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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 -3.59. And the median was -2.42.
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 * 1.1453||+||0.528 * 0.7801||+||0.404 * 1.0863||+||0.892 * 0.7816||+||0.115 * 0.9431|
|-||0.172 * SGAI||+||4.679 * TATA||-||0.327 * LVGI|
|-||0.172 * 1.2605||+||4.679 * -0.1115||-||0.327 * 0.9535|
|This Year (Sep16) TTM:||Last Year (Sep15) TTM:|
|Accounts Receivable was $8,739 Mil.|
Revenue was 72670.2347756 + 70635.2819766 + 63633.567595 + 74572.7310788 = $281,512 Mil.
Gross Profit was 19819.6455878 + 20888.1199539 + 19401.9407323 + 20400.8311237 = $80,511 Mil.
Total Current Assets was $50,822 Mil.
Total Assets was $211,860 Mil.
Property, Plant and Equipment(Net PPE) was $125,614 Mil.
Depreciation, Depletion and Amortization(DDA) was $15,192 Mil.
Selling, General & Admin. Expense(SGA) was $19,665 Mil.
Total Current Liabilities was $61,167 Mil.
Long-Term Debt was $19,839 Mil.
Net Income was 1527.39048304 + 2011.77684696 + 1024.65129869 + 831.588903878 = $5,395 Mil.
Non Operating Income was 391.74237654 + 408.547319857 + 234.825534009 + 349.661193035 = $1,385 Mil.
Cash Flow from Operations was 8333.78309496 + 6338.25047047 + 5282.11358359 + 7687.73937449 = $27,642 Mil.
|Accounts Receivable was $9,762 Mil.
Revenue was 78023.9022552 + 90712.6281184 + 76658.384894 + 114770.06108 = $360,165 Mil.
Gross Profit was 19513.9455996 + 24300.5866048 + 19129.7727054 + 17406.6832563 = $80,351 Mil.
Total Current Assets was $52,957 Mil.
Total Assets was $220,556 Mil.
Property, Plant and Equipment(Net PPE) was $133,653 Mil.
Depreciation, Depletion and Amortization(DDA) was $15,140 Mil.
Selling, General & Admin. Expense(SGA) was $19,960 Mil.
Total Current Liabilities was $69,521 Mil.
Long-Term Debt was $18,925 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)|
|=||(8739.31816137 / 281511.815426)||/||(9762.3908537 / 360164.976348)|
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)|
|=||(80350.9881661 / 360164.976348)||/||(80510.5373977 / 281511.815426)|
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 - (50822.3141735 + 125613.774699) / 211859.914245)||/||(1 - (52956.5299328 + 133652.710597) / 220556.253534)|
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))|
|=||(15139.5954595 / (15139.5954595 + 133652.710597))||/||(15191.7579321 / (15191.7579321 + 125613.774699))|
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)|
|=||(19665.2090757 / 281511.815426)||/||(19959.5397289 / 360164.976348)|
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)|
|=||((19839.2851789 + 61167.1314203) / 211859.914245)||/||((18924.7126076 + 69520.5414913) / 220556.253534)|
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|
|=||(5395.40753258 - 1384.77642344||-||27641.8865235)||/||211859.914245|
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 -3.18 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