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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.
SINA Corp has a M-score of -2.93 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of SINA Corp was -0.86. The lowest was -3.28. And the median was -2.33.
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 * 1.124||+||0.528 * 0.8887||+||0.404 * 0.6859||+||0.892 * 1.2942||+||0.115 * 0.9382|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0479||+||4.679 * -0.0144||-||0.327 * 2.7193|
|This Year (Mar14) TTM:||Last Year (Mar13) TTM:|
|Accounts Receivable was $195.1 Mil.|
Revenue was 171.478 + 197.018 + 184.63 + 157.485 = $710.6 Mil.
Gross Profit was 102.947 + 126.965 + 118.116 + 84.345 = $432.4 Mil.
Total Current Assets was $2,092.4 Mil.
Total Assets was $2,881.4 Mil.
Property, Plant and Equipment(Net PPE) was $79.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.0 Mil.
Selling, General & Admin. Expense(SGA) was $248.6 Mil.
Total Current Liabilities was $350.5 Mil.
Long-Term Debt was $800.0 Mil.
Net Income was -33.166 + 44.45 + 25.386 + -11.533 = $25.1 Mil.
Non Operating Income was -31.847 + 20.132 + 1.594 + 3.139 = $-7.0 Mil.
Cash Flow from Operations was 0 + 73.713 + 0 + 0 = $73.7 Mil.
|Accounts Receivable was $134.2 Mil.
Revenue was 125.973 + 139.126 + 152.378 + 131.605 = $549.1 Mil.
Gross Profit was 64.616 + 79.365 + 82.94 + 69.983 = $296.9 Mil.
Total Current Assets was $857.1 Mil.
Total Assets was $1,452.1 Mil.
Property, Plant and Equipment(Net PPE) was $73.5 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.7 Mil.
Selling, General & Admin. Expense(SGA) was $183.3 Mil.
Total Current Liabilities was $213.2 Mil.
Long-Term Debt was $0.0 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)|
|=||(195.149 / 710.611)||/||(134.16 / 549.082)|
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)|
|=||(126.965 / 549.082)||/||(102.947 / 710.611)|
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 - (2092.366 + 79.184) / 2881.412)||/||(1 - (857.057 + 73.479) / 1452.097)|
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))|
|=||(29.692 / (29.692 + 73.479))||/||(35.037 / (35.037 + 79.184))|
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)|
|=||(248.621 / 710.611)||/||(183.327 / 549.082)|
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 + 350.514) / 2881.412)||/||((0 + 213.218) / 1452.097)|
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|
|=||(25.137 - -6.982||-||73.713)||/||2881.412|
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 -2.93 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
SINA Corp Annual Data
SINA Corp Quarterly Data