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SHTDF (Sinopharm Group Co) Beneish M-Score : -2.49 (As of Mar. 17, 2025)


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What is Sinopharm Group 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 -2.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SHTDF' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78   Med: -2.43   Max: -2.26
Current: -2.49

During the past 13 years, the highest Beneish M-Score of Sinopharm Group Co was -2.26. The lowest was -2.78. And the median was -2.43.


Sinopharm Group Co Beneish M-Score Historical Data

The historical data trend for Sinopharm Group 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.

Sinopharm Group Co Beneish M-Score Chart

Sinopharm Group Co Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -2.56 -2.34 -2.31 -2.76 -2.49

Sinopharm Group Co Semi-Annual Data
Dec14 Jun15 Dec15 Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only - -2.76 - -2.49 -

Competitive Comparison of Sinopharm Group Co's Beneish M-Score

For the Medical Distribution subindustry, Sinopharm Group 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.


Sinopharm Group Co's Beneish M-Score Distribution in the Medical Distribution Industry

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

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



Sinopharm Group 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 Sinopharm Group Co 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 * 1.0043+0.528 * 1.0564+0.404 * 0.9837+0.892 * 1.055+0.115 * 0.9625
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9719+4.679 * -0.021177-0.327 * 0.985
=-2.50

* 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 (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $26,581 Mil.
Revenue was $83,551 Mil.
Gross Profit was $6,794 Mil.
Total Current Assets was $47,174 Mil.
Total Assets was $53,695 Mil.
Property, Plant and Equipment(Net PPE) was $2,528 Mil.
Depreciation, Depletion and Amortization(DDA) was $620 Mil.
Selling, General, & Admin. Expense(SGA) was $3,662 Mil.
Total Current Liabilities was $33,821 Mil.
Long-Term Debt & Capital Lease Obligation was $2,417 Mil.
Net Income was $1,268 Mil.
Gross Profit was $0 Mil.
Cash Flow from Operations was $2,405 Mil.
Total Receivables was $25,088 Mil.
Revenue was $79,198 Mil.
Gross Profit was $6,804 Mil.
Total Current Assets was $45,815 Mil.
Total Assets was $52,322 Mil.
Property, Plant and Equipment(Net PPE) was $2,552 Mil.
Depreciation, Depletion and Amortization(DDA) was $597 Mil.
Selling, General, & Admin. Expense(SGA) was $3,572 Mil.
Total Current Liabilities was $33,702 Mil.
Long-Term Debt & Capital Lease Obligation was $2,145 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)
=(26580.992 / 83550.82) / (25087.68 / 79198.409)
=0.318142 / 0.31677
=1.0043

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)
=(6803.801 / 79198.409) / (6794.162 / 83550.82)
=0.085908 / 0.081318
=1.0564

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 - (47174.463 + 2527.899) / 53695.253) / (1 - (45814.705 + 2552.082) / 52322.265)
=0.074362 / 0.075598
=0.9837

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
=83550.82 / 79198.409
=1.055

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))
=(597.418 / (597.418 + 2552.082)) / (620.466 / (620.466 + 2527.899))
=0.189687 / 0.197076
=0.9625

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)
=(3662.329 / 83550.82) / (3572.03 / 79198.409)
=0.043834 / 0.045102
=0.9719

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)
=((2416.582 + 33821.271) / 53695.253) / ((2145.387 + 33702.391) / 52322.265)
=0.67488 / 0.685134
=0.985

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
=(1267.998 - 0 - 2405.119) / 53695.253
=-0.021177

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.

Sinopharm Group Co has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.


Sinopharm Group Co Beneish M-Score Related Terms

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Sinopharm Group Co Business Description

Traded in Other Exchanges
Address
No. 385, East Longhua Road, Sinopharm Group Building, Huangpu District, Shanghai, CHN, 200023
Founded in 2003, Sinopharm is the largest wholesaler and retailer of drugs and medical devices in China and listed on the Hong Kong Stock Exchange in 2009. It is a core subsidiary of China National Pharmaceutical Group. Sinopharm's largest operating segment is pharmaceutical distribution, making up over 70% of its total revenue by the end of 2023. In 2018, Sinopharm acquired the largest Chinese medical device distributor, China National Scientific Instruments and Materials. Now, medical device distribution accounts for over 20% of Sinopharm's total revenue. Sinopharm's downstream customers range from hospitals and other health services institutions to end-customers.

Sinopharm Group Co Headlines

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