China Sunsine Chemicals Holdings

[CityFarmer]

According to the CIMB report (pg11), Sunsine's cash conversion cycle increased to 103 days in FY2013 as compared to 93 days in FY2012. However, according to Sunsine's 2013 AR (pg5), cash conversion cycle actually improved to 86 days in FY2013 as compared to 97 days in FY2012. How did this discrepancy arise?

I don't know which CIMB report you are referring, but the turnover days were tallied with the balance sheet numbers, and consistent with mine.

I am speculating that CIMB might use total receivable, and payable, but the company used trade receivable and payable, which is more appropriate.

(not vested)