PT Indo Tambangraya Megah Tbk (ISX:ITMG) Beneish M-Score : -1.32 (As of May. 11, 2024)

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What is PT Indo Tambangraya Megah 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 -1.32 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:ITMG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.41 Med: -2.37 Max: -1.32
Current: -1.32

During the past 13 years, the highest Beneish M-Score of PT Indo Tambangraya Megah Tbk was -1.32. The lowest was -3.41. And the median was -2.37.

PT Indo Tambangraya Megah Tbk Beneish M-Score Historical Data

The historical data trend for PT Indo Tambangraya Megah 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 Indo Tambangraya Megah Tbk Beneish M-Score Chart

PT Indo Tambangraya Megah Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.21

-3.41

-2.36

-2.29

-1.32

PT Indo Tambangraya Megah 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															-2.29	-2.68	-2.67	-2.73	-1.32

Competitive Comparison of PT Indo Tambangraya Megah Tbk's Beneish M-Score

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

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

* The bar in red indicates where PT Indo Tambangraya Megah Tbk's Beneish M-Score falls into.

PT Indo Tambangraya Megah 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 Indo Tambangraya Megah 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 * 1.1285

0.528 * 1.6672

0.404 * 1.6037

0.892 * 0.6572

0.115 * 1.0955

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8563

4.679 * 0.125941

0.327 * 0.6084

-1.32

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp3,400,259 Mil.
Revenue was 8442614.737 + 8189544.483 + 9220000.21 + 10326303.391 = Rp36,178,463 Mil.
Gross Profit was 2013513.659 + 2386097.401 + 2874925.058 + 4020291.54 = Rp11,294,828 Mil.
Total Current Assets was Rp19,730,498 Mil.
Total Assets was Rp33,727,834 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,804,030 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp288,356 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,397,638 Mil.
Total Current Liabilities was Rp4,536,218 Mil.
Long-Term Debt & Capital Lease Obligation was Rp117,501 Mil.
Net Income was 1456826.741 + 1535241.685 + 1866710.342 + 2752070.273 = Rp7,610,849 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -155408.624 + 1215452.715 + -422636.372 + 2725726.817 = Rp3,363,135 Mil.

Total Receivables was Rp4,584,552 Mil.
Revenue was 16042093.043 + 18218587 + 11605322.12 + 9182407.535 = Rp55,048,410 Mil.
Gross Profit was 7648795.712 + 10047890.807 + 6129688.444 + 4826018.206 = Rp28,652,393 Mil.
Total Current Assets was Rp30,023,345 Mil.
Total Assets was Rp41,532,657 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,914,721 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp331,627 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,483,567 Mil.
Total Current Liabilities was Rp9,212,285 Mil.
Long-Term Debt & Capital Lease Obligation was Rp207,382 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)
	=	(3400259.297 / 36178462.821)	/	(4584551.831 / 55048409.698)
	=	0.093986	/	0.083282
	=	1.1285

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)
	=	(28652393.169 / 55048409.698)	/	(11294827.658 / 36178462.821)
	=	0.520494	/	0.312198
	=	1.6672

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 - (19730497.613 + 2804030.357) / 33727833.729)	/	(1 - (30023344.822 + 2914720.609) / 41532656.795)
	=	0.331871	/	0.206936
	=	1.6037

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
	=	36178462.821	/	55048409.698
	=	0.6572

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))
	=	(331626.861 / (331626.861 + 2914720.609))	/	(288356.42 / (288356.42 + 2804030.357))
	=	0.102154	/	0.093247
	=	1.0955

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)
	=	(1397637.829 / 36178462.821)	/	(2483566.56 / 55048409.698)
	=	0.038632	/	0.045116
	=	0.8563

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)
	=	((117500.698 + 4536217.563) / 33727833.729)	/	((207381.935 + 9212285.291) / 41532656.795)
	=	0.137979	/	0.226801
	=	0.6084

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
	=	(7610849.041 - 0	-	3363134.536)	/	33727833.729
	=	0.125941

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 Indo Tambangraya Megah Tbk has a M-score of -1.32 signals that the company is likely to be a manipulator.

PT Indo Tambangraya Megah Tbk Beneish M-Score Related Terms

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PT Indo Tambangraya Megah Tbk (ISX:ITMG) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » PT Indo Tambangraya Megah Tbk (ISX:ITMG) » Definitions » Beneish M-Score

Traded in Other Exchanges

PTIZF:USA ITAYY:USA 3IB:Germany

Address

Jalan Sultan Iskandar Muda, Pondok Indah Office Tower III, 3rd Floor, Kav V-TA, Jakarta, IDN, 12310

Website

https://www.itmg.co.id

PT Indo Tambangraya Megah Tbk is an Indonesia-based coal mining company. It operates in three segments: Upstream business, which includes coal mining, blending, and sales; Energy supply chain management segment includes fuel distribution, sales, and logistics, as well as empowerment of internal mining contractors; and Downstream segment includes the development of power plants and renewable energy ventures. The company's geographical segments include Taiwan, China, Hong Kong, and Korea; Domestic; South East Asia (excluding Indonesia), India, and Pakistan; Japan; Europe; and Australia & Oceania.

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