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China Yuchai International Ltd (NYSE:CYD)
Beneish M-Score
0.00 (As of Today)

The zones of discrimination for M-Score is as such:

An M-Score of less than -2.22 suggests that the company is not an accounting manipulator.
An M-Score of greater than -2.22 signals that the company is likely an accounting manipulator.

China Yuchai International Ltd has a M-score of -0.89 signals that the company is a manipulator.

CYD' s 10-Year Beneish M-Score Range
Min: -2.71   Max: 0.16
Current: 0

-2.71
0.16

During the past 13 years, the highest Beneish M-Score of China Yuchai International Ltd was 0.16. The lowest was -2.71. And the median was -1.32.


Definition

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Z-Score) or business trend (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 China Yuchai International Ltd 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 * 0.9916+0.528 * 1.0596+0.404 * 3.4813+0.892 * 1.2493+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.892+4.679 * 0-0.327 * 0
=-0.89

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

This Year (Mar14) TTM:Last Year (Mar13) TTM:
Accounts Receivable was $1,439 Mil.
Revenue was 731.045783133 + 671.700545364 + 613.198427003 + 693.163514835 = $2,709 Mil.
Gross Profit was 126.643052209 + 140.629152206 + 128.053580206 + 139.413433322 = $535 Mil.
Total Current Assets was $0 Mil.
Total Assets was $0 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $62 Mil.
Selling, General & Admin. Expense(SGA) was $253 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $0 Mil.
Net Income was 28.9098795181 + 41.9965294993 + 17.4533835818 + 27.1079230518 = $115 Mil.
Non Operating Income was -2.40224899598 + -7.66699719055 + -1.15549729641 + -1.61020541246 = $-13 Mil.
Cash Flow from Operations was 0 + 97.4453809288 + 0 + 0 = $97 Mil.
Accounts Receivable was $1,162 Mil.
Revenue was 614.864532816 + 524.648183864 + 491.269200064 + 537.716886378 = $2,168 Mil.
Gross Profit was 119.165211769 + 129.364834458 + 99.232476449 + 105.786723164 = $454 Mil.
Total Current Assets was $2,190 Mil.
Total Assets was $3,072 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General & Admin. Expense(SGA) was $227 Mil.
Total Current Liabilities was $1,263 Mil.
Long-Term Debt was $0 Mil.



1. DSRI = Days Sales in Receivables Index

Measured as the ratio of days’ sales in 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)
=(1439.46216867 / 2709.10827034) / (1161.96540575 / 2168.49880312)
=0.53134169 / 0.53583862
=0.9916

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)
=(140.629152206 / 2168.49880312) / (126.643052209 / 2709.10827034)
=0.20915356 / 0.19738569
=1.0596

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 plant, property and equipment to total assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 0) / 0) / (1 - (2189.77012609 + 0) / 3072.28322017)
=1 / 0.28724992
=3.4813

4. SGI = Sales Growth Index

Ratio of sales 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
=2709.10827034 / 2168.49880312
=1.2493

5. DEPI = Depreciation Index

Measured as the ratio of the rate of depreciation 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))
=(53.8953712633 / (53.8953712633 + 0)) / (62.3219302595 / (62.3219302595 + 0))
=1 / 1
=1

6. SGAI = Sales, General and Administrative expenses Index

The ratio of SGA expenses 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)
=(253.180115499 / 2709.10827034) / (227.195219194 / 2168.49880312)
=0.09345515 / 0.10477074
=0.892

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$sgai= in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((0 + 0) / 0) / ((0 + 1262.59456838) / 3072.28322017)
=0 / 0.41096295
=0

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
=(115.467715651 - -12.8349488954 - 97.4453809288) / 0
=0

An M-Score of less than -2.22 suggests that the company will not be a manipulator. An M-Score of greater than -2.22 signals that the company is likely to be a manipulator.

China Yuchai International Ltd has a M-score of -0.89 signals that the company is likely to be a manipulator.


Related Terms

Altman Z-Score, Piotroski F-Score, Accounts Receivable, Revenue, Gross Profit, Total Current Assets, Total Assets, Property, Plant and Equipment, Depreciation, Depletion and Amortization, Selling, General & Admin. Expense, Total Current Liabilities, Long-Term Debt, Net Income, Non Operating Income, Cash Flow from Operations


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

China Yuchai International Ltd Annual Data

Dec04Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13
DSRI 0.96491.191.03591.42390.79730.75791.34221.6881.09670.9595
GMI 1.06791.26311.21540.90331.03331.01930.78121.10971.04091.0429
AQI 0.6251.19882.39010.82270.69450.89570.9780.7991.01851.0756
SGI 1.22151.0721.3971.39641.0791.2681.27320.9950.88411.2158
DEPI 1.25451.16171.06650.73730.9551.06851.10061.04040.96640.9018
SGAI 0.96041.47250.66720.85941.22390.91661.02960.93011.02520.8889
LVGI 1.08911.21961.15640.99510.94321.07590.97221.05380.90950.9951
TATA -0.0187-0.0263-0.0620.0445-0.0475-0.2654-0.01810.1389-0.05070.0098
M-score -2.51-2.28-1.69-1.66-2.95-3.74-2.12-1.23-2.68-2.22

China Yuchai International Ltd Quarterly Data

Dec11Mar12Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14
DSRI 1.68270.69420.88171.09080.9617
GMI 1.11171.11081.07441.04131.0537
AQI 0.7993.41533.62021.01851.0756
SGI 0.99810.96230.92460.88891.2129
DEPI 1.04040.07430.07170.96640.9018
SGAI 0.92790.94740.911.02550.8677
LVGI 1.0538000.90950.9951
TATA 0.13830.13640.1352-0.05090.0095
M-score -1.23-0.89-0.69-2.68-2.21
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