AK Medical Holdings Beneish M-Score Historical Data
The historical data trend for AK Medical Holdings'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.
AK Medical Holdings Beneish M-Score Chart
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AK Medical Holdings Annual Data
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Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.46 |
-1.42 |
-2.69 |
-2.39 |
-2.16 |
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AK Medical Holdings Semi-Annual Data
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Dec14 |
Dec15 |
Jun16 |
Dec16 |
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Dec17 |
Jun18 |
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Jun22 |
Dec22 |
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Dec23 |
| Beneish M-Score |
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-2.69 |
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-2.39 |
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-2.16 |
Competitive Comparison of AK Medical Holdings's Beneish M-Score
For the Medical Devices subindustry, AK Medical Holdings'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.
AK Medical Holdings's Beneish M-Score Distribution in the Medical Devices & Instruments Industry
For the Medical Devices & Instruments industry and Healthcare sector, AK Medical Holdings's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where AK Medical Holdings's Beneish M-Score falls into.
AK Medical Holdings 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 AK Medical Holdings 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 * 0.9467 | + | 0.528 * 0.9811 | + | 0.404 * 1.4008 | + | 0.892 * 1.0184 | + | 0.115 * 1.1864 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1352 | + | 4.679 * 0.04934 | - | 0.327 * 1.0942 |
| = | -2.16 |
* 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$602 Mil.
Revenue was HK$1,196 Mil.
Gross Profit was HK$738 Mil.
Total Current Assets was HK$2,160 Mil.
Total Assets was HK$3,285 Mil.
Property, Plant and Equipment(Net PPE) was HK$557 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$99 Mil.
Selling, General, & Admin. Expense(SGA) was HK$385 Mil.
Total Current Liabilities was HK$545 Mil.
Long-Term Debt & Capital Lease Obligation was HK$53 Mil.
Net Income was HK$199 Mil.
Gross Profit was HK$0 Mil.
Cash Flow from Operations was HK$37 Mil.
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Total Receivables was HK$624 Mil.
Revenue was HK$1,175 Mil.
Gross Profit was HK$711 Mil.
Total Current Assets was HK$2,306 Mil.
Total Assets was HK$3,098 Mil.
Property, Plant and Equipment(Net PPE) was HK$410 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$90 Mil.
Selling, General, & Admin. Expense(SGA) was HK$333 Mil.
Total Current Liabilities was HK$487 Mil.
Long-Term Debt & Capital Lease Obligation was HK$28 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) |
| = | (601.616 / 1196.443) | / | (624.013 / 1174.836) |
| = | 0.502837 | / | 0.531149 |
| | = | 0.9467 |
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) |
| = | (710.716 / 1174.836) | / | (737.739 / 1196.443) |
| = | 0.604949 | / | 0.61661 |
| | = | 0.9811 |
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 - (2160.012 + 556.838) / 3284.644) | / | (1 - (2306.415 + 409.567) / 3098.316) |
| = | 0.172863 | / | 0.123401 |
| | = | 1.4008 |
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 |
| = | 1196.443 | / | 1174.836 |
| | = | 1.0184 |
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)) |
| = | (89.785 / (89.785 + 409.567)) | / | (99.467 / (99.467 + 556.838)) |
| = | 0.179803 | / | 0.151556 |
| | = | 1.1864 |
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) |
| = | (385.28 / 1196.443) | / | (333.25 / 1174.836) |
| = | 0.322021 | / | 0.283657 |
| | = | 1.1352 |
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) |
| = | ((53.125 + 544.891) / 3284.644) | / | ((28.232 + 487.316) / 3098.316) |
| = | 0.182064 | / | 0.166396 |
| | = | 1.0942 |
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 |
| = | (199.182 - 0 | - | 37.117) | / | 3284.644 |
| | = | 0.04934 |
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.
AK Medical Holdings has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.
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