Guangzhou Baiyunshan Pharmaceutical Holdings Co (SHSE:600332) Beneish M-Score : -2.33 (As of May. 27, 2024)

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What is Guangzhou Baiyunshan Pharmaceutical Holdings 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 -2.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Guangzhou Baiyunshan Pharmaceutical Holdings Co's Beneish M-Score or its related term are showing as below:

SHSE:600332' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.39 Max: -0.04
Current: -2.33

During the past 13 years, the highest Beneish M-Score of Guangzhou Baiyunshan Pharmaceutical Holdings Co was -0.04. The lowest was -2.83. And the median was -2.39.

Guangzhou Baiyunshan Pharmaceutical Holdings Co Beneish M-Score Historical Data

The historical data trend for Guangzhou Baiyunshan Pharmaceutical Holdings 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.

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Guangzhou Baiyunshan Pharmaceutical Holdings Co Beneish M-Score Chart

Guangzhou Baiyunshan Pharmaceutical Holdings Co Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.10

-2.19

-2.64

-2.47

-2.33

Guangzhou Baiyunshan Pharmaceutical Holdings Co Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.13	-2.25	-2.35	-2.33	-2.33

Competitive Comparison of Guangzhou Baiyunshan Pharmaceutical Holdings Co's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, Guangzhou Baiyunshan Pharmaceutical Holdings 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.

Guangzhou Baiyunshan Pharmaceutical Holdings Co's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, Guangzhou Baiyunshan Pharmaceutical Holdings Co's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Guangzhou Baiyunshan Pharmaceutical Holdings Co's Beneish M-Score falls into.

Guangzhou Baiyunshan Pharmaceutical Holdings 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 Guangzhou Baiyunshan Pharmaceutical Holdings Co 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 * 0.9617

0.528 * 1.0121

0.404 * 1.2242

0.892 * 1.0689

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.967

4.679 * 0.003823

0.327 * 0.9764

-2.33

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was ¥23,687 Mil.
Revenue was 22946.212 + 17330.854 + 18214.219 + 18341.81 = ¥76,833 Mil.
Gross Profit was 5078.949 + 2516.86 + 3345.601 + 3289.678 = ¥14,231 Mil.
Total Current Assets was ¥55,960 Mil.
Total Assets was ¥78,703 Mil.
Property, Plant and Equipment(Net PPE) was ¥7,572 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥6,747 Mil.
Total Current Liabilities was ¥34,120 Mil.
Long-Term Debt & Capital Lease Obligation was ¥4,069 Mil.
Net Income was 1958.118 + 264.429 + 980.002 + 902.648 = ¥4,105 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = ¥0 Mil.
Cash Flow from Operations was -3138.187 + 3201.999 + 1642.337 + 2098.172 = ¥3,804 Mil.

Total Receivables was ¥23,041 Mil.
Revenue was 21628.521 + 15982.24 + 17585.465 + 16681.942 = ¥71,878 Mil.
Gross Profit was 5035.155 + 2439.377 + 3132.754 + 2867.583 = ¥13,475 Mil.
Total Current Assets was ¥55,437 Mil.
Total Assets was ¥73,658 Mil.
Property, Plant and Equipment(Net PPE) was ¥6,622 Mil.
Depreciation, Depletion and Amortization(DDA) was ¥0 Mil.
Selling, General, & Admin. Expense(SGA) was ¥6,527 Mil.
Total Current Liabilities was ¥32,889 Mil.
Long-Term Debt & Capital Lease Obligation was ¥3,716 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)
	=	(23687.139 / 76833.095)	/	(23040.921 / 71878.168)
	=	0.308293	/	0.320555
	=	0.9617

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)
	=	(13474.869 / 71878.168)	/	(14231.088 / 76833.095)
	=	0.187468	/	0.185221
	=	1.0121

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 - (55959.815 + 7572.192) / 78703.49)	/	(1 - (55437.164 + 6622.405) / 73658.3)
	=	0.192768	/	0.157467
	=	1.2242

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
	=	76833.095	/	71878.168
	=	1.0689

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 + 6622.405))	/	(0 / (0 + 7572.192))
	=	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)
	=	(6746.674 / 76833.095)	/	(6526.576 / 71878.168)
	=	0.087809	/	0.090801
	=	0.967

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)
	=	((4069.299 + 34120.017) / 78703.49)	/	((3716.256 + 32888.971) / 73658.3)
	=	0.48523	/	0.49696
	=	0.9764

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
	=	(4105.197 - 0	-	3804.321)	/	78703.49
	=	0.003823

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.

Guangzhou Baiyunshan Pharmaceutical Holdings Co has a M-score of -2.33 suggests that the company is unlikely to be a manipulator.

Guangzhou Baiyunshan Pharmaceutical Holdings Co Beneish M-Score Related Terms

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Guangzhou Baiyunshan Pharmaceutical Holdings Co (SHSE:600332) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd (SHSE:600332) » Definitions » Beneish M-Score

Traded in Other Exchanges

00874:Hong Kong

Address

89 Queensway, Room 2005, 20th Floor, Tower Two, Lippo Center, Hong Kong, HKG

Website

https://www.gybys.com.cn

Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd is active in the Chinese healthcare sector. The company manufactures pharmaceutical products including antibiotics, vasodilators, and traditional Chinese medical therapies in preparations such as injection, tablet, capsule, powder, cream, and oral liquid. Its segment includes Great Southern TCM; Great Health; Great Commerce and others. The company generates maximum revenue from the Great Commerce segment.

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