Sansure Biotech Beneish M-Score Historical Data
The historical data trend for Sansure 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.
Sansure Biotech Beneish M-Score Chart
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Sansure Biotech Annual Data
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Trend |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
7.38 |
-0.85 |
-2.41 |
-0.93 |
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Sansure Biotech Quarterly Data
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Dec19 |
Mar20 |
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Sep24 |
| Beneish M-Score |
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-2.44 |
-0.93 |
-1.63 |
-1.79 |
-2.75 |
Competitive Comparison of Sansure Biotech's Beneish M-Score
For the Medical Instruments & Supplies subindustry, Sansure 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.
Sansure Biotech's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, Sansure Biotech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sansure Biotech's Beneish M-Score falls into.
Sansure 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 Sansure 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 * 1.6029 | + | 0.528 * 0.7802 | + | 0.404 * 1.2839 | + | 0.892 * 0.4668 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.442 | + | 4.679 * 0.006567 | - | 0.327 * 1.4014 |
| = | -2.75 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥638 Mil.
Revenue was 315.623 + 326.011 + 390.947 + 374.576 = ¥1,407 Mil.
Gross Profit was 246.304 + 236.92 + 317.043 + 285.72 = ¥1,086 Mil.
Total Current Assets was ¥5,743 Mil.
Total Assets was ¥8,571 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,070 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥370 Mil.
Total Current Liabilities was ¥714 Mil.
Long-Term Debt & Capital Lease Obligation was ¥417 Mil.
Net Income was 38.721 + 75.681 + 81.025 + 63.998 = ¥259 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 52.825 + 62.842 + -125.646 + 213.119 = ¥203 Mil.
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Total Receivables was ¥852 Mil.
Revenue was 204.848 + 232.522 + 195.174 + 2382.123 = ¥3,015 Mil.
Gross Profit was 149.314 + 153.764 + 131.68 + 1380.42 = ¥1,815 Mil.
Total Current Assets was ¥6,087 Mil.
Total Assets was ¥8,308 Mil.
Property, Plant and Equipment(Net PPE) was ¥894 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥324 Mil.
Total Current Liabilities was ¥772 Mil.
Long-Term Debt & Capital Lease Obligation was ¥11 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) |
| = | (637.793 / 1407.157) | / | (852.43 / 3014.667) |
| = | 0.453249 | / | 0.282761 |
| | = | 1.6029 |
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) |
| = | (1815.178 / 3014.667) | / | (1085.987 / 1407.157) |
| = | 0.602116 | / | 0.77176 |
| | = | 0.7802 |
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 - (5742.695 + 1070.437) / 8571.194) | / | (1 - (6086.683 + 893.853) / 8307.764) |
| = | 0.205113 | / | 0.159758 |
| | = | 1.2839 |
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 |
| = | 1407.157 | / | 3014.667 |
| | = | 0.4668 |
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 + 893.853)) | / | (0 / (0 + 1070.437)) |
| = | 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) |
| = | (369.593 / 1407.157) | / | (324.252 / 3014.667) |
| = | 0.262652 | / | 0.107558 |
| | = | 2.442 |
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) |
| = | ((417.309 + 714.28) / 8571.194) | / | ((10.85 + 771.774) / 8307.764) |
| = | 0.132022 | / | 0.094204 |
| | = | 1.4014 |
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 |
| = | (259.425 - 0 | - | 203.14) | / | 8571.194 |
| | = | 0.006567 |
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.
Sansure Biotech has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.
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