PT Duta Pertiwi Tbk (ISX:DUTI) Beneish M-Score : -1.12 (As of May. 25, 2024)

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What is PT Duta Pertiwi 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 -1.12 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:DUTI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.61 Med: -2.33 Max: 0.31
Current: -1.12

During the past 13 years, the highest Beneish M-Score of PT Duta Pertiwi Tbk was 0.31. The lowest was -3.61. And the median was -2.33.

PT Duta Pertiwi Tbk Beneish M-Score Historical Data

The historical data trend for PT Duta Pertiwi 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 Duta Pertiwi Tbk Beneish M-Score Chart

PT Duta Pertiwi Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.98

-3.47

-2.71

-2.53

-1.74

PT Duta Pertiwi 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															-2.66	-2.60	-2.37	-1.74	-1.12

Competitive Comparison of PT Duta Pertiwi Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Duta Pertiwi 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 Duta Pertiwi Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Duta Pertiwi Tbk's Beneish M-Score distribution charts can be found below:

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

PT Duta Pertiwi 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 Duta Pertiwi 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 * 2.0132

0.528 * 1.068

0.404 * 1.0602

0.892 * 1.0687

0.115 * 0.8826

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0405

4.679 * 0.059071

0.327 * 0.8555

-1.12

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp49,028 Mil.
Revenue was 892411.673 + 958946.423 + 998428.653 + 852530.256 = Rp3,702,317 Mil.
Gross Profit was 542255.631 + 532081.355 + 642410.352 + 513463.879 = Rp2,230,211 Mil.
Total Current Assets was Rp7,700,576 Mil.
Total Assets was Rp15,198,355 Mil.
Property, Plant and Equipment(Net PPE) was Rp227,233 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp17,123 Mil.
Selling, General, & Admin. Expense(SGA) was Rp581,094 Mil.
Total Current Liabilities was Rp3,015,527 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 158584.111 + 151232.425 + 402056.122 + 164975.818 = Rp876,848 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 58139.013 + 58162.199 + -144522.388 + 7288.928 = Rp-20,932 Mil.

Total Receivables was Rp22,786 Mil.
Revenue was 1052518.824 + 896167.483 + 864916.881 + 650578.674 = Rp3,464,182 Mil.
Gross Profit was 627604.112 + 612070.265 + 551143.006 + 437781.94 = Rp2,228,599 Mil.
Total Current Assets was Rp8,563,386 Mil.
Total Assets was Rp16,040,555 Mil.
Property, Plant and Equipment(Net PPE) was Rp239,753 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp15,805 Mil.
Selling, General, & Admin. Expense(SGA) was Rp522,532 Mil.
Total Current Liabilities was Rp3,718,305 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,708 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)
	=	(49028.336 / 3702317.005)	/	(22785.92 / 3464181.862)
	=	0.013243	/	0.006578
	=	2.0132

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)
	=	(2228599.323 / 3464181.862)	/	(2230211.217 / 3702317.005)
	=	0.643326	/	0.602383
	=	1.068

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 - (7700575.504 + 227233.279) / 15198354.957)	/	(1 - (8563385.688 + 239752.55) / 16040554.906)
	=	0.478377	/	0.451195
	=	1.0602

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
	=	3702317.005	/	3464181.862
	=	1.0687

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))
	=	(15804.96 / (15804.96 + 239752.55))	/	(17122.813 / (17122.813 + 227233.279))
	=	0.061845	/	0.070073
	=	0.8826

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)
	=	(581094.128 / 3702317.005)	/	(522531.506 / 3464181.862)
	=	0.156954	/	0.150838
	=	1.0405

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)
	=	((0 + 3015526.896) / 15198354.957)	/	((1707.568 + 3718304.776) / 16040554.906)
	=	0.198411	/	0.231913
	=	0.8555

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
	=	(876848.476 - 0	-	-20932.248)	/	15198354.957
	=	0.059071

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 Duta Pertiwi Tbk has a M-score of -1.12 signals that the company is likely to be a manipulator.

PT Duta Pertiwi Tbk Beneish M-Score Related Terms

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PT Duta Pertiwi Tbk (ISX:DUTI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Duta Pertiwi Tbk (ISX:DUTI) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan Mangga Dua Raya, ITC Mangga Dua, 7-8th Floor, Jakarta Utara, Jakarta, IDN, 14430

Website

http://www.dutapertiwi.com

PT Duta Pertiwi Tbk is a property development company. The company's portfolio consists of Township, Residential, Asset Management also Retail, and Hospitality. The company's projects include Grand Wisata, Bekasi; Kota Wisata, Cibubur; Taman Banjar Wijaya, Tangerang; Klaska Residences, Surabaya; Sinar Mas Land Plaza, Jakarta; and others. The company's segments include Real Estate, Property, and Hotels. The majority of the revenue is earned from the real estate segment.

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