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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 -1.17. The lowest was -2.89. And the median was -2.36.
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 * 1.1629||+||0.528 * 0.9524||+||0.404 * 1.2375||+||0.892 * 1.1551||+||0.115 * 0.7275|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1996||+||4.679 * -0.028||-||0.327 * 0.8273|
|This Year (Dec14) TTM:||Last Year (Dec13) TTM:|
|Accounts Receivable was $259.8 Mil.|
Revenue was 211.137 + 198.613 + 187.013 + 171.478 = $768.2 Mil.
Gross Profit was 136.753 + 124.829 + 113.371 + 102.947 = $477.9 Mil.
Total Current Assets was $2,535.5 Mil.
Total Assets was $3,703.3 Mil.
Property, Plant and Equipment(Net PPE) was $63.7 Mil.
Depreciation, Depletion and Amortization(DDA) was $45.3 Mil.
Selling, General & Admin. Expense(SGA) was $312.0 Mil.
Total Current Liabilities was $392.7 Mil.
Long-Term Debt was $800.0 Mil.
Net Income was 59.751 + 133.595 + 16.622 + -33.166 = $176.8 Mil.
Non Operating Income was 54.843 + 133.269 + 23.06 + -31.847 = $179.3 Mil.
Cash Flow from Operations was 101.025 + 0 + 0 + 0 = $101.0 Mil.
|Accounts Receivable was $193.4 Mil.
Revenue was 197.018 + 184.63 + 157.485 + 125.973 = $665.1 Mil.
Gross Profit was 126.965 + 118.116 + 84.345 + 64.616 = $394.0 Mil.
Total Current Assets was $2,118.8 Mil.
Total Assets was $2,897.8 Mil.
Property, Plant and Equipment(Net PPE) was $80.9 Mil.
Depreciation, Depletion and Amortization(DDA) was $35.0 Mil.
Selling, General & Admin. Expense(SGA) was $225.1 Mil.
Total Current Liabilities was $328.1 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)|
|=||(259.764 / 768.241)||/||(193.381 / 665.106)|
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)|
|=||(124.829 / 665.106)||/||(136.753 / 768.241)|
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 - (2535.516 + 63.729) / 3703.328)||/||(1 - (2118.802 + 80.92) / 2897.843)|
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))|
|=||(35.037 / (35.037 + 80.92))||/||(45.27 / (45.27 + 63.729))|
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)|
|=||(311.966 / 768.241)||/||(225.138 / 665.106)|
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 + 392.657) / 3703.328)||/||((800 + 328.106) / 2897.843)|
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|
|=||(176.802 - 179.325||-||101.025)||/||3703.328|
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 -2.26 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