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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- |
7.65 |
-0.74 |
-2.45 |
-0.95 |
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Sansure Biotech Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar23 |
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Mar24 |
| Beneish M-Score |
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-2.55 |
-2.72 |
-2.59 |
-0.95 |
-1.55 |
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 * 2.6361 | + | 0.528 * 0.7714 | + | 0.404 * 1.8564 | + | 0.892 * 0.2311 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 2.7264 | + | 4.679 * 0.039901 | - | 0.327 * 1.0243 |
| = | -1.55 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was ¥697 Mil.
Revenue was 390.947 + 374.576 + 204.848 + 232.522 = ¥1,203 Mil.
Gross Profit was 317.043 + 285.72 + 149.314 + 153.764 = ¥906 Mil.
Total Current Assets was ¥6,111 Mil.
Total Assets was ¥8,746 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,038 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥509 Mil.
Total Current Liabilities was ¥721 Mil.
Long-Term Debt & Capital Lease Obligation was ¥406 Mil.
Net Income was 81.025 + 63.998 + 208.047 + 31.663 = ¥385 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -125.646 + 213.119 + -52.882 + 1.186 = ¥36 Mil.
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Total Receivables was ¥1,144 Mil.
Revenue was 195.174 + 2382.123 + 1378.295 + 1250.19 = ¥5,206 Mil.
Gross Profit was 131.68 + 1380.42 + 802.362 + 709.481 = ¥3,024 Mil.
Total Current Assets was ¥7,050 Mil.
Total Assets was ¥8,727 Mil.
Property, Plant and Equipment(Net PPE) was ¥819 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥808 Mil.
Total Current Liabilities was ¥1,088 Mil.
Long-Term Debt & Capital Lease Obligation was ¥10 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) |
| = | (696.842 / 1202.893) | / | (1144.033 / 5205.782) |
| = | 0.579305 | / | 0.219762 |
| | = | 2.6361 |
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) |
| = | (3023.943 / 5205.782) | / | (905.841 / 1202.893) |
| = | 0.580882 | / | 0.753052 |
| | = | 0.7714 |
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 - (6110.526 + 1038.476) / 8745.537) | / | (1 - (7049.797 + 819.041) / 8727.055) |
| = | 0.182554 | / | 0.09834 |
| | = | 1.8564 |
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 |
| = | 1202.893 | / | 5205.782 |
| | = | 0.2311 |
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 + 819.041)) | / | (0 / (0 + 1038.476)) |
| = | 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) |
| = | (509.141 / 1202.893) | / | (808.184 / 5205.782) |
| = | 0.423264 | / | 0.155247 |
| | = | 2.7264 |
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) |
| = | ((406.168 + 720.856) / 8745.537) | / | ((10.107 + 1087.835) / 8727.055) |
| = | 0.128868 | / | 0.125809 |
| | = | 1.0243 |
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 |
| = | (384.733 - 0 | - | 35.777) | / | 8745.537 |
| | = | 0.039901 |
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 -1.55 signals that the company is likely to be a manipulator.
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