Switch to:

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 364

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 414

Warning: Division by zero in /home/gurufocu/cache/tpl-default-mscore-aa5c6c6c4b80de9263daf2b15e3aa3e6.php on line 476
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 4.51 signals that the company is a manipulator.

CYD' s 10-Year Beneish M-Score Range
Min: -3.63   Max: 0.16
Current: 0

-3.63
0.16

During the past 13 years, the highest Beneish M-Score of China Yuchai International Ltd was 0.16. The lowest was -3.63. And the median was -2.09.


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 * 1.0027+0.528 * 1.0451+0.404 * 17.1279+0.892 * 1.1187+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9388+4.679 * 0-0.327 * 0
=4.51

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

This Year (Sep14) TTM:Last Year (Sep13) TTM:
Accounts Receivable was $1,398 Mil.
Revenue was 611.284904369 + 676.066189452 + 737.203952697 + 689.841455384 = $2,714 Mil.
Gross Profit was 116.598677137 + 131.101017559 + 127.709865543 + 160.781033915 = $536 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 $254 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt was $439 Mil.
Net Income was 23.4246195953 + 26.5401405964 + 29.1534100113 + 41.8375041159 = $121 Mil.
Non Operating Income was 15.0304649572 + -1.45764452862 + -2.42248501539 + -7.63796509714 = $4 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 97.0763911755 = $97 Mil.
Accounts Receivable was $1,246 Mil.
Revenue was 604.775163399 + 685.927942615 + 611.995494771 + 523.722284614 = $2,426 Mil.
Gross Profit was 120.977941176 + 132.177861102 + 118.60917136 + 129.136531365 = $501 Mil.
Total Current Assets was $2,139 Mil.
Total Assets was $2,272 Mil.
Property, Plant and Equipment(Net PPE) was $0 Mil.
Depreciation, Depletion and Amortization(DDA) was $54 Mil.
Selling, General & Admin. Expense(SGA) was $242 Mil.
Total Current Liabilities was $1,268 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)
=(1397.51718745 / 2714.3965019) / (1245.84624183 / 2426.4208854)
=0.51485374 / 0.51345018
=1.0027

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)
=(131.101017559 / 2426.4208854) / (116.598677137 / 2714.3965019)
=0.20643636 / 0.19753584
=1.0451

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 - (2138.99820261 + 0) / 2271.625)
=1 / 0.05838411
=17.1279

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
=2714.3965019 / 2426.4208854
=1.1187

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))
=(53.8002566982 / (53.8002566982 + 0)) / (62.0859400724 / (62.0859400724 + 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)
=(253.904451393 / 2714.3965019) / (241.775341951 / 2426.4208854)
=0.09353993 / 0.09964279
=0.9388

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)
=((438.720145971 + 0) / 0) / ((0 + 1267.85849673) / 2271.625)
=0 / 0.55812843
=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
=(120.955674319 - 3.51237031601 - 97.0763911755) / 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 4.51 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 0.84371.25361.08831.51970.75010.77991.37321.66240.06760.8816
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 1.22151.07051.39281.37831.09511.27121.26310.99820.88691.2133
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 -2.62-2.22-1.65-1.58-2.98-3.72-2.10-1.25-3.63-2.29

China Yuchai International Ltd Quarterly Data

Jun12Sep12Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14
DSRI 0.69380.87490.06311.340.8798
GMI 1.11071.0741.04111.05291.0431
AQI 3.41533.62021.01851.00361.0756
SGI 0.96670.9260.89030.92611.2159
DEPI 0.07390.07140.966410.9018
SGAI 0.94760.91011.02540.99330.8893
LVGI 000.90953.31830.9951
TATA 0.13560.1358-0.051-0.04750.0095
M-score -0.89-0.69-3.63-3.18-2.29
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK