2.97

During the past 5 years, the highest Beneish M-Score of Dr Sulaiman Al Habib Medical Services Group was 0.60. The lowest was -2.97. And the median was -2.75.

Dr Sulaiman Al Habib Medical Services Group Beneish M-Score Historical Data

The historical data trend for Dr Sulaiman Al Habib Medical Services Group'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.

Dr Sulaiman Al Habib Medical Services Group Beneish M-Score Chart

Dr Sulaiman Al Habib Medical Services Group Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.75

0.60

-2.97

Dr Sulaiman Al Habib Medical Services Group Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial														0.60	-2.47	-2.54	-2.88	-2.97

Competitive Comparison of Dr Sulaiman Al Habib Medical Services Group's Beneish M-Score

For the Medical Care Facilities subindustry, Dr Sulaiman Al Habib Medical Services Group'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.

Dr Sulaiman Al Habib Medical Services Group's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Dr Sulaiman Al Habib Medical Services Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Dr Sulaiman Al Habib Medical Services Group's Beneish M-Score falls into.

Dr Sulaiman Al Habib Medical Services Group 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 Dr Sulaiman Al Habib Medical Services Group 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 * 0.8286

0.528 * 0.9615

0.404 * 0.8139

0.892 * 1.1441

0.115 * 1.3762

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0471

4.679 * -0.075841

0.327 * 1.1266

-2.97

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was ﷼703 Mil.
Revenue was 2486.489 + 2442.807 + 2272.268 + 2306.875 = ﷼9,508 Mil.
Gross Profit was 868.156 + 843.425 + 774.826 + 783.641 = ﷼3,270 Mil.
Total Current Assets was ﷼4,138 Mil.
Total Assets was ﷼15,798 Mil.
Property, Plant and Equipment(Net PPE) was ﷼11,163 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼313 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼218 Mil.
Total Current Liabilities was ﷼3,299 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼5,046 Mil.
Net Income was 525.01 + 544.767 + 486.971 + 489.267 = ﷼2,046 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ﷼0 Mil.
Cash Flow from Operations was 1178.471 + 945.977 + 370.607 + 749.097 = ﷼3,244 Mil.

Total Receivables was ﷼742 Mil.
Revenue was 2253.675 + 2052.191 + 2014.011 + 1990.861 = ﷼8,311 Mil.
Gross Profit was 737.069 + 681.629 + 670.875 + 658.562 = ﷼2,748 Mil.
Total Current Assets was ﷼4,160 Mil.
Total Assets was ﷼12,584 Mil.
Property, Plant and Equipment(Net PPE) was ﷼7,937 Mil.
Depreciation, Depletion and Amortization(DDA) was ﷼309 Mil.
Selling, General, & Admin. Expense(SGA) was ﷼182 Mil.
Total Current Liabilities was ﷼2,590 Mil.
Long-Term Debt & Capital Lease Obligation was ﷼3,310 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)
	=	(703.123 / 9508.439)	/	(741.714 / 8310.738)
	=	0.073947	/	0.089248
	=	0.8286

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)
	=	(2748.135 / 8310.738)	/	(3270.048 / 9508.439)
	=	0.330673	/	0.34391
	=	0.9615

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 - (4137.837 + 11162.616) / 15798.042)	/	(1 - (4160.476 + 7936.643) / 12584.118)
	=	0.031497	/	0.038699
	=	0.8139

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
	=	9508.439	/	8310.738
	=	1.1441

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))
	=	(309.223 / (309.223 + 7936.643))	/	(312.679 / (312.679 + 11162.616))
	=	0.0375	/	0.027248
	=	1.3762

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)
	=	(218.253 / 9508.439)	/	(182.179 / 8310.738)
	=	0.022954	/	0.021921
	=	1.0471

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)
	=	((5045.534 + 3299.161) / 15798.042)	/	((3309.663 + 2590.311) / 12584.118)
	=	0.528211	/	0.468843
	=	1.1266

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
	=	(2046.015 - 0	-	3244.152)	/	15798.042
	=	-0.075841

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.

Dr Sulaiman Al Habib Medical Services Group has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.

Dr Sulaiman Al Habib Medical Services Group Beneish M-Score Related Terms

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Dr Sulaiman Al Habib Medical Services Group (SAU:4013) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » Dr Sulaiman Al Habib Medical Services Group (SAU:4013) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

King Fahad Road, P.O. Box 301578, Al Olaya District, Riyadh, SAU, 11372

Website

https://www.hmg.com

Dr Sulaiman Al Habib Medical Services Group is a healthcare operator. The company is engaged in establishing, operating, and managing hospitals, general and specialized medical complexes, dispensaries, health care centers, diagnostics centers as well as radiology centers. It is also involved in import, wholesale and retail sales of medicines, medical products, cosmetics, and medical supplies and equipment. The company reports in three segments are Hospitals/ Healthcare Facilities, Pharmacies, and HMG Solutions / Others. The majority of the revenue is earned from the Hospitals/ Healthcare Facilities segment.

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