PT Arkora Hydro Tbk (ISX:ARKO) Beneish M-Score : -2.23 (As of May. 27, 2024)

View and export this data going back to 2022. Start your Free Trial

What is PT Arkora Hydro Tbk Beneish M-Score?

The zones of discrimination for M-Score is as such:

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.

Good Sign:

Beneish M-Score -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Arkora Hydro Tbk's Beneish M-Score or its related term are showing as below:

ISX:ARKO' s Beneish M-Score Range Over the Past 10 Years
Min: -2.23 Med: -2.13 Max: -2.02
Current: -2.23

During the past 6 years, the highest Beneish M-Score of PT Arkora Hydro Tbk was -2.02. The lowest was -2.23. And the median was -2.13.

PT Arkora Hydro Tbk Beneish M-Score Historical Data

The historical data trend for PT Arkora Hydro Tbk'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.

* Premium members only.

PT Arkora Hydro Tbk Beneish M-Score Chart

PT Arkora Hydro Tbk Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.02

PT Arkora Hydro Tbk Quarterly Data
	Dec18	Dec19	Dec20	Nov21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial								-	-	-	-2.02	-2.23

Competitive Comparison of PT Arkora Hydro Tbk's Beneish M-Score

For the Utilities - Renewable subindustry, PT Arkora Hydro Tbk'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.

PT Arkora Hydro Tbk's Beneish M-Score Distribution in the Utilities - Independent Power Producers Industry

For the Utilities - Independent Power Producers industry and Utilities sector, PT Arkora Hydro Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Arkora Hydro Tbk's Beneish M-Score falls into.

PT Arkora Hydro Tbk 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 PT Arkora Hydro Tbk for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.4434

0.528 * 1.0824

0.404 * 1.0094

0.892 * 0.5348

0.115 * 2.2

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5069

4.679 * 0.039297

0.327 * 1.0693

-2.23

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp10,394 Mil.
Revenue was 45896.317 + 46547.334 + 22357.997 + 25693.328 = Rp140,495 Mil.
Gross Profit was 21255.755 + 15315.971 + 16390.105 + 7174.057 = Rp60,136 Mil.
Total Current Assets was Rp170,403 Mil.
Total Assets was Rp1,216,745 Mil.
Property, Plant and Equipment(Net PPE) was Rp220,106 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,325 Mil.
Selling, General, & Admin. Expense(SGA) was Rp11,776 Mil.
Total Current Liabilities was Rp66,987 Mil.
Long-Term Debt & Capital Lease Obligation was Rp583,235 Mil.
Net Income was 15277.706 + -6390.147 + 12360.48 + 5876.421 = Rp27,124 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -12170.199 + 28042.69 + 3906.9 + -40468.819 = Rp-20,689 Mil.

Total Receivables was Rp13,465 Mil.
Revenue was 84191.627 + 60101.077 + 71759.024 + 46662.501 = Rp262,714 Mil.
Gross Profit was 35088.236 + 32399.787 + 40856.629 + 13373.735 = Rp121,718 Mil.
Total Current Assets was Rp187,182 Mil.
Total Assets was Rp1,030,345 Mil.
Property, Plant and Equipment(Net PPE) was Rp149,985 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,001 Mil.
Selling, General, & Admin. Expense(SGA) was Rp14,613 Mil.
Total Current Liabilities was Rp69,017 Mil.
Long-Term Debt & Capital Lease Obligation was Rp445,902 Mil.

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)
	=	(10393.545 / 140494.976)	/	(13465.26 / 262714.229)
	=	0.073978	/	0.051254
	=	1.4434

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)
	=	(121718.387 / 262714.229)	/	(60135.888 / 140494.976)
	=	0.463311	/	0.428029
	=	1.0824

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 - (170403.375 + 220105.763) / 1216745.419)	/	(1 - (187181.597 + 149985.266) / 1030345.37)
	=	0.679054	/	0.672763
	=	1.0094

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
	=	140494.976	/	262714.229
	=	0.5348

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))
	=	(2001.151 / (2001.151 + 149985.266))	/	(1325.271 / (1325.271 + 220105.763))
	=	0.013167	/	0.005985
	=	2.2

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)
	=	(11776.312 / 140494.976)	/	(14612.925 / 262714.229)
	=	0.08382	/	0.055623
	=	1.5069

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)
	=	((583235.007 + 66986.911) / 1216745.419)	/	((445902.372 + 69017.296) / 1030345.37)
	=	0.534394	/	0.499754
	=	1.0693

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
	=	(27124.46 - 0	-	-20689.428)	/	1216745.419
	=	0.039297

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.

PT Arkora Hydro Tbk has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.

PT Arkora Hydro Tbk Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PT Arkora Hydro Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PT Arkora Hydro Tbk (ISX:ARKO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » PT Arkora Hydro Tbk (ISX:ARKO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Jend. Sudirman Kav. 52-53, Lot 28 SCBD, 21st Floor Unit C & D, Office 8 Building, Jakarta, IDN, 12190

Website

https://www.arkora-hydro.com

PT Arkora Hydro Tbk is dedicated to the development and operation of hydropower plants in Indonesia. It owns and develops hydropower plant facilities that operate in a run-of-river fashion throughout Indonesia. The run-of-river hydropower plant is the type of power plant whereby little or no water storage is needed. Several projects of the company are: Cikopo MHPP; Tomasa MHPP; Yaentu MHPP and Kukusan 2 MHPP. The Company consists of three reportable segments: the 7.4 MW mini hydro powerplant in Cikopo (West Java), the 10 MW mini hydro power plant in Tomasa (Sulawesi Tengah), and the 10 MW mini hydro power plant in Yaentu (Central Sulawesi).