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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Dec14 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.01 |
-2.71 |
-1.97 |
-2.64 |
-1.92 |
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Shandong Sito Bio-technology Co Quarterly Data
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Dec19 |
Mar20 |
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Sep24 |
| Beneish M-Score |
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-2.21 |
-1.92 |
-1.88 |
-2.29 |
-1.91 |
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 * 1.9464 | + | 0.528 * 0.9601 | + | 0.404 * 1.0427 | + | 0.892 * 0.8612 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8252 | + | 4.679 * -0.048869 | - | 0.327 * 0.9228 |
| = | -1.91 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was ¥455 Mil.
Revenue was 198.384 + 322.254 + 244.396 + 356.558 = ¥1,122 Mil.
Gross Profit was 55.594 + 76.68 + 69.574 + 47.095 = ¥249 Mil.
Total Current Assets was ¥1,345 Mil.
Total Assets was ¥3,087 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,469 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥37 Mil.
Total Current Liabilities was ¥975 Mil.
Long-Term Debt & Capital Lease Obligation was ¥55 Mil.
Net Income was 1.504 + 10.141 + 3.071 + -15.553 = ¥-1 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 82.177 + 65.585 + 21.249 + -18.982 = ¥150 Mil.
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Total Receivables was ¥271 Mil.
Revenue was 259.57 + 328.87 + 334.786 + 379.159 = ¥1,302 Mil.
Gross Profit was 58.435 + 91.028 + 88.982 + 39.103 = ¥278 Mil.
Total Current Assets was ¥1,455 Mil.
Total Assets was ¥3,310 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,573 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥52 Mil.
Total Current Liabilities was ¥1,053 Mil.
Long-Term Debt & Capital Lease Obligation was ¥144 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) |
| = | (455.039 / 1121.592) | / | (271.463 / 1302.385) |
| = | 0.405708 | / | 0.208435 |
| | = | 1.9464 |
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) |
| = | (277.548 / 1302.385) | / | (248.943 / 1121.592) |
| = | 0.213107 | / | 0.221955 |
| | = | 0.9601 |
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 - (1344.62 + 1468.76) / 3087.15) | / | (1 - (1455.477 + 1573.283) / 3310.298) |
| = | 0.08868 | / | 0.085049 |
| | = | 1.0427 |
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 |
| = | 1121.592 | / | 1302.385 |
| | = | 0.8612 |
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 + 1573.283)) | / | (0 / (0 + 1468.76)) |
| = | 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) |
| = | (36.662 / 1121.592) | / | (51.587 / 1302.385) |
| = | 0.032687 | / | 0.03961 |
| | = | 0.8252 |
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) |
| = | ((54.866 + 974.889) / 3087.15) | / | ((143.991 + 1052.529) / 3310.298) |
| = | 0.333562 | / | 0.361454 |
| | = | 0.9228 |
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 |
| = | (-0.837 - 0 | - | 150.029) | / | 3087.15 |
| | = | -0.048869 |
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 -1.91 suggests that the company is unlikely to be a manipulator.
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