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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 -1.15. The lowest was -3.63. And the median was -2.19.
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 * 0.9177||+||0.528 * 1.026||+||0.404 * 0.8777||+||0.892 * 1.0253||+||0.115 * 0.9959|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 0.9974||+||4.679 * 0.0091||-||0.327 * 0.9033|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $64 Mil.|
Revenue was 633.567365802 + 611.284904369 + 676.066189452 + 737.203952697 = $2,658 Mil.
Gross Profit was 156.754839544 + 116.598677137 + 131.101017559 + 127.709865543 = $532 Mil.
Total Current Assets was $2,085 Mil.
Total Assets was $3,034 Mil.
Property, Plant and Equipment(Net PPE) was $721 Mil.
Depreciation, Depletion and Amortization(DDA) was $68 Mil.
Selling, General & Admin. Expense(SGA) was $259 Mil.
Total Current Liabilities was $1,289 Mil.
Long-Term Debt was $174 Mil.
Net Income was 38.9700416896 + 23.4246195953 + 26.5401405964 + 29.1534100113 = $118 Mil.
Non Operating Income was -7.08350838639 + 15.0304649572 + -1.45764452862 + -2.42248501539 = $4 Mil.
Cash Flow from Operations was 86.5601266845 + 0 + 0 + 0 = $87 Mil.
|Accounts Receivable was $68 Mil.
Revenue was 689.841455384 + 604.775163399 + 685.927942615 + 611.995494771 = $2,593 Mil.
Gross Profit was 160.781033915 + 120.977941176 + 132.177861102 + 118.60917136 = $533 Mil.
Total Current Assets was $2,240 Mil.
Total Assets was $3,176 Mil.
Property, Plant and Equipment(Net PPE) was $664 Mil.
Depreciation, Depletion and Amortization(DDA) was $62 Mil.
Selling, General & Admin. Expense(SGA) was $253 Mil.
Total Current Liabilities was $1,526 Mil.
Long-Term Debt was $169 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)|
|=||(63.7887405875 / 2658.12241232)||/||(67.7942048074 / 2592.54005617)|
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)|
|=||(116.598677137 / 2592.54005617)||/||(156.754839544 / 2658.12241232)|
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 - (2084.76989949 + 720.816016547) / 3033.5352099)||/||(1 - (2239.92295028 + 664.498353638) / 3176.35297991)|
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))|
|=||(62.0859400724 / (62.0859400724 + 664.498353638))||/||(67.6526193323 / (67.6526193323 + 720.816016547))|
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)|
|=||(258.582209272 / 2658.12241232)||/||(252.870700226 / 2592.54005617)|
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)|
|=||((174.145364056 + 1288.79908218) / 3033.5352099)||/||((169.311162331 + 1526.40566348) / 3176.35297991)|
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|
|=||(118.088211893 - 4.06682702676||-||86.5601266845)||/||3033.5352099|
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 -2.49 suggests that the company will not 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