Innovative Pharmaceutical Biotech Beneish M-Score Historical Data
The historical data trend for Innovative Pharmaceutical Biotech'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.
Innovative Pharmaceutical Biotech Beneish M-Score Chart
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Innovative Pharmaceutical Biotech Annual Data
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| Beneish M-Score |
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-2.63 |
-3.43 |
-3.08 |
-2.67 |
-3.52 |
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Innovative Pharmaceutical Biotech Semi-Annual Data
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| Beneish M-Score |
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-2.67 |
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-3.52 |
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Competitive Comparison of Innovative Pharmaceutical Biotech's Beneish M-Score
For the Household & Personal Products subindustry, Innovative Pharmaceutical Biotech'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.
Innovative Pharmaceutical Biotech's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, Innovative Pharmaceutical Biotech's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Innovative Pharmaceutical Biotech's Beneish M-Score falls into.
Innovative Pharmaceutical Biotech 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 Innovative Pharmaceutical Biotech 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 * 1.2419 | + | 0.528 * 0.8901 | + | 0.404 * 1.0079 | + | 0.892 * 0.7245 | + | 0.115 * 0.6453 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.3632 | + | 4.679 * -0.164776 | - | 0.327 * 1.2537 |
| = | -3.52 |
* 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 (Mar23) TTM: | Last Year (Mar22) TTM: |
Total Receivables was HK$8.55 Mil.
Revenue was HK$8.08 Mil.
Gross Profit was HK$0.86 Mil.
Total Current Assets was HK$9.88 Mil.
Total Assets was HK$1,384.05 Mil.
Property, Plant and Equipment(Net PPE) was HK$0.94 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$1.88 Mil.
Selling, General, & Admin. Expense(SGA) was HK$17.03 Mil.
Total Current Liabilities was HK$1,147.04 Mil.
Long-Term Debt & Capital Lease Obligation was HK$96.44 Mil.
Net Income was HK$-245.70 Mil.
Gross Profit was HK$0.00 Mil.
Cash Flow from Operations was HK$-17.64 Mil.
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Total Receivables was HK$9.50 Mil.
Revenue was HK$11.15 Mil.
Gross Profit was HK$1.05 Mil.
Total Current Assets was HK$18.95 Mil.
Total Assets was HK$1,395.00 Mil.
Property, Plant and Equipment(Net PPE) was HK$2.82 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$2.13 Mil.
Selling, General, & Admin. Expense(SGA) was HK$17.24 Mil.
Total Current Liabilities was HK$99.77 Mil.
Long-Term Debt & Capital Lease Obligation was HK$899.96 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) |
| = | (8.552 / 8.075) | / | (9.504 / 11.145) |
| = | 1.059071 | / | 0.852759 |
| | = | 1.2419 |
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) |
| = | (1.054 / 11.145) | / | (0.858 / 8.075) |
| = | 0.094572 | / | 0.106254 |
| | = | 0.8901 |
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 - (9.883 + 0.941) / 1384.048) | / | (1 - (18.95 + 2.822) / 1394.996) |
| = | 0.992179 | / | 0.984393 |
| | = | 1.0079 |
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 |
| = | 8.075 | / | 11.145 |
| | = | 0.7245 |
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)) |
| = | (2.13 / (2.13 + 2.822)) | / | (1.881 / (1.881 + 0.941)) |
| = | 0.430129 | / | 0.666549 |
| | = | 0.6453 |
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) |
| = | (17.031 / 8.075) | / | (17.243 / 11.145) |
| = | 2.109102 | / | 1.547151 |
| | = | 1.3632 |
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) |
| = | ((96.442 + 1147.044) / 1384.048) | / | ((899.958 + 99.772) / 1394.996) |
| = | 0.898441 | / | 0.716654 |
| | = | 1.2537 |
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 |
| = | (-245.698 - 0 | - | -17.64) | / | 1384.048 |
| | = | -0.164776 |
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.
Innovative Pharmaceutical Biotech has a M-score of -3.52 suggests that the company is unlikely to be a manipulator.
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