China National Accord Medicines Beneish M-Score Historical Data
The historical data trend for China National Accord Medicines'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.
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China National Accord Medicines Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.46 |
-2.12 |
-2.44 |
-2.67 |
-2.43 |
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China National Accord Medicines Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.67 |
-2.60 |
-2.55 |
-2.42 |
-2.43 |
Competitive Comparison
For the Medical Distribution subindustry, China National Accord Medicines'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.
China National Accord Medicines Beneish M-Score Distribution
For the Medical Distribution industry and Healthcare sector, China National Accord Medicines's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China National Accord Medicines's Beneish M-Score falls into.
China National Accord Medicines 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 China National Accord Medicines 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 * 1.2164 | + | 0.528 * 1.0134 | + | 0.404 * 0.893 | + | 0.892 * 1.0277 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.981 | + | 4.679 * -0.028124 | - | 0.327 * 1.0327 |
| = | -2.43 |
* 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 ¥21,044 Mil.
Revenue was 18891.62 + 18198.333 + 19700.714 + 18686.818 = ¥75,477 Mil.
Gross Profit was 2513.366 + 2087.957 + 2317.434 + 2133.302 = ¥9,052 Mil.
Total Current Assets was ¥36,370 Mil.
Total Assets was ¥47,571 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,724 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥5,515 Mil.
Total Current Liabilities was ¥24,338 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,452 Mil.
Net Income was 409.592 + 359.413 + 468.046 + 362.205 = ¥1,599 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 1471.67 + -20.807 + 1276.291 + 209.985 = ¥2,937 Mil.
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Total Receivables was ¥16,833 Mil.
Revenue was 18826.37 + 18487.856 + 18978.053 + 17150.857 = ¥73,443 Mil.
Gross Profit was 2652.304 + 2084.017 + 2266.933 + 1922.957 = ¥8,926 Mil.
Total Current Assets was ¥31,708 Mil.
Total Assets was ¥42,616 Mil.
Property, Plant and Equipment(Net PPE) was ¥3,407 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥5,471 Mil.
Total Current Liabilities was ¥21,028 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,345 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) |
| = | (21044.079 / 75477.485) | / | (16833.426 / 73443.136) |
| = | 0.278813 | / | 0.229204 |
| | = | 1.2164 |
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) |
| = | (8926.211 / 73443.136) | / | (9052.059 / 75477.485) |
| = | 0.121539 | / | 0.119931 |
| | = | 1.0134 |
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 - (36370.055 + 3724.435) / 47571.095) | / | (1 - (31708.246 + 3407.099) / 42615.761) |
| = | 0.157167 | / | 0.176001 |
| | = | 0.893 |
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 |
| = | 75477.485 | / | 73443.136 |
| | = | 1.0277 |
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 + 3407.099)) | / | (0 / (0 + 3724.435)) |
| = | 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) |
| = | (5515.067 / 75477.485) | / | (5470.509 / 73443.136) |
| = | 0.073069 | / | 0.074486 |
| | = | 0.981 |
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) |
| = | ((1451.788 + 24338.224) / 47571.095) | / | ((1344.904 + 21027.599) / 42615.761) |
| = | 0.542136 | / | 0.524982 |
| | = | 1.0327 |
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 |
| = | (1599.256 - 0 | - | 2937.139) | / | 47571.095 |
| | = | -0.028124 |
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.
China National Accord Medicines has a M-score of -2.43 suggests that the company is unlikely to be a manipulator.
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