Shandong Sito Bio-technology Co Beneish M-Score Historical Data
The historical data trend for Shandong Sito Bio-technology 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.
Shandong Sito Bio-technology Co Beneish M-Score Chart
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Shandong Sito Bio-technology Co Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-0.90 |
-2.89 |
12.98 |
-2.63 |
-1.92 |
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Shandong Sito Bio-technology Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
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Dec20 |
Mar21 |
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Sep21 |
Dec21 |
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Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.35 |
-1.92 |
-2.20 |
-1.92 |
-1.88 |
Competitive Comparison of Shandong Sito Bio-technology Co's Beneish M-Score
For the Biotechnology subindustry, Shandong Sito Bio-technology 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.
Shandong Sito Bio-technology Co's Beneish M-Score Distribution in the Biotechnology Industry
For the Biotechnology industry and Healthcare sector, Shandong Sito Bio-technology Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Shandong Sito Bio-technology Co's Beneish M-Score falls into.
Shandong Sito Bio-technology 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 Shandong Sito Bio-technology 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 * 1.6446 | + | 0.528 * 0.9168 | + | 0.404 * 1.0314 | + | 0.892 * 0.8537 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.2188 | + | 4.679 * 0.034308 | - | 0.327 * 0.8705 |
| = | -1.88 |
* 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 ¥442 Mil.
Revenue was 244.396 + 356.558 + 259.57 + 328.87 = ¥1,189 Mil.
Gross Profit was 69.574 + 47.095 + 58.435 + 91.028 = ¥266 Mil.
Total Current Assets was ¥1,552 Mil.
Total Assets was ¥3,370 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,537 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥54 Mil.
Total Current Liabilities was ¥1,152 Mil.
Long-Term Debt & Capital Lease Obligation was ¥80 Mil.
Net Income was 3.071 + -15.553 + 1.19 + 44.612 = ¥33 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 21.249 + -18.982 + 43.506 + -128.074 = ¥-82 Mil.
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Total Receivables was ¥315 Mil.
Revenue was 334.786 + 379.159 + 296.71 + 382.596 = ¥1,393 Mil.
Gross Profit was 88.982 + 39.103 + 74.299 + 83.429 = ¥286 Mil.
Total Current Assets was ¥1,259 Mil.
Total Assets was ¥3,107 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,597 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥52 Mil.
Total Current Liabilities was ¥1,184 Mil.
Long-Term Debt & Capital Lease Obligation was ¥121 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) |
| = | (442.088 / 1189.394) | / | (314.876 / 1393.251) |
| = | 0.371692 | / | 0.226001 |
| | = | 1.6446 |
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) |
| = | (285.813 / 1393.251) | / | (266.132 / 1189.394) |
| = | 0.205141 | / | 0.223754 |
| | = | 0.9168 |
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 - (1552.406 + 1536.666) / 3370.087) | / | (1 - (1259.466 + 1596.629) / 3107.308) |
| = | 0.083385 | / | 0.080846 |
| | = | 1.0314 |
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 |
| = | 1189.394 | / | 1393.251 |
| | = | 0.8537 |
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 + 1596.629)) | / | (0 / (0 + 1536.666)) |
| = | 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) |
| = | (54.207 / 1189.394) | / | (52.099 / 1393.251) |
| = | 0.045575 | / | 0.037394 |
| | = | 1.2188 |
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) |
| = | ((79.766 + 1152.244) / 3370.087) | / | ((120.68 + 1184.305) / 3107.308) |
| = | 0.365572 | / | 0.419973 |
| | = | 0.8705 |
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 |
| = | (33.32 - 0 | - | -82.301) | / | 3370.087 |
| | = | 0.034308 |
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.
Shandong Sito Bio-technology Co has a M-score of -1.88 suggests that the company is unlikely to be a manipulator.
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