Beauty Farm Medical & Health Industry Beneish M-Score Historical Data
The historical data trend for Beauty Farm Medical & Health Industry'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.
Beauty Farm Medical & Health Industry Beneish M-Score Chart
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Beauty Farm Medical & Health Industry Annual Data
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|
Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
-2.33 |
-2.52 |
-3.10 |
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Beauty Farm Medical & Health Industry Semi-Annual Data
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|
Dec19 |
Dec20 |
Jun21 |
Dec21 |
Jun22 |
Dec22 |
Jun23 |
Dec23 |
| Beneish M-Score |
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-2.33 |
- |
-2.52 |
- |
-3.10 |
Competitive Comparison of Beauty Farm Medical & Health Industry's Beneish M-Score
For the Medical Care Facilities subindustry, Beauty Farm Medical & Health Industry'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.
Beauty Farm Medical & Health Industry's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, Beauty Farm Medical & Health Industry's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Beauty Farm Medical & Health Industry's Beneish M-Score falls into.
Beauty Farm Medical & Health Industry 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 Beauty Farm Medical & Health Industry 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 * 0.6761 | + | 0.528 * 0.9636 | + | 0.404 * 0.7907 | + | 0.892 * 1.2847 | + | 0.115 * 1.0046 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7434 | + | 4.679 * -0.124123 | - | 0.327 * 0.8094 |
| = | -3.10 |
* 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 (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was HK$179 Mil.
Revenue was HK$2,346 Mil.
Gross Profit was HK$1,069 Mil.
Total Current Assets was HK$2,117 Mil.
Total Assets was HK$3,612 Mil.
Property, Plant and Equipment(Net PPE) was HK$972 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$363 Mil.
Selling, General, & Admin. Expense(SGA) was HK$183 Mil.
Total Current Liabilities was HK$2,244 Mil.
Long-Term Debt & Capital Lease Obligation was HK$431 Mil.
Net Income was HK$236 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$684 Mil.
|
Total Receivables was HK$206 Mil.
Revenue was HK$1,826 Mil.
Gross Profit was HK$802 Mil.
Total Current Assets was HK$1,393 Mil.
Total Assets was HK$2,787 Mil.
Property, Plant and Equipment(Net PPE) was HK$884 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$332 Mil.
Selling, General, & Admin. Expense(SGA) was HK$191 Mil.
Total Current Liabilities was HK$2,132 Mil.
Long-Term Debt & Capital Lease Obligation was HK$418 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) |
| = | (179.036 / 2346.23) | / | (206.125 / 1826.291) |
| = | 0.076308 | / | 0.112865 |
| | = | 0.6761 |
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) |
| = | (801.625 / 1826.291) | / | (1068.734 / 2346.23) |
| = | 0.438936 | / | 0.455511 |
| | = | 0.9636 |
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 - (2117.451 + 972.216) / 3611.664) | / | (1 - (1393.418 + 883.844) / 2786.638) |
| = | 0.144531 | / | 0.182792 |
| | = | 0.7907 |
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 |
| = | 2346.23 | / | 1826.291 |
| | = | 1.2847 |
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)) |
| = | (331.933 / (331.933 + 883.844)) | / | (362.846 / (362.846 + 972.216)) |
| = | 0.273021 | / | 0.271782 |
| | = | 1.0046 |
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) |
| = | (182.5 / 2346.23) | / | (191.089 / 1826.291) |
| = | 0.077784 | / | 0.104632 |
| | = | 0.7434 |
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) |
| = | ((430.705 + 2244.447) / 3611.664) | / | ((418.235 + 2131.931) / 2786.638) |
| = | 0.740698 | / | 0.915141 |
| | = | 0.8094 |
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 |
| = | (235.881 - 0 | - | 684.17) | / | 3611.664 |
| | = | -0.124123 |
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.
Beauty Farm Medical & Health Industry has a M-score of -3.10 suggests that the company is unlikely to be a manipulator.
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