PT Golden Energy Mines Tbk (ISX:GEMS) Beneish M-Score : -1.54 (As of May. 13, 2024)

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What is PT Golden Energy Mines 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 -1.54 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:GEMS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.06 Med: -2.57 Max: -0.69
Current: -1.54

During the past 13 years, the highest Beneish M-Score of PT Golden Energy Mines Tbk was -0.69. The lowest was -3.06. And the median was -2.57.

PT Golden Energy Mines Tbk Beneish M-Score Historical Data

The historical data trend for PT Golden Energy Mines 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 Golden Energy Mines Tbk Beneish M-Score Chart

PT Golden Energy Mines Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.63

-2.86

-2.51

-1.92

-1.54

PT Golden Energy Mines 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															-1.92	-1.82	-1.88	-1.70	-1.54

Competitive Comparison of PT Golden Energy Mines Tbk's Beneish M-Score

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

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

* The bar in red indicates where PT Golden Energy Mines Tbk's Beneish M-Score falls into.

PT Golden Energy Mines 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 Golden Energy Mines 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 * 1.4739

0.528 * 1.1414

0.404 * 0.9878

0.892 * 1.0031

0.115 * 1.0702

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1439

4.679 * 0.094644

0.327 * 0.983

-1.54

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp4,502,164 Mil.
Revenue was 13055203.129 + 9494582.203 + 9087215.426 + 12632206.795 = Rp44,269,208 Mil.
Gross Profit was 4920599.929 + 2914307.362 + 3598126.558 + 6020255.391 = Rp17,453,289 Mil.
Total Current Assets was Rp12,979,865 Mil.
Total Assets was Rp20,226,430 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,609,371 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp162,123 Mil.
Selling, General, & Admin. Expense(SGA) was Rp5,568,469 Mil.
Total Current Liabilities was Rp9,486,663 Mil.
Long-Term Debt & Capital Lease Obligation was Rp6,613 Mil.
Net Income was 2035697.273 + 820409.234 + 1569105.337 + 3450134.203 = Rp7,875,346 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 2320184.005 + 789559.077 + 442575.878 + 2408716.687 = Rp5,961,036 Mil.

Total Receivables was Rp3,045,162 Mil.
Revenue was 13458730.476 + 11125807.519 + 11812823.037 + 7735883.44 = Rp44,133,244 Mil.
Gross Profit was 6021516.879 + 4813262.445 + 5547186.228 + 3478330.119 = Rp19,860,296 Mil.
Total Current Assets was Rp11,394,287 Mil.
Total Assets was Rp17,761,681 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,911,977 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp152,246 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,852,955 Mil.
Total Current Liabilities was Rp7,444,843 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,035,950 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)
	=	(4502163.635 / 44269207.553)	/	(3045162.163 / 44133244.472)
	=	0.1017	/	0.068999
	=	1.4739

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)
	=	(19860295.671 / 44133244.472)	/	(17453289.24 / 44269207.553)
	=	0.450008	/	0.394253
	=	1.1414

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 - (12979865.172 + 5609371.074) / 20226430.103)	/	(1 - (11394286.811 + 4911977.121) / 17761681.456)
	=	0.080943	/	0.081941
	=	0.9878

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
	=	44269207.553	/	44133244.472
	=	1.0031

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))
	=	(152245.605 / (152245.605 + 4911977.121))	/	(162122.836 / (162122.836 + 5609371.074))
	=	0.030063	/	0.02809
	=	1.0702

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)
	=	(5568468.999 / 44269207.553)	/	(4852955.194 / 44133244.472)
	=	0.125787	/	0.109961
	=	1.1439

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)
	=	((6613.461 + 9486662.854) / 20226430.103)	/	((1035950.082 + 7444843.138) / 17761681.456)
	=	0.46935	/	0.477477
	=	0.983

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
	=	(7875346.047 - 0	-	5961035.647)	/	20226430.103
	=	0.094644

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 Golden Energy Mines Tbk has a M-score of -1.54 signals that the company is likely to be a manipulator.

PT Golden Energy Mines Tbk Beneish M-Score Related Terms

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PT Golden Energy Mines Tbk (ISX:GEMS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » PT Golden Energy Mines Tbk (ISX:GEMS) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Jalan MH Thamrin No. 51, Sinar Mas Land Plaza, Tower II, 6th Floor, Jakarta Pusat, Jakarta, IDN, 10350

Website

https://www.goldenenergymines.com

PT Golden Energy Mines Tbk is engaged in the mining and coal trading business. The company is structured in two segments namely, Coal Mining Segment and Coal Trading Segment. Its principal activities include the exploration, mining, processing, and marketing of thermal coal. The company operates in three concession areas: South Kalimantan, Jambi and Central Kalimantan. Most of its revenue is derived from Indonesia.

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