PT Sepatu Bata Tbk (ISX:BATA) Beneish M-Score : -4.70 (As of May. 21, 2024)

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What is PT Sepatu Bata 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 -4.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BATA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.7 Med: -2.56 Max: -0.36
Current: -4.7

During the past 13 years, the highest Beneish M-Score of PT Sepatu Bata Tbk was -0.36. The lowest was -4.70. And the median was -2.56.

PT Sepatu Bata Tbk Beneish M-Score Historical Data

The historical data trend for PT Sepatu Bata 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.

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PT Sepatu Bata Tbk Beneish M-Score Chart

PT Sepatu Bata Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.62

-4.39

-3.12

-3.42

-4.70

PT Sepatu Bata Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.42	-3.36	-3.63	-4.06	-4.70

Competitive Comparison of PT Sepatu Bata Tbk's Beneish M-Score

For the Footwear & Accessories subindustry, PT Sepatu Bata 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 Sepatu Bata Tbk's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, PT Sepatu Bata Tbk's Beneish M-Score distribution charts can be found below:

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

PT Sepatu Bata 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 Sepatu Bata 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 * 0.8114

0.528 * 1.0755

0.404 * 0.5221

0.892 * 0.9474

0.115 * 0.7873

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1335

4.679 * -0.361813

0.327 * 1.313

-4.70

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp15,602 Mil.
Revenue was 121134.605 + 152709.532 + 199680.536 + 136086.85 = Rp609,612 Mil.
Gross Profit was 37415.807 + 54087.788 + 82050.092 + 55498.703 = Rp229,052 Mil.
Total Current Assets was Rp346,314 Mil.
Total Assets was Rp585,740 Mil.
Property, Plant and Equipment(Net PPE) was Rp210,713 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp101,274 Mil.
Selling, General, & Admin. Expense(SGA) was Rp163,398 Mil.
Total Current Liabilities was Rp389,561 Mil.
Long-Term Debt & Capital Lease Obligation was Rp21,077 Mil.
Net Income was -109837.826 + -48103.504 + -5200.497 + -27145.363 = Rp-190,287 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -19102.363 + 296.111 + 59947.177 + -19499.753 = Rp21,641 Mil.

Total Receivables was Rp20,295 Mil.
Revenue was 152875.457 + 170252.513 + 203979.588 + 116346.617 = Rp643,454 Mil.
Gross Profit was 52930.957 + 69178.912 + 83428.171 + 54485.121 = Rp260,023 Mil.
Total Current Assets was Rp364,305 Mil.
Total Assets was Rp724,074 Mil.
Property, Plant and Equipment(Net PPE) was Rp291,786 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp100,171 Mil.
Selling, General, & Admin. Expense(SGA) was Rp152,152 Mil.
Total Current Liabilities was Rp358,836 Mil.
Long-Term Debt & Capital Lease Obligation was Rp27,774 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)
	=	(15601.615 / 609611.523)	/	(20295 / 643454.175)
	=	0.025593	/	0.031541
	=	0.8114

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)
	=	(260023.161 / 643454.175)	/	(229052.39 / 609611.523)
	=	0.404105	/	0.375735
	=	1.0755

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 - (346313.563 + 210712.985) / 585739.829)	/	(1 - (364304.782 + 291786.216) / 724073.958)
	=	0.049021	/	0.09389
	=	0.5221

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
	=	609611.523	/	643454.175
	=	0.9474

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))
	=	(100171.144 / (100171.144 + 291786.216))	/	(101273.861 / (101273.861 + 210712.985))
	=	0.255566	/	0.324609
	=	0.7873

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)
	=	(163398.183 / 609611.523)	/	(152152.463 / 643454.175)
	=	0.268037	/	0.236462
	=	1.1335

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)
	=	((21076.614 + 389560.822) / 585739.829)	/	((27774.127 + 358835.564) / 724073.958)
	=	0.701058	/	0.533937
	=	1.313

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
	=	(-190287.19 - 0	-	21641.172)	/	585739.829
	=	-0.361813

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 Sepatu Bata Tbk has a M-score of -4.70 suggests that the company is unlikely to be a manipulator.

PT Sepatu Bata Tbk Beneish M-Score Related Terms

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PT Sepatu Bata Tbk (ISX:BATA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » PT Sepatu Bata Tbk (ISX:BATA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan RA. Kartini Kav. 28, Cilandak Barat, Graha Bata, Jakarta Selatan, Jakarta, IDN, 12430

Website

https://www.bata.co.id

PT Sepatu Bata Tbk is engaged in the footwear manufacturing and retail industry. It presents a range of footwear comprising leather shoes, sandals, built-up canvas shoes, casual shoes, sports shoes, industrial safety footwear, and injection-molded shoes. The products are marketed by the company under various brand names, such as Bata, which is its main brand; North Star; Power; Bubblegummers; Marie Claire; Pata Pata, and Weinbrenne. Its segment comprises Retail, E-commerce, Industrial, Export - related parties, and Wholesale.

PT Sepatu Bata Tbk (ISX:BATA) Headlines

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