Shenzhen Glory Medical Co (SZSE:002551) Beneish M-Score : -2.64 (As of Dec. 15, 2024)

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What is Shenzhen Glory Medical 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

SZSE:002551' s Beneish M-Score Range Over the Past 10 Years
Min: -3.32 Med: -2.61 Max: -1.51
Current: -2.64

During the past 13 years, the highest Beneish M-Score of Shenzhen Glory Medical Co was -1.51. The lowest was -3.32. And the median was -2.61.

Shenzhen Glory Medical Co Beneish M-Score Historical Data

The historical data trend for Shenzhen Glory Medical 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.

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Shenzhen Glory Medical Co Beneish M-Score Chart

Shenzhen Glory Medical Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

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Dec22

Dec23

Beneish M-Score

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-2.65

-2.82

-2.22

-3.16

-2.68

Shenzhen Glory Medical Co Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-3.30	-2.68	-2.68	-2.64	-2.64

Competitive Comparison of Shenzhen Glory Medical Co's Beneish M-Score

For the Medical Distribution subindustry, Shenzhen Glory Medical 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.

Shenzhen Glory Medical Co's Beneish M-Score Distribution in the Medical Distribution Industry

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

* The bar in red indicates where Shenzhen Glory Medical Co's Beneish M-Score falls into.

Shenzhen Glory Medical 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 Shenzhen Glory Medical Co for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0697

0.528 * 1.211

0.404 * 1.1115

0.892 * 1.0177

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5747

4.679 * -0.064707

0.327 * 0.9868

-2.64

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was ¥629 Mil.
Revenue was 371.177 + 355.317 + 276.145 + 274.089 = ¥1,277 Mil.
Gross Profit was 62.347 + 47.314 + 49.148 + 24.054 = ¥183 Mil.
Total Current Assets was ¥1,899 Mil.
Total Assets was ¥3,914 Mil.
Property, Plant and Equipment(Net PPE) was ¥481 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥40 Mil.
Total Current Liabilities was ¥1,011 Mil.
Long-Term Debt & Capital Lease Obligation was ¥57 Mil.
Net Income was 0.701 + 0.143 + 13.883 + -162.404 = ¥-148 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 107.349 + 33.779 + 54.992 + -90.509 = ¥106 Mil.

Total Receivables was ¥578 Mil.
Revenue was 318.822 + 290.575 + 309.4 + 335.693 = ¥1,254 Mil.
Gross Profit was 56.263 + 57.443 + 59.844 + 44.039 = ¥218 Mil.
Total Current Assets was ¥2,232 Mil.
Total Assets was ¥4,177 Mil.
Property, Plant and Equipment(Net PPE) was ¥471 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥25 Mil.
Total Current Liabilities was ¥868 Mil.
Long-Term Debt & Capital Lease Obligation was ¥287 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)
	=	(629.335 / 1276.728)	/	(578.083 / 1254.49)
	=	0.492928	/	0.460811
	=	1.0697

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)
	=	(217.589 / 1254.49)	/	(182.863 / 1276.728)
	=	0.173448	/	0.143228
	=	1.211

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 - (1898.542 + 480.882) / 3914.379)	/	(1 - (2232.238 + 471.413) / 4177.486)
	=	0.392132	/	0.352804
	=	1.1115

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
	=	1276.728	/	1254.49
	=	1.0177

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 + 471.413))	/	(0 / (0 + 480.882))
	=	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)
	=	(39.954 / 1276.728)	/	(24.931 / 1254.49)
	=	0.031294	/	0.019873
	=	1.5747

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)
	=	((56.79 + 1010.969) / 3914.379)	/	((287.18 + 867.582) / 4177.486)
	=	0.272779	/	0.276425
	=	0.9868

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
	=	(-147.677 - 0	-	105.611)	/	3914.379
	=	-0.064707

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.

Shenzhen Glory Medical Co has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.

Shenzhen Glory Medical Co Beneish M-Score Related Terms

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Shenzhen Glory Medical Co Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Distribution » Shenzhen Glory Medical Co Ltd (SZSE:002551) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Glory Science and Tech Industrial Park, Baolong Avenue, Longgang District, Shenzhen, Guangdong, CHN, 518116

Website

http://www.glory-medical.com.cn

Shenzhen Glory Medical Co Ltd is engaged in providing hospital building integrated solutions in China. It is involved in the hospital construction system analysis and planning, and medical engineering activities. It also sells medical equipment and medical consumables. The company provides hospital management professional medical logistic, smart medical, and park development services.

Executives

You Yong	Executives
Liang Gui Qiu	Directors, executives
Zhang Jie Rui	Directors, executives
Zhang Wen Bin	Executives
Liang Gui Tian	Directors, executives
Song Li	Executives

Shenzhen Glory Medical Co Headlines

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