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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 China Petroleum & Chemical Corp was -0.41. The lowest was -3.21. And the median was -2.54.
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 * 1.459||+||0.528 * 0.7711||+||0.404 * 1.1091||+||0.892 * 0.6111||+||0.115 * 0.6026|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.1454||+||4.679 * -0.1515||-||0.327 * 0.831|
|This Year (Jun15) TTM:||Last Year (Mar14) TTM:|
|Accounts Receivable was $11,721 Mil.|
Revenue was 90588.6998002 + 76658.384894 + 0 + 114773.376561 = $282,020 Mil.
Gross Profit was 24268.0332624 + 19129.7727054 + 0 + 21179.1801753 = $64,577 Mil.
Total Current Assets was $63,746 Mil.
Total Assets was $236,955 Mil.
Property, Plant and Equipment(Net PPE) was $138,722 Mil.
Depreciation, Depletion and Amortization(DDA) was $25,532 Mil.
Selling, General & Admin. Expense(SGA) was $14,438 Mil.
Total Current Liabilities was $81,692 Mil.
Long-Term Debt was $19,570 Mil.
Net Income was 3742.34512989 + 348.155034783 + 0 + 2956.69758932 = $7,047 Mil.
Non Operating Income was 594.662541095 + 56.9037925176 + 0 + 148.781818765 = $800 Mil.
Cash Flow from Operations was 9791.78753304 + 1071.07363832 + 23971.0112142 + 7317.59381119 = $42,151 Mil.
|Accounts Receivable was $13,145 Mil.
Revenue was 103849.829904 + 121894.468225 + 118411.764706 + 117325.236387 = $461,481 Mil.
Gross Profit was 20156.1639397 + 21665.1300626 + 21645.5882353 + 18014.183241 = $81,481 Mil.
Total Current Assets was $65,755 Mil.
Total Assets was $228,150 Mil.
Property, Plant and Equipment(Net PPE) was $132,456 Mil.
Depreciation, Depletion and Amortization(DDA) was $13,690 Mil.
Selling, General & Admin. Expense(SGA) was $20,625 Mil.
Total Current Liabilities was $93,724 Mil.
Long-Term Debt was $23,609 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)|
|=||(11720.6536453 / 282020.461255)||/||(13144.9862304 / 461481.299223)|
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)|
|=||(19129.7727054 / 461481.299223)||/||(24268.0332624 / 282020.461255)|
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 - (63745.7293883 + 138721.878425) / 236955.295559)||/||(1 - (65755.2243642 + 132455.694152) / 228149.522112)|
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))|
|=||(13690.2083703 / (13690.2083703 + 132455.694152))||/||(25532.3858399 / (25532.3858399 + 138721.878425))|
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)|
|=||(14437.670133 / 282020.461255)||/||(20625.2986967 / 461481.299223)|
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)|
|=||((19570.1991878 + 81691.6457165) / 236955.295559)||/||((23608.7801717 + 93724.2831686) / 228149.522112)|
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|
|=||(7047.19775399 - 800.348152378||-||42151.4661967)||/||236955.295559|
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 -3.21 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