Sinocelltech Group Beneish M-Score Historical Data
The historical data trend for Sinocelltech 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.
Sinocelltech Group Beneish M-Score Chart
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Sinocelltech Group Annual Data
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Dec16 |
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Dec19 |
Dec20 |
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Dec24 |
| Beneish M-Score |
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1.91 |
361.26 |
2.94 |
-1.97 |
-2.06 |
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Sinocelltech Group Quarterly Data
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Jun20 |
Sep20 |
Dec20 |
Mar21 |
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Mar25 |
| Beneish M-Score |
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-1.95 |
-1.92 |
-2.45 |
-2.06 |
-1.54 |
Competitive Comparison of Sinocelltech Group's Beneish M-Score
For the Biotechnology subindustry, Sinocelltech 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.
Sinocelltech Group's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Sinocelltech Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sinocelltech Group's Beneish M-Score falls into.
Sinocelltech 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 Sinocelltech Group 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 * 1.6313 | + | 0.528 * 1.016 | + | 0.404 * 0.8485 | + | 0.892 * 1.1146 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5723 | + | 4.679 * 0.074771 | - | 0.327 * 0.8241 |
| = | -1.54 |
* 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 (Mar25) TTM: | Last Year (Mar24) TTM: |
Total Receivables was ¥881 Mil.
Revenue was 519.737 + 575.727 + 632.312 + 692.166 = ¥2,420 Mil.
Gross Profit was 493.105 + 545.026 + 604.867 + 668.096 = ¥2,311 Mil.
Total Current Assets was ¥1,611 Mil.
Total Assets was ¥3,450 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,531 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥540 Mil.
Total Current Liabilities was ¥2,194 Mil.
Long-Term Debt & Capital Lease Obligation was ¥972 Mil.
Net Income was 63.768 + -38.003 + 24.248 + 51.508 = ¥102 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -106.918 + -64.567 + 58.425 + -43.349 = ¥-156 Mil.
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Total Receivables was ¥484 Mil.
Revenue was 612.503 + 508.098 + 571.176 + 479.296 = ¥2,171 Mil.
Gross Profit was 592.017 + 493.847 + 556.535 + 464.097 = ¥2,106 Mil.
Total Current Assets was ¥1,125 Mil.
Total Assets was ¥2,828 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,406 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥308 Mil.
Total Current Liabilities was ¥1,958 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,191 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) |
| = | (880.594 / 2419.942) | / | (484.285 / 2171.073) |
| = | 0.363891 | / | 0.223063 |
| | = | 1.6313 |
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) |
| = | (2106.496 / 2171.073) | / | (2311.094 / 2419.942) |
| = | 0.970256 | / | 0.95502 |
| | = | 1.016 |
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 - (1611.064 + 1530.977) / 3449.606) | / | (1 - (1124.763 + 1405.881) / 2827.78) |
| = | 0.089159 | / | 0.105077 |
| | = | 0.8485 |
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 |
| = | 2419.942 | / | 2171.073 |
| | = | 1.1146 |
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 + 1405.881)) | / | (0 / (0 + 1530.977)) |
| = | 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) |
| = | (540.055 / 2419.942) | / | (308.156 / 2171.073) |
| = | 0.223169 | / | 0.141937 |
| | = | 1.5723 |
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) |
| = | ((971.904 + 2193.911) / 3449.606) | / | ((1190.597 + 1958.325) / 2827.78) |
| = | 0.917732 | / | 1.113567 |
| | = | 0.8241 |
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 |
| = | (101.521 - 0 | - | -156.409) | / | 3449.606 |
| | = | 0.074771 |
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.
Sinocelltech Group has a M-score of -1.54 signals that the company is likely to be a manipulator.
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