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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.
China Petroleum & Chemical Corp has a M-score of -2.73 suggests that the company is not a manipulator.
During the past 13 years, the highest Beneish M-Score of China Petroleum & Chemical Corp was 0.69. The lowest was -3.29. And the median was -2.60.
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 China Petroleum & Chemical 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 * 1.0915||+||0.528 * 0.9463||+||0.404 * 1.2062||+||0.892 * 0.9985||+||0.115 * 0.695|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.114||+||4.679 * -0.0653||-||0.327 * 1.0725|
|This Year (Jun14) TTM:||Last Year (Jun13) TTM:|
|Accounts Receivable was $18,903 Mil.|
Revenue was 115377.057115 + 102982.329317 + 122357.7921 + 118741.602491 = $459,459 Mil.
Gross Profit was 20394.8047757 + 19987.7911647 + 21747.4797554 + 21705.8823529 = $83,836 Mil.
Total Current Assets was $67,881 Mil.
Total Assets was $230,646 Mil.
Property, Plant and Equipment(Net PPE) was $131,342 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,701 Mil.
Selling, General & Admin. Expense(SGA) was $21,006 Mil.
Total Current Liabilities was $97,604 Mil.
Long-Term Debt was $21,849 Mil.
Net Income was 2972.24911262 + 2268.43373494 + 2285.9031565 + 3607.8977552 = $11,134 Mil.
Non Operating Income was 149.564375605 + -348.915662651 + 494.298463064 + 214.320825823 = $509 Mil.
Cash Flow from Operations was 0 + 2027.46987952 + 11945.2982978 + 11715.7135835 = $25,688 Mil.
|Accounts Receivable was $17,345 Mil.
Revenue was 117325.236387 + 112442.774006 + 122352.780456 + 108046.303688 = $460,167 Mil.
Gross Profit was 18014.183241 + 20408.1797608 + 21477.9813565 + 19553.2492416 = $79,454 Mil.
Total Current Assets was $59,526 Mil.
Total Assets was $207,644 Mil.
Property, Plant and Equipment(Net PPE) was $124,666 Mil.
Depreciation, Depletion and Amortization(DDA) was $8,760 Mil.
Selling, General & Admin. Expense(SGA) was $18,886 Mil.
Total Current Liabilities was $83,201 Mil.
Long-Term Debt was $17,071 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)|
|=||(18902.7105518 / 459458.781024)||/||(17344.9625041 / 460167.094538)|
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)|
|=||(19987.7911647 / 460167.094538)||/||(20394.8047757 / 459458.781024)|
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 - (67881.2520168 + 131342.207164) / 230645.853501)||/||(1 - (59525.595044 + 124665.960222) / 207643.951744)|
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))|
|=||(8760.44275448 / (8760.44275448 + 124665.960222))||/||(13701.4795358 / (13701.4795358 + 131342.207164))|
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)|
|=||(21006.4206837 / 459458.781024)||/||(18886.4011103 / 460167.094538)|
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)|
|=||((21849.3062278 + 97604.2271701) / 230645.853501)||/||((17070.753179 + 83200.8477339) / 207643.951744)|
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|
|=||(11134.4837593 - 509.268001842||-||25688.4817608)||/||230645.853501|
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.
China Petroleum & Chemical Corp has a M-score of -2.73 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
China Petroleum & Chemical Corp Annual Data
China Petroleum & Chemical Corp Quarterly Data