SNP has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -0.22. The lowest was -3.61. And the median was -1.97.
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 * 0.7074||+||0.528 * 0.6677||+||0.404 * 1.0813||+||0.892 * 0.6999||+||0.115 * 0.9281|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.3978||+||4.679 * -0.1006||-||0.327 * 0.8022|
|This Year (Dec15) TTM:||Last Year (Dec14) TTM:|
|Accounts Receivable was $5,229 Mil.|
Revenue was 74746.2436619 + 77968.936491 + 90588.6998002 + 76658.384894 = $319,962 Mil.
Gross Profit was 20444.5581554 + 19501.3819964 + 24268.0332624 + 19129.7727054 = $83,344 Mil.
Total Current Assets was $51,543 Mil.
Total Assets was $223,772 Mil.
Property, Plant and Equipment(Net PPE) was $137,206 Mil.
Depreciation, Depletion and Amortization(DDA) was $15,252 Mil.
Selling, General & Admin. Expense(SGA) was $19,896 Mil.
Total Current Liabilities was $71,737 Mil.
Long-Term Debt was $21,669 Mil.
Net Income was -533.407762323 + 670.58232301 + 3742.34512989 + 348.155034783 = $4,228 Mil.
Non Operating Income was 374.470856399 + -492.650292104 + 594.662541095 + 56.9037925176 = $533 Mil.
Cash Flow from Operations was 7632.84799429 + 7718.92078648 + 9791.78753304 + 1071.07363832 = $26,215 Mil.
|Accounts Receivable was $10,560 Mil.
Revenue was 114770.06108 + 123729.432081 + 114773.376561 + 103849.829904 = $457,123 Mil.
Gross Profit was 17406.6832563 + 20756.7365026 + 21179.1801753 + 20156.1639397 = $79,499 Mil.
Total Current Assets was $58,195 Mil.
Total Assets was $234,523 Mil.
Property, Plant and Equipment(Net PPE) was $142,383 Mil.
Depreciation, Depletion and Amortization(DDA) was $14,573 Mil.
Selling, General & Admin. Expense(SGA) was $20,335 Mil.
Total Current Liabilities was $97,640 Mil.
Long-Term Debt was $24,389 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)|
|=||(5228.63655394 / 319962.264847)||/||(10560.223637 / 457122.699626)|
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)|
|=||(19501.3819964 / 457122.699626)||/||(20444.5581554 / 319962.264847)|
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 - (51542.8509404 + 137205.656603) / 223772.154254)||/||(1 - (58194.7451766 + 142383.091491) / 234522.832305)|
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))|
|=||(14573.0971904 / (14573.0971904 + 142383.091491))||/||(15251.8846057 / (15251.8846057 + 137205.656603))|
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)|
|=||(19895.6114586 / 319962.264847)||/||(20334.629029 / 457122.699626)|
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)|
|=||((21669.0701028 + 71737.4517375) / 223772.154254)||/||((24388.7147335 + 97640.3386873) / 234522.832305)|
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|
|=||(4227.67472536 - 533.386897907||-||26214.6299521)||/||223772.154254|
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 -3.64 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