Huadong Medicine Co Beneish M-Score Historical Data
The historical data trend for Huadong Medicine Co'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.
Huadong Medicine Co Beneish M-Score Chart
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Huadong Medicine Co Annual Data
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Dec14 |
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Dec19 |
Dec20 |
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Dec23 |
| Beneish M-Score |
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-2.30 |
-2.51 |
-2.45 |
-2.30 |
-2.52 |
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Huadong Medicine Co Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
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Mar21 |
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Mar24 |
| Beneish M-Score |
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-2.34 |
-2.61 |
-2.51 |
-2.52 |
-2.46 |
Competitive Comparison of Huadong Medicine Co's Beneish M-Score
For the Drug Manufacturers - Specialty & Generic subindustry, Huadong Medicine Co'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.
Huadong Medicine Co's Beneish M-Score Distribution in the Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Huadong Medicine Co's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Huadong Medicine Co's Beneish M-Score falls into.
Huadong Medicine Co 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 Huadong Medicine Co 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 * 1.0305 | + | 0.528 * 0.9854 | + | 0.404 * 1.0725 | + | 0.892 * 1.052 | + | 0.115 * 1 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9443 | + | 4.679 * -0.02161 | - | 0.327 * 0.9408 |
| = | -2.46 |
* 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 ¥10,995 Mil.
Revenue was 10410.809 + 10229.252 + 10009.186 + 10270.813 = ¥40,920 Mil.
Gross Profit was 3334.412 + 3478.954 + 3215.171 + 3144.119 = ¥13,173 Mil.
Total Current Assets was ¥19,212 Mil.
Total Assets was ¥34,468 Mil.
Property, Plant and Equipment(Net PPE) was ¥5,117 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥7,049 Mil.
Total Current Liabilities was ¥10,918 Mil.
Long-Term Debt & Capital Lease Obligation was ¥602 Mil.
Net Income was 862.412 + 649.814 + 755.222 + 678.54 = ¥2,946 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -484.523 + 1679.939 + 227.534 + 2267.897 = ¥3,691 Mil.
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Total Receivables was ¥10,141 Mil.
Revenue was 10114.531 + 9856.08 + 9660.543 + 9265.385 = ¥38,897 Mil.
Gross Profit was 3323.807 + 3180.412 + 2897.089 + 2936.91 = ¥12,338 Mil.
Total Current Assets was ¥18,315 Mil.
Total Assets was ¥32,115 Mil.
Property, Plant and Equipment(Net PPE) was ¥4,992 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥7,095 Mil.
Total Current Liabilities was ¥10,628 Mil.
Long-Term Debt & Capital Lease Obligation was ¥783 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) |
| = | (10994.786 / 40920.06) | / | (10141.363 / 38896.539) |
| = | 0.268689 | / | 0.260727 |
| | = | 1.0305 |
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) |
| = | (12338.218 / 38896.539) | / | (13172.656 / 40920.06) |
| = | 0.317206 | / | 0.321912 |
| | = | 0.9854 |
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 - (19212.283 + 5116.938) / 34467.844) | / | (1 - (18314.948 + 4992.336) / 32115.201) |
| = | 0.294147 | / | 0.27426 |
| | = | 1.0725 |
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 |
| = | 40920.06 | / | 38896.539 |
| | = | 1.052 |
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 / (0 + 4992.336)) | / | (0 / (0 + 5116.938)) |
| = | 0 | / | 0 |
| | = | 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) |
| = | (7048.547 / 40920.06) | / | (7095.407 / 38896.539) |
| = | 0.172252 | / | 0.182417 |
| | = | 0.9443 |
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) |
| = | ((602.39 + 10918.318) / 34467.844) | / | ((782.833 + 10627.556) / 32115.201) |
| = | 0.334245 | / | 0.355296 |
| | = | 0.9408 |
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 |
| = | (2945.988 - 0 | - | 3690.847) | / | 34467.844 |
| | = | -0.02161 |
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.
Huadong Medicine Co has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.
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