China Petroleum & Chemical Beneish M-Score Historical Data
The historical data trend for China Petroleum & Chemical's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
China Petroleum & Chemical Beneish M-Score Chart
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China Petroleum & Chemical Annual Data
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| Beneish M-Score |
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-2.71 |
-2.91 |
-2.98 |
-2.77 |
-2.40 |
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China Petroleum & Chemical Quarterly Data
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Sep23 |
| Beneish M-Score |
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-2.71 |
-2.40 |
-2.57 |
-2.38 |
-2.30 |
Competitive Comparison of China Petroleum & Chemical's Beneish M-Score
For the Oil & Gas Integrated subindustry, China Petroleum & Chemical's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
China Petroleum & Chemical's Beneish M-Score Distribution in the Oil & Gas Industry
For the Oil & Gas industry and Energy sector, China Petroleum & Chemical's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where China Petroleum & Chemical's Beneish M-Score falls into.
China Petroleum & Chemical Beneish M-Score Calculation
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski 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 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 * 1.3426 | + | 0.528 * 1.1339 | + | 0.404 * 1.0255 | + | 0.892 * 0.9742 | + | 0.115 * 1.1158 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9512 | + | 4.679 * -0.046137 | - | 0.327 * 0.9931 |
| = | -2.30 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
| This Year (Sep23) TTM: | Last Year (Sep22) TTM: |
Total Receivables was HK$96,228 Mil.
Revenue was 939968.153 + 877595.915 + 901321.978 + 965786.257 = HK$3,684,672 Mil.
Gross Profit was 160949.858 + 134474.849 + 151048.948 + 127691.861 = HK$574,166 Mil.
Total Current Assets was HK$669,353 Mil.
Total Assets was HK$2,235,986 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,204,057 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$123,669 Mil.
Selling, General, & Admin. Expense(SGA) was HK$181,080 Mil.
Total Current Liabilities was HK$744,798 Mil.
Long-Term Debt & Capital Lease Obligation was HK$390,731 Mil.
Net Income was 19242.197 + 16824.532 + 23622.754 + 9250.865 = HK$68,940 Mil.
Non Operating Income was 3495.948 + 2373.504 + 1907.816 + -4560.663 = HK$3,217 Mil.
Cash Flow from Operations was 75890.721 + 50269.06 + -20954.089 + 63680.657 = HK$168,886 Mil.
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Total Receivables was HK$73,575 Mil.
Revenue was 940648.747 + 985513.74 + 951107.777 + 905117.706 = HK$3,782,388 Mil.
Gross Profit was 126197.598 + 163813.497 + 193031.283 + 185294.973 = HK$668,337 Mil.
Total Current Assets was HK$757,482 Mil.
Total Assets was HK$2,292,947 Mil.
Property, Plant and Equipment(Net PPE) was HK$1,172,891 Mil.
Depreciation, Depletion and Amortization(DDA) was HK$136,032 Mil.
Selling, General, & Admin. Expense(SGA) was HK$195,422 Mil.
Total Current Liabilities was HK$877,689 Mil.
Long-Term Debt & Capital Lease Obligation was HK$294,824 Mil.
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1. DSRI = Days Sales in Receivables Index
Measured as the ratio of Revenue in Total Receivables in year t to year t-1.
A large increase in DSR could be indicative of revenue inflation.
| DSRI | = | (Receivables_t / Revenue_t) | / | (Receivables_t-1 / Revenue_t-1) |
| = | (96228.151 / 3684672.303) | / | (73574.916 / 3782387.97) |
| = | 0.026116 | / | 0.019452 |
| | = | 1.3426 |
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.
| GMI | = | GrossMargin_t-1 | / | GrossMargin_t |
| = | (GrossProfit_t-1 / Revenue_t-1) | / | (GrossProfit_t / Revenue_t) |
| = | (668337.351 / 3782387.97) | / | (574165.516 / 3684672.303) |
| = | 0.176697 | / | 0.155825 |
| | = | 1.1339 |
3. AQI = Asset Quality Index
AQI is the ratio of asset quality in year t to year t-1.
Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.
| AQI | = | (1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) | / | (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1) |
| = | (1 - (669353.431 + 1204056.532) / 2235985.612) | / | (1 - (757481.917 + 1172891.241) / 2292947.338) |
| = | 0.162155 | / | 0.158126 |
| | = | 1.0255 |
4. SGI = Sales Growth Index
Ratio of Revenue 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.
| SGI | = | Sales_t | / | Sales_t-1 |
| = | Revenue_t | / | Revenue_t-1 |
| = | 3684672.303 | / | 3782387.97 |
| | = | 0.9742 |
5. DEPI = Depreciation Index
Measured as the ratio of the rate of Depreciation, Depletion and Amortization 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)) |
| = | (136032.034 / (136032.034 + 1172891.241)) | / | (123668.631 / (123668.631 + 1204056.532)) |
| = | 0.103927 | / | 0.093143 |
| | = | 1.1158 |
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
The ratio of Selling, General, & Admin. Expense(SGA) to Sales 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) |
| = | (181080.468 / 3684672.303) | / | (195422.246 / 3782387.97) |
| = | 0.049144 | / | 0.051666 |
| | = | 0.9512 |
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 in leverage
| LVGI | = | ((LTD_t + CurrentLiabilities_t) / TotalAssets_t) | / | ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1) |
| = | ((390730.959 + 744797.905) / 2235985.612) | / | ((294824.113 + 877689.168) / 2292947.338) |
| = | 0.507843 | / | 0.511356 |
| | = | 0.9931 |
8. TATA = Total Accruals to Total Assets
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
| TATA | = | (IncomefromContinuingOperations_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (NetIncome_t - NonOperatingIncome_t | - | CashFlowsfromOperations_t) | / | TotalAssets_t |
| = | (68940.348 - 3216.605 | - | 168886.349) | / | 2235985.612 |
| | = | -0.046137 |
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
China Petroleum & Chemical has a M-score of -2.30 suggests that the company is unlikely to be a manipulator.
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