GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » Chengdu Bright Eye Hospital Co Ltd (SZSE:301239) » Definitions » Beneish M-Score

Chengdu Bright Eye Hospital Co (SZSE:301239) Beneish M-Score : -2.88 (As of May. 14, 2024)


View and export this data going back to 2022. Start your Free Trial

What is Chengdu Bright Eye Hospital Co 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.

Good Sign:

Beneish M-Score -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Chengdu Bright Eye Hospital Co's Beneish M-Score or its related term are showing as below:

SZSE:301239' s Beneish M-Score Range Over the Past 10 Years
Min: -4.48   Med: -2.36   Max: -0.04
Current: -2.88

During the past 7 years, the highest Beneish M-Score of Chengdu Bright Eye Hospital Co was -0.04. The lowest was -4.48. And the median was -2.36.


Chengdu Bright Eye Hospital Co Beneish M-Score Historical Data

The historical data trend for Chengdu Bright Eye Hospital 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.

* Premium members only.

Chengdu Bright Eye Hospital Co Beneish M-Score Chart

Chengdu Bright Eye Hospital Co Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - - -1.69 -2.36 -2.47

Chengdu Bright Eye Hospital Co Quarterly Data
Dec17 Dec18 Dec19 Mar20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.89 -2.17 -2.74 -2.47 -2.88

Competitive Comparison of Chengdu Bright Eye Hospital Co's Beneish M-Score

For the Medical Care Facilities subindustry, Chengdu Bright Eye Hospital 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.


Chengdu Bright Eye Hospital Co's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, Chengdu Bright Eye Hospital Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Chengdu Bright Eye Hospital Co's Beneish M-Score falls into.



Chengdu Bright Eye Hospital 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 Chengdu Bright Eye Hospital 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 * 0.7737+0.528 * 0.9728+0.404 * 0.8176+0.892 * 1.4388+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.7996+4.679 * -0.10492-0.327 * 1.1258
=-2.88

* 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 ¥213 Mil.
Revenue was 675.883 + 551.748 + 788.154 + 728.145 = ¥2,744 Mil.
Gross Profit was 273.984 + 209.268 + 361.255 + 335.243 = ¥1,180 Mil.
Total Current Assets was ¥1,175 Mil.
Total Assets was ¥4,740 Mil.
Property, Plant and Equipment(Net PPE) was ¥2,562 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥541 Mil.
Total Current Liabilities was ¥775 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,655 Mil.
Net Income was 16.925 + -49.329 + 82.416 + 72.433 = ¥122 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was 125.707 + 66.233 + 198.247 + 229.534 = ¥620 Mil.
Total Receivables was ¥191 Mil.
Revenue was 649.827 + 292.881 + 543.07 + 421.267 = ¥1,907 Mil.
Gross Profit was 290.072 + 82.251 + 246.49 + 178.85 = ¥798 Mil.
Total Current Assets was ¥1,444 Mil.
Total Assets was ¥4,130 Mil.
Property, Plant and Equipment(Net PPE) was ¥1,617 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥23 Mil.
Selling, General, & Admin. Expense(SGA) was ¥470 Mil.
Total Current Liabilities was ¥720 Mil.
Long-Term Debt & Capital Lease Obligation was ¥1,160 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)
=(213.099 / 2743.93) / (191.431 / 1907.045)
=0.077662 / 0.100381
=0.7737

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)
=(797.663 / 1907.045) / (1179.75 / 2743.93)
=0.418272 / 0.429949
=0.9728

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 - (1175.459 + 2561.891) / 4739.577) / (1 - (1444.275 + 1617.332) / 4129.698)
=0.211459 / 0.258637
=0.8176

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
=2743.93 / 1907.045
=1.4388

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))
=(23.426 / (23.426 + 1617.332)) / (0 / (0 + 2561.891))
=0.014278 / 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)
=(541.29 / 2743.93) / (470.48 / 1907.045)
=0.197268 / 0.246706
=0.7996

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)
=((1654.818 + 774.628) / 4739.577) / ((1160.472 + 719.794) / 4129.698)
=0.512587 / 0.455304
=1.1258

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
=(122.445 - 0 - 619.721) / 4739.577
=-0.10492

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.

Chengdu Bright Eye Hospital Co has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.


Chengdu Bright Eye Hospital Co Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Chengdu Bright Eye Hospital Co's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Chengdu Bright Eye Hospital Co (SZSE:301239) Business Description

Traded in Other Exchanges
N/A
Address
No. 215, North 4th Section, First Ring Road, Jinniu District, Sichuan Province, Chengdu, CHN, 610084
Chengdu Bright Eye Hospital Co Ltd is engaged in providing diagnosis, treatment, health care and medical optometry and other ophthalmic general medical services for patients with ophthalmic diseases.

Chengdu Bright Eye Hospital Co (SZSE:301239) Headlines

No Headlines