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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 -0.10. The lowest was -3.60. And the median was -2.40.
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 * 0.8771||+||0.528 * 0.719||+||0.404 * 1.1256||+||0.892 * 0.7071||+||0.115 * 0.9217|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.406||+||4.679 * -0.1121||-||0.327 * 0.9236|
|This Year (Jun16) TTM:||Last Year (Jun15) TTM:|
|Accounts Receivable was $7,269 Mil.|
Revenue was 70635.2819766 + 63633.567595 + 74746.2436619 + 77968.936491 = $286,984 Mil.
Gross Profit was 20888.1199539 + 19401.9407323 + 20444.5581554 + 19501.3819964 = $80,236 Mil.
Total Current Assets was $52,764 Mil.
Total Assets was $217,420 Mil.
Property, Plant and Equipment(Net PPE) was $129,038 Mil.
Depreciation, Depletion and Amortization(DDA) was $15,323 Mil.
Selling, General & Admin. Expense(SGA) was $19,941 Mil.
Total Current Liabilities was $67,595 Mil.
Long-Term Debt was $18,218 Mil.
Net Income was 2011.77684696 + 1024.65129869 + -533.407762323 + 670.58232301 = $3,174 Mil.
Non Operating Income was 408.547319857 + 234.825534009 + 374.470856399 + -492.650292104 = $525 Mil.
Cash Flow from Operations was 6338.25047047 + 5282.11358359 + 7632.84799429 + 7773.41541554 = $27,027 Mil.
|Accounts Receivable was $11,721 Mil.
Revenue was 90712.6281184 + 76658.384894 + 114770.06108 + 123729.432081 = $405,871 Mil.
Gross Profit was 24300.5866048 + 19129.7727054 + 17406.6832563 + 20756.7365026 = $81,594 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 $15,043 Mil.
Selling, General & Admin. Expense(SGA) was $20,058 Mil.
Total Current Liabilities was $81,692 Mil.
Long-Term Debt was $19,570 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)|
|=||(7269.16772901 / 286984.029724)||/||(11720.6536453 / 405870.506174)|
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)|
|=||(81593.7790691 / 405870.506174)||/||(80236.0008379 / 286984.029724)|
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 - (52764.2202392 + 129037.667699) / 217420.02064)||/||(1 - (63745.7293883 + 138721.878425) / 236955.295559)|
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))|
|=||(15042.759234 / (15042.759234 + 138721.878425))||/||(15322.5025595 / (15322.5025595 + 129037.667699))|
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)|
|=||(19940.7944852 / 286984.029724)||/||(20057.9479296 / 405870.506174)|
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)|
|=||((18217.9930796 + 67594.8521824) / 217420.02064)||/||((19570.1991878 + 81691.6457165) / 236955.295559)|
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|
|=||(3173.60270634 - 525.19341816||-||27026.6274639)||/||217420.02064|
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 -3.53 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