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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.
During the past 13 years, the highest Beneish M-Score of China Yuchai International Ltd was 0.00. The lowest was -3.63. And the median was -2.28.
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 *||+||0.528 *||+||0.404 *||+||0.892 *||+||0.115 *|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 *||+||4.679 *||-||0.327 *|
|This Year (Dec16) TTM:||Last Year (Dec15) TTM:|
|Accounts Receivable was $35 Mil.|
Revenue was 539.879620798 + 432.638001859 + 555.914223274 + 519.81007889 = $2,048 Mil.
Gross Profit was 147.215237435 + 94.5620820965 + 107.815668063 + 92.9333968967 = $443 Mil.
Total Current Assets was $1,922 Mil.
Total Assets was $2,687 Mil.
Property, Plant and Equipment(Net PPE) was $596 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General & Admin. Expense(SGA) was $225 Mil.
Total Current Liabilities was $1,160 Mil.
Long-Term Debt was $2 Mil.
Net Income was 32.664094338 + 11.5153968397 + 18.7754203849 + 13.7147646362 = $77 Mil.
Non Operating Income was -2.22434174398 + -0.0400287847441 + 0.0361197110423 + -0.89439771172 = $-3 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0 Mil.
|Accounts Receivable was $60 Mil.
Revenue was 453.776651006 + 471.932910359 + 664.266099401 + 589.876254288 = $2,180 Mil.
Gross Profit was 107.323502504 + 92.1592122621 + 134.9141043 + 108.105985317 = $443 Mil.
Total Current Assets was $2,034 Mil.
Total Assets was $2,918 Mil.
Property, Plant and Equipment(Net PPE) was $671 Mil.
Depreciation, Depletion and Amortization(DDA) was $0 Mil.
Selling, General & Admin. Expense(SGA) was $237 Mil.
Total Current Liabilities was $1,357 Mil.
Long-Term Debt was $9 Mil.
1. DSRI = Days Sales in Receivables Index
A large increase in DSR could be indicative of revenue inflation.
|DSRI||=||(Receivables_t / Revenue_t)||/||(Receivables_t-1 / Revenue_t-1)|
|=||(34.8518743316 / 2048.24192482)||/||(59.8224558466 / 2179.85191505)|
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.
|=||(GrossProfit_t-1 / Revenue_t-1)||/||(GrossProfit_t / Revenue_t)|
|=||(442.502804383 / 2179.85191505)||/||(442.526384491 / 2048.24192482)|
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
|AQI||=||(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)||/||(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)|
|=||(1 - (1921.72360473 + 596.431255239) / 2687.43402989)||/||(1 - (2034.1278628 + 671.340807244) / 2917.55469755)|
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.
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))|
|=||(0 / (0 + 671.340807244))||/||(0 / (0 + 596.431255239))|
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)|
|=||(224.817019874 / 2048.24192482)||/||(236.981902638 / 2179.85191505)|
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)|
|=||((2.35122402382 + 1159.84190295) / 2687.43402989)||/||((8.76230791893 + 1357.07013382) / 2917.55469755)|
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
|=||(NetIncome_t - NonOperatingIncome_t||-||CashFlowsfromOperations_t)||/||TotalAssets_t|
|=||(76.6696761988 - -3.1226485294||-||0)||/||2687.43402989|
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 signals that the company is likely to be a manipulator.
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
China Yuchai International Ltd Annual Data
China Yuchai International Ltd Quarterly Data