PT Sumber Energi Andalan Tbk (ISX:ITMA) Beneish M-Score : -2.48 (As of May. 25, 2024)

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What is PT Sumber Energi Andalan 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ITMA' s Beneish M-Score Range Over the Past 10 Years
Min: -16.1 Med: -2.48 Max: 5.89
Current: -2.48

During the past 13 years, the highest Beneish M-Score of PT Sumber Energi Andalan Tbk was 5.89. The lowest was -16.10. And the median was -2.48.

PT Sumber Energi Andalan Tbk Beneish M-Score Historical Data

The historical data trend for PT Sumber Energi Andalan 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 Sumber Energi Andalan Tbk Beneish M-Score Chart

PT Sumber Energi Andalan Tbk Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.42

-4.57

-12.05

-1.63

-2.49

PT Sumber Energi Andalan Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-1.84	-2.47	-1.87	-2.49	-2.48

Competitive Comparison of PT Sumber Energi Andalan Tbk's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, PT Sumber Energi Andalan 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 Sumber Energi Andalan Tbk's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, PT Sumber Energi Andalan Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Sumber Energi Andalan Tbk's Beneish M-Score falls into.

PT Sumber Energi Andalan 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 Sumber Energi Andalan 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 * 0.7079

0.528 * 0.9053

0.404 * 1.0003

0.892 * 1.3013

0.115 * 0.507

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.064

4.679 * 0.009344

0.327 * 0.7696

-2.48

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp139 Mil.
Revenue was 847.88 + 986.624 + 1024.716 + 1021.768 = Rp3,881 Mil.
Gross Profit was 847.88 + 986.624 + 1009.19 + 991.716 = Rp3,835 Mil.
Total Current Assets was Rp5,195 Mil.
Total Assets was Rp3,523,156 Mil.
Property, Plant and Equipment(Net PPE) was Rp0 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp-105 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,328 Mil.
Total Current Liabilities was Rp34,809 Mil.
Long-Term Debt & Capital Lease Obligation was Rp99,294 Mil.
Net Income was 8247.556 + 13041.93 + 11054.51 + 7888.651 = Rp40,233 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 11639.075 + -878.712 + -1133.398 + -2314.004 = Rp7,313 Mil.

Total Receivables was Rp151 Mil.
Revenue was 722.976 + 755.089 + 747.103 + 757.248 = Rp2,982 Mil.
Gross Profit was 722.976 + 644.972 + 899.573 + 400.896 = Rp2,668 Mil.
Total Current Assets was Rp5,407 Mil.
Total Assets was Rp3,320,842 Mil.
Property, Plant and Equipment(Net PPE) was Rp452 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp465 Mil.
Selling, General, & Admin. Expense(SGA) was Rp959 Mil.
Total Current Liabilities was Rp41,782 Mil.
Long-Term Debt & Capital Lease Obligation was Rp122,469 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)
	=	(138.744 / 3880.988)	/	(150.62 / 2982.416)
	=	0.03575	/	0.050503
	=	0.7079

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)
	=	(2668.417 / 2982.416)	/	(3835.41 / 3880.988)
	=	0.894717	/	0.988256
	=	0.9053

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 - (5195.19 + 0) / 3523155.592)	/	(1 - (5407.262 + 451.86) / 3320841.906)
	=	0.998525	/	0.998236
	=	1.0003

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
	=	3880.988	/	2982.416
	=	1.3013

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))
	=	(464.619 / (464.619 + 451.86))	/	(-105.182 / (-105.182 + 0))
	=	0.506961	/	1
	=	0.507

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)
	=	(1327.996 / 3880.988)	/	(959.108 / 2982.416)
	=	0.34218	/	0.321588
	=	1.064

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)
	=	((99294.41 + 34809.312) / 3523155.592)	/	((122469.206 + 41782.017) / 3320841.906)
	=	0.038064	/	0.049461
	=	0.7696

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
	=	(40232.647 - 0	-	7312.961)	/	3523155.592
	=	0.009344

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 Sumber Energi Andalan Tbk has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

PT Sumber Energi Andalan Tbk Beneish M-Score Related Terms

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PT Sumber Energi Andalan Tbk (ISX:ITMA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » PT Sumber Energi Andalan Tbk (ISX:ITMA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Mega Kuningan Barat III, Lot.10 1-6, Sopo Del Office & Lifestyle Tower B, Lantai 21, Kawasan Mega Kuningan, Jakarta Selatan, Jakarta, IDN, 12950

Website

https://www.energi-andalan.co.id

PT Sumber Energi Andalan Tbk is an Indonesia-based company mainly engaged in trading, export-import, consultation service, and contracting in the mining and energy sector. It also provides integrated construction services including planning, procurement, and execution/construction works in power generation and other energy-related segments. The company generates the majority of its revenue from the service of the mining segment.

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