Grape King Bio Beneish M-Score Historical Data
The historical data trend for Grape King Bio'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.
Grape King Bio Beneish M-Score Chart
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Grape King Bio Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
Dec24 |
| Beneish M-Score |
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-3.11 |
-2.33 |
-3.07 |
-2.69 |
-2.48 |
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Grape King Bio Quarterly Data
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Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
Dec24 |
| Beneish M-Score |
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-2.69 |
-2.78 |
-2.41 |
-2.79 |
-2.48 |
Competitive Comparison of Grape King Bio's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Grape King Bio'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.
Grape King Bio's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Grape King Bio's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Grape King Bio's Beneish M-Score falls into.
Grape King Bio 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 Grape King Bio 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 * 1.0138 | + | 0.528 * 1.0346 | + | 0.404 * 1.0862 | + | 0.892 * 1.0493 | + | 0.115 * 0.9153 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9726 | + | 4.679 * -0.027905 | - | 0.327 * 0.9176 |
| = | -2.48 |
* 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 (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was NT$336 Mil.
Revenue was 3154.981 + 2899.237 + 2758.268 + 2347.519 = NT$11,160 Mil.
Gross Profit was 2470.883 + 2265.315 + 2164.473 + 1756.884 = NT$8,658 Mil.
Total Current Assets was NT$5,596 Mil.
Total Assets was NT$15,324 Mil.
Property, Plant and Equipment(Net PPE) was NT$7,886 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$513 Mil.
Selling, General, & Admin. Expense(SGA) was NT$5,866 Mil.
Total Current Liabilities was NT$3,323 Mil.
Long-Term Debt & Capital Lease Obligation was NT$107 Mil.
Net Income was 446.772 + 415.887 + 327.759 + 257.881 = NT$1,448 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 1210.121 + 460.967 + 91.603 + 113.221 = NT$1,876 Mil.
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Total Receivables was NT$315 Mil.
Revenue was 3200.418 + 2550.692 + 2664.651 + 2219.703 = NT$10,635 Mil.
Gross Profit was 2553.183 + 2011.029 + 2190.97 + 1780.832 = NT$8,536 Mil.
Total Current Assets was NT$6,039 Mil.
Total Assets was NT$15,512 Mil.
Property, Plant and Equipment(Net PPE) was NT$7,756 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$460 Mil.
Selling, General, & Admin. Expense(SGA) was NT$5,747 Mil.
Total Current Liabilities was NT$3,647 Mil.
Long-Term Debt & Capital Lease Obligation was NT$136 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) |
| = | (335.53 / 11160.005) | / | (315.394 / 10635.464) |
| = | 0.030065 | / | 0.029655 |
| | = | 1.0138 |
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) |
| = | (8536.014 / 10635.464) | / | (8657.555 / 11160.005) |
| = | 0.802599 | / | 0.775766 |
| | = | 1.0346 |
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 - (5596.174 + 7885.529) / 15323.638) | / | (1 - (6038.777 + 7756.422) / 15511.841) |
| = | 0.120202 | / | 0.110667 |
| | = | 1.0862 |
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 |
| = | 11160.005 | / | 10635.464 |
| | = | 1.0493 |
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)) |
| = | (459.763 / (459.763 + 7756.422)) | / | (513.484 / (513.484 + 7885.529)) |
| = | 0.055958 | / | 0.061136 |
| | = | 0.9153 |
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) |
| = | (5865.792 / 11160.005) | / | (5747.328 / 10635.464) |
| = | 0.525608 | / | 0.540393 |
| | = | 0.9726 |
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) |
| = | ((106.963 + 3323.043) / 15323.638) | / | ((136.36 + 3647.384) / 15511.841) |
| = | 0.223838 | / | 0.243926 |
| | = | 0.9176 |
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 |
| = | (1448.299 - 0 | - | 1875.912) | / | 15323.638 |
| | = | -0.027905 |
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.
Grape King Bio has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.
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