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SINA Corp (NAS:SINA)
Beneish M-Score
0.00 (As of Today)

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 signals that the company is a manipulator.

SINA' s 10-Year Beneish M-Score Range
Min: -2.82   Max: -1.17
Current: 0

-2.82
-1.17

During the past 13 years, the highest Beneish M-Score of SINA Corp was -1.17. The lowest was -2.82. And the median was -1.90.


Definition

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 *
=

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

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 $0.0 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 0 + 0 + 0 + 0 = $0.0 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 $0.3 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

Measured as the ratio of days’ sales in receivables in year t to year t-1.

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)
=0.33812827 / 0.29075215
=

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.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(124.829 / 665.106) / (136.753 / 768.241)
=0.59244993 / 0.62207042
=

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than plant, property and equipment to total assets.

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)
=0.29813265 / 0.24091057
=

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=768.241 / 665.106
=

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 + 80.92)) / (0 / (0 + 63.729))
=0.00359553 / 0
=

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)
=0.4060783 / 0.33849943
=

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)
=0.32205006 / 0.38929162
=

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(176.802 - 179.325 - 0) / 3703.328
=-0.0007

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.


Related Terms

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


Historical Data

* All numbers are in millions except for per share data and ratio. All numbers are in their own currency.

SINA Corp Annual Data

Dec05Dec06Dec07Dec08Dec09Dec10Dec11Dec12Dec13Dec14
DSRI 0.8781.20651.08930.92970.97631.06691.04391.09691.13791.1629
GMI 1.02671.0751.0191.03711.06210.96021.051.04210.89730.9524
AQI 1.04660.81830.79850.84113.56890.87220.96780.99950.68581.2375
SGI 0.96781.09971.15631.50160.97021.12291.19921.09631.25651.1551
DEPI 1.01461.20110.8931.03250.73871.36611.49560.80770.92420.7275
SGAI 1.31970.99490.86650.97331.1420.71571.37610.99870.98591.1996
LVGI 0.78270.8810.89420.94080.58981.09020.95171.06122.54280.8273
TATA -0.0284-0.0415-0.0481-0.047-0.038-0.0129-0.0655-0.0182-0.0163-0.028
M-score -2.70-2.37-2.51-2.33-1.56-2.38-2.55-2.41-2.89-2.26

SINA Corp Quarterly Data

Dec12Mar13Jun13Sep13Dec13Mar14Jun14Sep14Dec14Mar15
DSRI 1.09691.16911.04581.11431.13791.1241.2180.923
GMI 1.04210.99580.97560.91950.89730.88870.86840.9191
AQI 0.99950.94360.80220.85250.68580.68590.84460.8476
SGI 1.09631.12321.14651.15981.25651.29421.28731.2419
DEPI 5.180415.795513.56819.75980.52160.13330.08780.0401
SGAI 0.99870.92350.99950.98910.98591.04791.01941.1286
LVGI 1.06121.14761.15991.09942.54282.71932.00361.8815
TATA 0.00360.0099-0.00240.00570.00970.01060.01130.0045
M-score -1.81-0.53-1.02-0.18-2.82-2.91-2.54-2.84
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