PT Bundamedik Tbk Beneish M-Score Historical Data
The historical data trend for PT Bundamedik 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.
PT Bundamedik Tbk Beneish M-Score Chart
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PT Bundamedik Tbk Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.38 |
-2.61 |
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PT Bundamedik Tbk Quarterly Data
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Dec18 |
Dec19 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-2.89 |
-2.77 |
-2.62 |
-2.61 |
-2.41 |
Competitive Comparison of PT Bundamedik Tbk's Beneish M-Score
For the Medical Care Facilities subindustry, PT Bundamedik 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 Bundamedik Tbk's Beneish M-Score Distribution in the Healthcare Providers & Services Industry
For the Healthcare Providers & Services industry and Healthcare sector, PT Bundamedik Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Bundamedik Tbk's Beneish M-Score falls into.
PT Bundamedik 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 Bundamedik Tbk 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 * 1.1089 | + | 0.528 * 1.0133 | + | 0.404 * 1.2171 | + | 0.892 * 0.9162 | + | 0.115 * 1.0472 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1289 | + | 4.679 * -0.000947 | - | 0.327 * 1.1 |
| = | -2.41 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was Rp159,802 Mil.
Revenue was 413751.175 + 389393.79 + 377056.785 + 336311.781 = Rp1,516,514 Mil.
Gross Profit was 194583.731 + 183635.128 + 177153.474 + 153626.39 = Rp708,999 Mil.
Total Current Assets was Rp896,732 Mil.
Total Assets was Rp3,139,015 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,987,195 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp117,293 Mil.
Selling, General, & Admin. Expense(SGA) was Rp207,498 Mil.
Total Current Liabilities was Rp587,961 Mil.
Long-Term Debt & Capital Lease Obligation was Rp705,533 Mil.
Net Income was 10869.956 + 18791.579 + 1946.435 + -5693.367 = Rp25,915 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 5962.335 + 26723.1 + 2228.455 + -6025.198 = Rp28,889 Mil.
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Total Receivables was Rp157,291 Mil.
Revenue was 385435.127 + 430023.569 + 413755.844 + 426009.61 = Rp1,655,224 Mil.
Gross Profit was 181397.886 + 188367.889 + 197587.932 + 216756.758 = Rp784,110 Mil.
Total Current Assets was Rp879,459 Mil.
Total Assets was Rp2,958,146 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,881,175 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp116,602 Mil.
Selling, General, & Admin. Expense(SGA) was Rp200,617 Mil.
Total Current Liabilities was Rp631,691 Mil.
Long-Term Debt & Capital Lease Obligation was Rp476,492 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) |
| = | (159802.375 / 1516513.531) | / | (157290.907 / 1655224.15) |
| = | 0.105375 | / | 0.095027 |
| | = | 1.1089 |
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) |
| = | (784110.465 / 1655224.15) | / | (708998.723 / 1516513.531) |
| = | 0.473719 | / | 0.467519 |
| | = | 1.0133 |
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 - (896731.999 + 1987195.164) / 3139014.921) | / | (1 - (879458.925 + 1881174.847) / 2958146.163) |
| = | 0.081264 | / | 0.066769 |
| | = | 1.2171 |
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 |
| = | 1516513.531 | / | 1655224.15 |
| | = | 0.9162 |
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)) |
| = | (116602.488 / (116602.488 + 1881174.847)) | / | (117293.499 / (117293.499 + 1987195.164)) |
| = | 0.058366 | / | 0.055735 |
| | = | 1.0472 |
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) |
| = | (207498.244 / 1516513.531) | / | (200617.293 / 1655224.15) |
| = | 0.136826 | / | 0.121202 |
| | = | 1.1289 |
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) |
| = | ((705532.989 + 587960.98) / 3139014.921) | / | ((476492.139 + 631691.227) / 2958146.163) |
| = | 0.41207 | / | 0.374621 |
| | = | 1.1 |
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 |
| = | (25914.603 - 0 | - | 28888.692) | / | 3139014.921 |
| | = | -0.000947 |
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 Bundamedik Tbk has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
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