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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 SINA Corp was 0.01. The lowest was -3.28. And the median was -2.01.
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 SINA Corp 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 (Jun15) TTM:||Last Year (Jun14) TTM:|
|Accounts Receivable was $288.2 Mil.|
Revenue was 213.598 + 184.587 + 211.137 + 198.613 = $807.9 Mil.
Gross Profit was 127.606 + 107.27 + 136.753 + 124.829 = $496.5 Mil.
Total Current Assets was $2,459.8 Mil.
Total Assets was $3,802.8 Mil.
Property, Plant and Equipment(Net PPE) was $52.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.0 Mil.
Selling, General & Admin. Expense(SGA) was $332.0 Mil.
Total Current Liabilities was $557.6 Mil.
Long-Term Debt was $800.0 Mil.
Net Income was 11.668 + -10.309 + 59.751 + 133.595 = $194.7 Mil.
Non Operating Income was 16.303 + 2.567 + 54.843 + 133.269 = $207.0 Mil.
Cash Flow from Operations was 0 + 0 + 0 + 0 = $0.0 Mil.
|Accounts Receivable was $249.7 Mil.
Revenue was 187.013 + 171.478 + 197.018 + 184.63 = $740.1 Mil.
Gross Profit was 113.371 + 102.947 + 126.965 + 118.116 = $461.4 Mil.
Total Current Assets was $2,632.8 Mil.
Total Assets was $3,499.6 Mil.
Property, Plant and Equipment(Net PPE) was $76.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $0.3 Mil.
Selling, General & Admin. Expense(SGA) was $263.7 Mil.
Total Current Liabilities was $308.2 Mil.
Long-Term Debt was $800.0 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)|
|=||(288.238 / 807.935)||/||(249.652 / 740.139)|
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)|
|=||(107.27 / 740.139)||/||(127.606 / 807.935)|
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 - (2459.769 + 52.455) / 3802.751)||/||(1 - (2632.761 + 76.249) / 3499.59)|
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))|
|=||(0.292 / (0.292 + 76.249))||/||(0 / (0 + 52.455))|
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)|
|=||(332.008 / 807.935)||/||(263.693 / 740.139)|
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)|
|=||((800 + 557.553) / 3802.751)||/||((800 + 308.183) / 3499.59)|
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|
|=||(194.705 - 206.982||-||0)||/||3802.751|
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.
SINA Corp 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
SINA Corp Annual Data
SINA Corp Quarterly Data