PT Multistrada Arahrana Tbk (ISX:MASA) Beneish M-Score : -2.88 (As of May. 13, 2024)

View and export this data going back to 2005. Start your Free Trial

What is PT Multistrada Arahrana 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MASA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.75 Med: -2.57 Max: 1.43
Current: -2.88

During the past 13 years, the highest Beneish M-Score of PT Multistrada Arahrana Tbk was 1.43. The lowest was -3.75. And the median was -2.57.

PT Multistrada Arahrana Tbk Beneish M-Score Historical Data

The historical data trend for PT Multistrada Arahrana 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.

* Premium members only.

PT Multistrada Arahrana Tbk Beneish M-Score Chart

PT Multistrada Arahrana Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-0.88

-2.73

-2.31

-3.18

-2.63

PT Multistrada Arahrana 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															-3.11	-2.69	-2.40	-2.63	-2.88

Competitive Comparison of PT Multistrada Arahrana Tbk's Beneish M-Score

For the Auto Parts subindustry, PT Multistrada Arahrana 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 Multistrada Arahrana Tbk's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, PT Multistrada Arahrana Tbk's Beneish M-Score distribution charts can be found below:

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

PT Multistrada Arahrana 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 Multistrada Arahrana 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 * 1.0919

0.528 * 0.7066

0.404 * 0.6342

0.892 * 1.1847

0.115 * 1.2989

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.0959

4.679 * -0.058977

0.327 * 0.7432

-2.88

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp2,153,815 Mil.
Revenue was 1841332.435 + 1700476.508 + 2186044.923 + 1912629.806 = Rp7,640,484 Mil.
Gross Profit was 804915.235 + 758867.664 + 910428.968 + 738347.711 = Rp3,212,560 Mil.
Total Current Assets was Rp3,624,886 Mil.
Total Assets was Rp7,758,438 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,870,987 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp31,531 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,552,733 Mil.
Total Current Liabilities was Rp1,450,583 Mil.
Long-Term Debt & Capital Lease Obligation was Rp14,399 Mil.
Net Income was 205957.665 + 74012.182 + 372422.102 + 427339.511 = Rp1,079,731 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -129540.588 + 857098.371 + 460625.294 + 349114.142 = Rp1,537,297 Mil.

Total Receivables was Rp1,664,924 Mil.
Revenue was 1664306.952 + 1343648.682 + 1589956.5 + 1851234.835 = Rp6,449,147 Mil.
Gross Profit was 583170.915 + 417312.294 + 305107.59 + 610446.168 = Rp1,916,037 Mil.
Total Current Assets was Rp2,966,101 Mil.
Total Assets was Rp7,231,497 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,879,522 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp41,147 Mil.
Selling, General, & Admin. Expense(SGA) was Rp625,327 Mil.
Total Current Liabilities was Rp1,836,737 Mil.
Long-Term Debt & Capital Lease Obligation was Rp497 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)
	=	(2153814.61 / 7640483.672)	/	(1664924.494 / 6449146.969)
	=	0.281895	/	0.258162
	=	1.0919

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)
	=	(1916036.967 / 6449146.969)	/	(3212559.578 / 7640483.672)
	=	0.297099	/	0.420465
	=	0.7066

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 - (3624885.729 + 3870986.639) / 7758437.558)	/	(1 - (2966101.44 + 3879521.992) / 7231497.073)
	=	0.033843	/	0.05336
	=	0.6342

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
	=	7640483.672	/	6449146.969
	=	1.1847

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))
	=	(41146.756 / (41146.756 + 3879521.992))	/	(31531 / (31531 + 3870986.639))
	=	0.010495	/	0.00808
	=	1.2989

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)
	=	(1552733.152 / 7640483.672)	/	(625327.254 / 6449146.969)
	=	0.203224	/	0.096963
	=	2.0959

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)
	=	((14398.537 + 1450583.264) / 7758437.558)	/	((497.046 + 1836736.846) / 7231497.073)
	=	0.188824	/	0.25406
	=	0.7432

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
	=	(1079731.46 - 0	-	1537297.219)	/	7758437.558
	=	-0.058977

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 Multistrada Arahrana Tbk has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.

PT Multistrada Arahrana Tbk Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PT Multistrada Arahrana Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PT Multistrada Arahrana Tbk (ISX:MASA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » PT Multistrada Arah Sarana Tbk (ISX:MASA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

QGH:Germany

Address

Jalan Raya Lemahabang Km. 58.3, Desa Karangsari, Cikarang Timur, Jawa Barat, Bekasi, IDN, 17550

Website

https://www.multistrada.co.id

PT Multistrada Arah Sarana Tbk is an Indonesian tire manufacturing company. It has developed two brands of vehicle tire products, which are Achilles and Corsa. Achilles is a brand of car tire that is able to be used by Passenger Car type, Sports Utility Vehicle (SUV) and Light Truck with Steel Belted Tubeless type. Corsa is a brand of tire for two-wheeled vehicles.

PT Multistrada Arahrana Tbk (ISX:MASA) Headlines

No Headlines