PT Bumi Resources Tbk (ISX:BUMI) Beneish M-Score : -1.08 (As of May. 13, 2024)

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What is PT Bumi Resources 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.

Warning Sign:

Beneish M-Score -1.08 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:BUMI' s Beneish M-Score Range Over the Past 10 Years
Min: -9.03 Med: -1.23 Max: 111.62
Current: -1.08

During the past 13 years, the highest Beneish M-Score of PT Bumi Resources Tbk was 111.62. The lowest was -9.03. And the median was -1.23.

PT Bumi Resources Tbk Beneish M-Score Historical Data

The historical data trend for PT Bumi Resources 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 Bumi Resources Tbk Beneish M-Score Chart

PT Bumi Resources Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.27

-3.45

-2.18

-0.66

-1.80

PT Bumi Resources Tbk Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-0.43	-0.69	-0.73	-1.80	-1.08

Competitive Comparison of PT Bumi Resources Tbk's Beneish M-Score

For the Thermal Coal subindustry, PT Bumi Resources 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 Bumi Resources Tbk's Beneish M-Score Distribution in the Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, PT Bumi Resources Tbk's Beneish M-Score distribution charts can be found below:

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

PT Bumi Resources 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 Bumi Resources 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 * 0.8664

0.528 * 4.2159

0.404 * 0.9694

0.892 * 0.8013

0.115 * 1.2004

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9807

4.679 * -0.000252

0.327 * 1.0301

-1.08

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp2,399,576 Mil.
Revenue was 4794620.435 + 7788529.576 + 4478536.085 + 6482337.685 = Rp23,544,024 Mil.
Gross Profit was 341279.25 + 899800.671 + -461603.432 + 369233.959 = Rp1,148,710 Mil.
Total Current Assets was Rp10,150,799 Mil.
Total Assets was Rp65,293,328 Mil.
Property, Plant and Equipment(Net PPE) was Rp31,900,329 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,074 Mil.
Selling, General, & Admin. Expense(SGA) was Rp826,329 Mil.
Total Current Liabilities was Rp12,459,930 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,572,975 Mil.
Net Income was 1053205.216 + -677717.878 + -423766.576 + 327762.192 = Rp279,483 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -295031.271 + 808661.321 + -493804.351 + 276087.77 = Rp295,913 Mil.

Total Receivables was Rp3,456,520 Mil.
Revenue was 6851151.189 + 6847300.637 + 6497003.203 + 9188096.055 = Rp29,383,551 Mil.
Gross Profit was 1266489.136 + 1201314.483 + 1228175.834 + 2348004.65 = Rp6,043,984 Mil.
Total Current Assets was Rp9,997,997 Mil.
Total Assets was Rp64,719,591 Mil.
Property, Plant and Equipment(Net PPE) was Rp30,957,582 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,727 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,051,620 Mil.
Total Current Liabilities was Rp11,989,978 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,475,351 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)
	=	(2399576.369 / 23544023.781)	/	(3456520.495 / 29383551.084)
	=	0.101919	/	0.117635
	=	0.8664

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)
	=	(6043984.103 / 29383551.084)	/	(1148710.448 / 23544023.781)
	=	0.205693	/	0.04879
	=	4.2159

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 - (10150799.242 + 31900329.44) / 65293327.804)	/	(1 - (9997996.753 + 30957582.367) / 64719590.554)
	=	0.355966	/	0.367184
	=	0.9694

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
	=	23544023.781	/	29383551.084
	=	0.8013

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))
	=	(18727.318 / (18727.318 + 30957582.367))	/	(16073.959 / (16073.959 + 31900329.44))
	=	0.000605	/	0.000504
	=	1.2004

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)
	=	(826328.665 / 23544023.781)	/	(1051620.206 / 29383551.084)
	=	0.035097	/	0.035789
	=	0.9807

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)
	=	((2572975.456 + 12459929.981) / 65293327.804)	/	((2475351.02 + 11989977.738) / 64719590.554)
	=	0.230236	/	0.223508
	=	1.0301

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
	=	(279482.954 - 0	-	295913.469)	/	65293327.804
	=	-0.000252

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 Bumi Resources Tbk has a M-score of -1.08 signals that the company is likely to be a manipulator.

PT Bumi Resources Tbk Beneish M-Score Related Terms

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PT Bumi Resources Tbk (ISX:BUMI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » PT Bumi Resources Tbk (ISX:BUMI) » Definitions » Beneish M-Score

Traded in Other Exchanges

PBMRF:USA PJM:Germany

Address

Jalan H.R. Rasuna Said, 12th Floor, Bakrie Tower Building, Komplek Rasuna Epicentrum, Jakarta Selatan, Jakarta, IDN, 12940

Website

http://www.bumiresources.com

PT Bumi Resources Tbk is an Indonesia-based holding company engaged in coal mining. The company's main business segments are holding companies, coal, services, oil and gas, and gold. The Holding Company segment includes the company and other holding companies. The Coal segment is engaged in coal mining activities comprising exploration and exploitation of coal deposits. The Services segment includes activities of marketing and management services. The oil and gas segment includes activities of oil and gas exploration. The Gold segment includes activities of gold exploration. The majority of revenue is generated from the Coal segment.

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