PT Mark Dynamics Indonesia Tbk (ISX:MARK) Beneish M-Score : -1.79 (As of May. 11, 2024)

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What is PT Mark Dynamics Indonesia 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 -1.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MARK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.11 Max: -1.15
Current: -1.79

During the past 10 years, the highest Beneish M-Score of PT Mark Dynamics Indonesia Tbk was -1.15. The lowest was -3.21. And the median was -2.11.

PT Mark Dynamics Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Mark Dynamics Indonesia 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 Mark Dynamics Indonesia Tbk Beneish M-Score Chart

PT Mark Dynamics Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.11

-2.76

-1.55

-2.22

-1.26

PT Mark Dynamics Indonesia 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															-2.93	-2.14	-1.15	-1.26	-1.79

Competitive Comparison of PT Mark Dynamics Indonesia Tbk's Beneish M-Score

For the Medical Instruments & Supplies subindustry, PT Mark Dynamics Indonesia 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 Mark Dynamics Indonesia Tbk's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, PT Mark Dynamics Indonesia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Mark Dynamics Indonesia Tbk's Beneish M-Score falls into.

PT Mark Dynamics Indonesia 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 Mark Dynamics Indonesia 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 * 1.3484

0.528 * 0.8705

0.404 * 3.2635

0.892 * 1.0827

0.115 * 0.8278

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.9375

4.679 * -0.080609

0.327 * 0.981

-1.79

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp198,632 Mil.
Revenue was 211991.932 + 158393.32 + 138459.571 + 132606.733 = Rp641,452 Mil.
Gross Profit was 114587.451 + 83520.996 + 59422.825 + 61680.954 = Rp319,212 Mil.
Total Current Assets was Rp518,160 Mil.
Total Assets was Rp1,043,123 Mil.
Property, Plant and Equipment(Net PPE) was Rp510,637 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,218 Mil.
Selling, General, & Admin. Expense(SGA) was Rp29,099 Mil.
Total Current Liabilities was Rp99,692 Mil.
Long-Term Debt & Capital Lease Obligation was Rp19,901 Mil.
Net Income was 72229.905 + 57521.637 + 34024.418 + 33967.889 = Rp197,744 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 77772.416 + 40231.629 + 88358.011 + 75466.772 = Rp281,829 Mil.

Total Receivables was Rp136,057 Mil.
Revenue was 130009.353 + 87581.566 + 107959.545 + 266890.158 = Rp592,441 Mil.
Gross Profit was 59073.418 + 30602.222 + 33354.195 + 133617.561 = Rp256,647 Mil.
Total Current Assets was Rp436,573 Mil.
Total Assets was Rp998,360 Mil.
Property, Plant and Equipment(Net PPE) was Rp557,586 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp9,204 Mil.
Selling, General, & Admin. Expense(SGA) was Rp13,871 Mil.
Total Current Liabilities was Rp81,757 Mil.
Long-Term Debt & Capital Lease Obligation was Rp34,924 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)
	=	(198631.59 / 641451.556)	/	(136056.523 / 592440.622)
	=	0.30966	/	0.229654
	=	1.3484

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)
	=	(256647.396 / 592440.622)	/	(319212.226 / 641451.556)
	=	0.433204	/	0.49764
	=	0.8705

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 - (518160.386 + 510637.1) / 1043122.651)	/	(1 - (436573.136 + 557586.196) / 998360.38)
	=	0.013733	/	0.004208
	=	3.2635

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
	=	641451.556	/	592440.622
	=	1.0827

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))
	=	(9204.256 / (9204.256 + 557586.196))	/	(10217.919 / (10217.919 + 510637.1))
	=	0.016239	/	0.019618
	=	0.8278

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)
	=	(29098.521 / 641451.556)	/	(13871.388 / 592440.622)
	=	0.045364	/	0.023414
	=	1.9375

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)
	=	((19901.223 + 99692.137) / 1043122.651)	/	((34923.783 + 81756.738) / 998360.38)
	=	0.114649	/	0.116872
	=	0.981

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
	=	(197743.849 - 0	-	281828.828)	/	1043122.651
	=	-0.080609

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 Mark Dynamics Indonesia Tbk has a M-score of -1.79 suggests that the company is unlikely to be a manipulator.

PT Mark Dynamics Indonesia Tbk Beneish M-Score Related Terms

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PT Mark Dynamics Indonesia Tbk (ISX:MARK) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » PT Mark Dynamics Indonesia Tbk (ISX:MARK) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Raya Medan Lubuk Pakam Km. 19,5, Jalan Pelita Barat No. 2, Deli Serdang, Kawas Insdustri Medan Star, Tanjung Morawa, North Sumatera, Medan, IDN, 20362

Website

http://www.markdynamicsindo.com

PT Mark Dynamics Indonesia Tbk is a manufacturer of hand former or glove molds in Indonesia. The company's products include examination formers, surgical formers, household formers, custom-made formers, and industrial formers for export purposes. The products of the company are mainly exported to nitrile and latex glove manufacturers in Malaysia, Thailand, China, and the United States. The company also distributes its products in Indonesia.