PTnurhasta Mitra Tbk Beneish M-Score Historical Data
The historical data trend for PTnurhasta Mitra 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.
PTnurhasta Mitra Tbk Beneish M-Score Chart
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PTnurhasta Mitra Tbk Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.52 |
-2.62 |
-2.80 |
-1.29 |
-3.11 |
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PTnurhasta Mitra Tbk Quarterly Data
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Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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-1.79 |
-1.63 |
-0.29 |
-3.11 |
-2.67 |
Competitive Comparison of PTnurhasta Mitra Tbk's Beneish M-Score
For the Lodging subindustry, PTnurhasta Mitra 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.
PTnurhasta Mitra Tbk's Beneish M-Score Distribution in the Travel & Leisure Industry
For the Travel & Leisure industry and Consumer Cyclical sector, PTnurhasta Mitra Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PTnurhasta Mitra Tbk's Beneish M-Score falls into.
PTnurhasta Mitra 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 PTnurhasta Mitra Tbk for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.9703 | + | 0.528 * 1.0347 | + | 0.404 * 1.0187 | + | 0.892 * 0.9711 | + | 0.115 * 0.9634 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9801 | + | 4.679 * -0.021415 | - | 0.327 * 1.1846 |
| = | -2.67 |
* 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.
| This Year (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was Rp128 Mil.
Revenue was 1348.296 + 2424.148 + 3987.517 + 2893.03 = Rp10,653 Mil.
Gross Profit was 659.08 + 1712.276 + 2741.001 + 1883.987 = Rp6,996 Mil.
Total Current Assets was Rp25,332 Mil.
Total Assets was Rp104,893 Mil.
Property, Plant and Equipment(Net PPE) was Rp11,203 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,088 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,652 Mil.
Total Current Liabilities was Rp3,830 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,219 Mil.
Net Income was -1279.603 + -1744.475 + 147.131 + -420.354 = Rp-3,297 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -40.904 + -1552.302 + 467.426 + 74.745 = Rp-1,051 Mil.
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Total Receivables was Rp136 Mil.
Revenue was 2369.852 + 3143.524 + 3575.89 + 1880.454 = Rp10,970 Mil.
Gross Profit was 1421.523 + 2300.99 + 2387.232 + 1344.555 = Rp7,454 Mil.
Total Current Assets was Rp25,363 Mil.
Total Assets was Rp106,920 Mil.
Property, Plant and Equipment(Net PPE) was Rp13,154 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,345 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,888 Mil.
Total Current Liabilities was Rp2,476 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,449 Mil.
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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) |
| = | (127.793 / 10652.991) | / | (135.622 / 10969.72) |
| = | 0.011996 | / | 0.012363 |
| | = | 0.9703 |
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) |
| = | (7454.3 / 10969.72) | / | (6996.344 / 10652.991) |
| = | 0.679534 | / | 0.656749 |
| | = | 1.0347 |
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 - (25331.716 + 11203.304) / 104892.864) | / | (1 - (25363.15 + 13154.161) / 106919.856) |
| = | 0.651692 | / | 0.639755 |
| | = | 1.0187 |
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 |
| = | 10652.991 | / | 10969.72 |
| | = | 0.9711 |
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)) |
| = | (2345.461 / (2345.461 + 13154.161)) | / | (2087.52 / (2087.52 + 11203.304)) |
| = | 0.151324 | / | 0.157065 |
| | = | 0.9634 |
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) |
| = | (4652.236 / 10652.991) | / | (4887.805 / 10969.72) |
| = | 0.436707 | / | 0.445572 |
| | = | 0.9801 |
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) |
| = | ((4218.858 + 3829.55) / 104892.864) | / | ((4449.202 + 2476.059) / 106919.856) |
| = | 0.07673 | / | 0.064771 |
| | = | 1.1846 |
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 |
| = | (-3297.301 - 0 | - | -1051.035) | / | 104892.864 |
| | = | -0.021415 |
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.
PTnurhasta Mitra Tbk has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.
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