PT Malindo Feedmill Tbk (ISX:MAIN) Beneish M-Score : -2.75 (As of May. 25, 2024)

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What is PT Malindo Feedmill 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MAIN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.95 Med: -2.5 Max: -1.13
Current: -2.75

During the past 13 years, the highest Beneish M-Score of PT Malindo Feedmill Tbk was -1.13. The lowest was -2.95. And the median was -2.50.

PT Malindo Feedmill Tbk Beneish M-Score Historical Data

The historical data trend for PT Malindo Feedmill 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 Malindo Feedmill Tbk Beneish M-Score Chart

PT Malindo Feedmill Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.30

-2.76

-1.67

-2.95

-2.51

PT Malindo Feedmill 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															-2.59	-2.71	-2.77	-2.51	-2.75

Competitive Comparison of PT Malindo Feedmill Tbk's Beneish M-Score

For the Packaged Foods subindustry, PT Malindo Feedmill 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 Malindo Feedmill Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Malindo Feedmill Tbk's Beneish M-Score distribution charts can be found below:

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

PT Malindo Feedmill 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 Malindo Feedmill 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 * 1.2387

0.528 * 0.4977

0.404 * 0.3353

0.892 * 1.145

0.115 * 1.3419

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9017

4.679 * -0.040847

0.327 * 0.861

-2.75

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp757,343 Mil.
Revenue was 3247364.113 + 3087721.626 + 3319426.379 + 2971627.248 = Rp12,626,139 Mil.
Gross Profit was 385565.17 + 202273.447 + 404051.384 + 279088.184 = Rp1,270,978 Mil.
Total Current Assets was Rp3,014,363 Mil.
Total Assets was Rp5,705,236 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,356,266 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp17,195 Mil.
Selling, General, & Admin. Expense(SGA) was Rp289,852 Mil.
Total Current Liabilities was Rp2,376,785 Mil.
Long-Term Debt & Capital Lease Obligation was Rp485,685 Mil.
Net Income was 87653.203 + 17559.373 + 176418.612 + 42257.632 = Rp323,889 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 80353.395 + -12401.447 + 545620.151 + -56640.526 = Rp556,932 Mil.

Total Receivables was Rp533,952 Mil.
Revenue was 2679247.832 + 2730745.564 + 2862022.73 + 2754873.188 = Rp11,026,889 Mil.
Gross Profit was 62445.202 + 158081.956 + 199887.433 + 132039.251 = Rp552,454 Mil.
Total Current Assets was Rp2,767,730 Mil.
Total Assets was Rp5,565,785 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,824,603 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp17,912 Mil.
Selling, General, & Admin. Expense(SGA) was Rp280,721 Mil.
Total Current Liabilities was Rp2,556,308 Mil.
Long-Term Debt & Capital Lease Obligation was Rp686,848 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)
	=	(757342.703 / 12626139.366)	/	(533952.26 / 11026889.314)
	=	0.059982	/	0.048423
	=	1.2387

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)
	=	(552453.842 / 11026889.314)	/	(1270978.185 / 12626139.366)
	=	0.050101	/	0.100662
	=	0.4977

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 - (3014362.801 + 2356266.278) / 5705235.987)	/	(1 - (2767730.215 + 1824603.148) / 5565784.828)
	=	0.058649	/	0.174899
	=	0.3353

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
	=	12626139.366	/	11026889.314
	=	1.145

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))
	=	(17912.11 / (17912.11 + 1824603.148))	/	(17195.419 / (17195.419 + 2356266.278))
	=	0.009722	/	0.007245
	=	1.3419

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)
	=	(289851.908 / 12626139.366)	/	(280721.103 / 11026889.314)
	=	0.022956	/	0.025458
	=	0.9017

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)
	=	((485685.372 + 2376784.761) / 5705235.987)	/	((686847.744 + 2556308.427) / 5565784.828)
	=	0.501727	/	0.582695
	=	0.861

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
	=	(323888.82 - 0	-	556931.573)	/	5705235.987
	=	-0.040847

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 Malindo Feedmill Tbk has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.

PT Malindo Feedmill Tbk Beneish M-Score Related Terms

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PT Malindo Feedmill Tbk (ISX:MAIN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Malindo Feedmill Tbk (ISX:MAIN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan RS. Fatmawati No. 15, Komplek Golden Plaza Blok G No.17-22, Jakarta Selatan, Jakarta, IDN, 12420

Website

https://www.malindofeedmill.com

PT Malindo Feedmill Tbk is an Indonesia-based company engaged in the poultry feeds industry and day-old chicken farm. The company's chief business segments are the Feedmill segment, the Breeder segment, the Broiler segment, and the Food Processing segment. It generates the majority of the revenue from the Feedmill segment in which the company produces animal feed such as breeder feed, chicken broiler feed, chicken layer feed, swine feed, and other animal feed products. The company produces and markets Parent Stock and Day Old Chick in the Chicken breeding segment.