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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 -2.54 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of SINA Corp was -1.04. The lowest was -3.28. And the median was -2.34.
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 * 1.218||+||0.528 * 0.8684||+||0.404 * 0.8446||+||0.892 * 1.2873||+||0.115 * 0.9309|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.0194||+||4.679 * -0.0095||-||0.327 * 2.0036|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|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 $35.0 Mil.
Selling, General & Admin. Expense(SGA) was $263.7 Mil.
Total Current Liabilities was $308.2 Mil.
Long-Term Debt was $800.0 Mil.
Net Income was 16.622 + -33.166 + 44.45 + 25.386 = $53.3 Mil.
Non Operating Income was 23.06 + -31.847 + 20.132 + 1.594 = $12.9 Mil.
Cash Flow from Operations was 0 + 0 + 73.713 + 0 = $73.7 Mil.
|Accounts Receivable was $159.2 Mil.
Revenue was 157.485 + 125.973 + 139.126 + 152.378 = $575.0 Mil.
Gross Profit was 84.345 + 64.616 + 79.365 + 82.94 = $311.3 Mil.
Total Current Assets was $1,426.3 Mil.
Total Assets was $2,044.9 Mil.
Property, Plant and Equipment(Net PPE) was $71.6 Mil.
Depreciation, Depletion and Amortization(DDA) was $29.7 Mil.
Selling, General & Admin. Expense(SGA) was $200.9 Mil.
Total Current Liabilities was $323.2 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)|
|=||(249.652 / 740.139)||/||(159.226 / 574.962)|
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)|
|=||(102.947 / 574.962)||/||(113.371 / 740.139)|
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 - (2632.761 + 76.249) / 3499.59)||/||(1 - (1426.321 + 71.62) / 2044.884)|
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 + 71.62))||/||(35.037 / (35.037 + 76.249))|
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)|
|=||(263.693 / 740.139)||/||(200.946 / 574.962)|
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 + 308.183) / 3499.59)||/||((0 + 323.188) / 2044.884)|
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|
|=||(53.292 - 12.939||-||73.713)||/||3499.59|
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 -2.54 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