CHC Healthcare Group Beneish M-Score Historical Data
The historical data trend for CHC Healthcare Group'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.
CHC Healthcare Group Beneish M-Score Chart
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CHC Healthcare Group Annual Data
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Trend |
Dec14 |
Dec15 |
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.66 |
-2.90 |
-2.60 |
-2.49 |
-2.48 |
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CHC Healthcare Group Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Sep20 |
Dec20 |
Mar21 |
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Sep21 |
Dec21 |
Mar22 |
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Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.24 |
-2.29 |
-2.42 |
-2.48 |
-2.76 |
Competitive Comparison of CHC Healthcare Group's Beneish M-Score
For the Medical Distribution subindustry, CHC Healthcare Group'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.
CHC Healthcare Group's Beneish M-Score Distribution in the Medical Distribution Industry
For the Medical Distribution industry and Healthcare sector, CHC Healthcare Group's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where CHC Healthcare Group's Beneish M-Score falls into.
CHC Healthcare Group 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 CHC Healthcare Group 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 * 0.8095 | + | 0.528 * 1.0991 | + | 0.404 * 0.9619 | + | 0.892 * 1.1786 | + | 0.115 * 0.8876 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9275 | + | 4.679 * -0.064676 | - | 0.327 * 1.0045 |
| = | -2.76 |
* 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 NT$960 Mil.
Revenue was 657.618 + 1453.016 + 737.657 + 886.154 = NT$3,734 Mil.
Gross Profit was 139.771 + 394.842 + 183.02 + 267.152 = NT$985 Mil.
Total Current Assets was NT$4,433 Mil.
Total Assets was NT$13,767 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,066 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$601 Mil.
Selling, General, & Admin. Expense(SGA) was NT$469 Mil.
Total Current Liabilities was NT$1,877 Mil.
Long-Term Debt & Capital Lease Obligation was NT$4,579 Mil.
Net Income was 2.263 + 200.797 + 43.267 + 95.555 = NT$342 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = NT$0 Mil.
Cash Flow from Operations was 111.336 + 683.721 + 229.254 + 207.967 = NT$1,232 Mil.
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Total Receivables was NT$1,006 Mil.
Revenue was 800.31 + 858.52 + 817.452 + 692.195 = NT$3,168 Mil.
Gross Profit was 223.146 + 229.56 + 263.791 + 201.821 = NT$918 Mil.
Total Current Assets was NT$4,024 Mil.
Total Assets was NT$13,361 Mil.
Property, Plant and Equipment(Net PPE) was NT$6,039 Mil.
Depreciation, Depletion and Amortization(DDA) was NT$525 Mil.
Selling, General, & Admin. Expense(SGA) was NT$429 Mil.
Total Current Liabilities was NT$1,852 Mil.
Long-Term Debt & Capital Lease Obligation was NT$4,386 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) |
| = | (959.666 / 3734.445) | / | (1005.855 / 3168.477) |
| = | 0.256977 | / | 0.317457 |
| | = | 0.8095 |
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) |
| = | (918.318 / 3168.477) | / | (984.785 / 3734.445) |
| = | 0.289829 | / | 0.263703 |
| | = | 1.0991 |
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 - (4432.72 + 6065.773) / 13767.045) | / | (1 - (4024.353 + 6038.862) / 13360.933) |
| = | 0.237419 | / | 0.246818 |
| | = | 0.9619 |
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 |
| = | 3734.445 | / | 3168.477 |
| | = | 1.1786 |
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)) |
| = | (525.161 / (525.161 + 6038.862)) | / | (600.899 / (600.899 + 6065.773)) |
| = | 0.080006 | / | 0.090135 |
| | = | 0.8876 |
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) |
| = | (468.763 / 3734.445) | / | (428.815 / 3168.477) |
| = | 0.125524 | / | 0.135338 |
| | = | 0.9275 |
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) |
| = | ((4578.949 + 1877.269) / 13767.045) | / | ((4386.293 + 1851.593) / 13360.933) |
| = | 0.468962 | / | 0.466875 |
| | = | 1.0045 |
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 |
| = | (341.882 - 0 | - | 1232.278) | / | 13767.045 |
| | = | -0.064676 |
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.
CHC Healthcare Group has a M-score of -2.76 suggests that the company is unlikely to be a manipulator.
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