Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical Co Beneish M-Score Historical Data
The historical data trend for Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical 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.
Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical Co Beneish M-Score Chart
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Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical Co Annual Data
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Dec16 |
Dec17 |
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Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
-2.00 |
-1.10 |
-2.50 |
-1.50 |
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Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
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Dec20 |
Mar21 |
Jun21 |
Sep21 |
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Mar24 |
| Beneish M-Score |
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-2.60 |
-2.37 |
-2.26 |
-1.50 |
-2.10 |
Competitive Comparison of Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical Co's Beneish M-Score
For the Pharmaceutical Retailers subindustry, Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical 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.
Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical Co's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical Co's Beneish M-Score falls into.
Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical 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 Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical 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 * 1.1322 | + | 0.528 * 1.1358 | + | 0.404 * 0.7788 | + | 0.892 * 1.0872 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0481 | + | 4.679 * 0.055454 | - | 0.327 * 1.1665 |
| = | -2.10 |
* 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 ¥553 Mil.
Revenue was 1237.408 + 1218.055 + 1007.513 + 1082.879 = ¥4,546 Mil.
Gross Profit was 100.81 + 79.389 + 77.822 + 91.786 = ¥350 Mil.
Total Current Assets was ¥1,625 Mil.
Total Assets was ¥1,938 Mil.
Property, Plant and Equipment(Net PPE) was ¥156 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥221 Mil.
Total Current Liabilities was ¥1,045 Mil.
Long-Term Debt & Capital Lease Obligation was ¥5 Mil.
Net Income was 9.226 + 9.375 + 3.44 + 15.085 = ¥37 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -72.039 + 13.382 + -40.973 + 29.263 = ¥-70 Mil.
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Total Receivables was ¥449 Mil.
Revenue was 1121.966 + 1286.55 + 924.379 + 848.257 = ¥4,181 Mil.
Gross Profit was 118.603 + 123.534 + 63.169 + 60.137 = ¥365 Mil.
Total Current Assets was ¥1,284 Mil.
Total Assets was ¥1,615 Mil.
Property, Plant and Equipment(Net PPE) was ¥163 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥194 Mil.
Total Current Liabilities was ¥748 Mil.
Long-Term Debt & Capital Lease Obligation was ¥2 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) |
| = | (553.254 / 4545.855) | / | (449.437 / 4181.152) |
| = | 0.121705 | / | 0.107491 |
| | = | 1.1322 |
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) |
| = | (365.443 / 4181.152) | / | (349.807 / 4545.855) |
| = | 0.087402 | / | 0.076951 |
| | = | 1.1358 |
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 - (1625.252 + 156.298) / 1938.43) | / | (1 - (1284.358 + 162.829) / 1615.01) |
| = | 0.080931 | / | 0.103915 |
| | = | 0.7788 |
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 |
| = | 4545.855 | / | 4181.152 |
| | = | 1.0872 |
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 + 162.829)) | / | (0 / (0 + 156.298)) |
| = | 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) |
| = | (221.385 / 4545.855) | / | (194.284 / 4181.152) |
| = | 0.0487 | / | 0.046467 |
| | = | 1.0481 |
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) |
| = | ((4.859 + 1045.427) / 1938.43) | / | ((1.797 + 748.364) / 1615.01) |
| = | 0.541823 | / | 0.464493 |
| | = | 1.1665 |
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 |
| = | (37.126 - 0 | - | -70.367) | / | 1938.43 |
| | = | 0.055454 |
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.
Sinchuan Hezong Medicine Easy-to-buy Pharmaceutical Co has a M-score of -2.10 suggests that the company is unlikely to be a manipulator.
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