Akso Health Group (Akso Health Group) Beneish M-Score : 0.28 (As of May. 11, 2024)

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What is Akso Health Group Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Warning Sign:

Beneish M-Score 0.28 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Akso Health Group's Beneish M-Score or its related term are showing as below:

AHG' s Beneish M-Score Range Over the Past 10 Years
Min: -4.78 Med: -0.95 Max: 7.06
Current: 0.28

During the past 9 years, the highest Beneish M-Score of Akso Health Group was 7.06. The lowest was -4.78. And the median was -0.95.

Akso Health Group Beneish M-Score Historical Data

The historical data trend for Akso Health 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.

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Akso Health Group Beneish M-Score Chart

Akso Health Group Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Beneish M-Score

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-1.63

0.28

Akso Health Group Semi-Annual Data
	Mar15	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23
Beneish M-Score	Get a 7-Day Free Trial												-4.18	-	-	0.28	-

Competitive Comparison of Akso Health Group's Beneish M-Score

For the Medical Distribution subindustry, Akso Health 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.

Akso Health Group's Beneish M-Score Distribution in the Medical Distribution Industry

For the Medical Distribution industry and Healthcare sector, Akso Health Group's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Akso Health Group's Beneish M-Score falls into.

Akso Health 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 Akso Health Group for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.21

0.528 * 1.0474

0.404 * 6.8455

0.892 * 2.197

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.3102

4.679 * 0.033871

0.327 * 0.7061

0.28

This Year (Mar23) TTM:

Last Year (Mar22) TTM:

Total Receivables was $9.23 Mil.
Revenue was $13.18 Mil.
Gross Profit was $1.27 Mil.
Total Current Assets was $20.19 Mil.
Total Assets was $20.46 Mil.
Property, Plant and Equipment(Net PPE) was $0.00 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.00 Mil.
Selling, General, & Admin. Expense(SGA) was $15.54 Mil.
Total Current Liabilities was $11.62 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.
Net Income was $-1.36 Mil.
Gross Profit was $1.20 Mil.
Cash Flow from Operations was $-3.25 Mil.

Total Receivables was $20.00 Mil.
Revenue was $6.00 Mil.
Gross Profit was $0.61 Mil.
Total Current Assets was $62.63 Mil.
Total Assets was $62.81 Mil.
Property, Plant and Equipment(Net PPE) was $0.06 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.02 Mil.
Selling, General, & Admin. Expense(SGA) was $3.06 Mil.
Total Current Liabilities was $50.52 Mil.
Long-Term Debt & Capital Lease Obligation was $0.00 Mil.

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)
	=	(9.226 / 13.182)	/	(20 / 6)
	=	0.699894	/	3.333333
	=	0.21

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)
	=	(0.605 / 6)	/	(1.269 / 13.182)
	=	0.100833	/	0.096268
	=	1.0474

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 - (20.188 + 0) / 20.46)	/	(1 - (62.63 + 0.055) / 62.807)
	=	0.013294	/	0.001942
	=	6.8455

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
	=	13.182	/	6
	=	2.197

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))
	=	(0.018 / (0.018 + 0.055))	/	(0 / (0 + 0))
	=	0.246575	/
	=	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)
	=	(15.536 / 13.182)	/	(3.061 / 6)
	=	1.178577	/	0.510167
	=	2.3102

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)
	=	((0 + 11.621) / 20.46)	/	((0 + 50.521) / 62.807)
	=	0.567986	/	0.804385
	=	0.7061

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
	=	(-1.36 - 1.2	-	-3.253)	/	20.46
	=	0.033871

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.

Akso Health Group has a M-score of 0.28 signals that the company is likely to be a manipulator.

Akso Health Group Beneish M-Score Related Terms

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Akso Health Group (Akso Health Group) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Distribution » Akso Health Group (NAS:AHG) » Definitions » Beneish M-Score

Comparable Companies

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8HX1:Germany

Address

No. 44, Moscow Road, Qianwan Bonded Port Area, Room 8201-4-4(A), 2nd Floor, Qiantongyuan Building, Qingdao Pilot Free Trade Zone, Shandong, CHN

Website

http://www.xiaobaimaimai.com

Akso Health Group formerly Xiaobai Maimai Inc is a social e-commerce platform based in China. The company collaborates with domestic e-commerce platforms and offers users a wide selection of high-quality and affordable products on its social e-commerce platform. It operates in two segments namely online marketplace and health devices. It generates the majority of revenue from the health devices segment.