PT Metropolitan Land Tbk (ISX:MTLA) Beneish M-Score : -2.00 (As of Jun. 02, 2024)

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

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

ISX:MTLA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.89 Med: -2.33 Max: -1.27
Current: -2

During the past 13 years, the highest Beneish M-Score of PT Metropolitan Land Tbk was -1.27. The lowest was -2.89. And the median was -2.33.

PT Metropolitan Land Tbk Beneish M-Score Historical Data

The historical data trend for PT Metropolitan Land 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 Metropolitan Land Tbk Beneish M-Score Chart

PT Metropolitan Land Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.33

-2.21

-2.84

-2.71

-2.38

PT Metropolitan Land 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															-2.80	-2.80	-2.89	-2.38	-2.00

Competitive Comparison of PT Metropolitan Land Tbk's Beneish M-Score

For the Real Estate Services subindustry, PT Metropolitan Land 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 Metropolitan Land Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Metropolitan Land Tbk's Beneish M-Score distribution charts can be found below:

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

PT Metropolitan Land 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 Metropolitan Land 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 * 1.3051

0.528 * 1.0001

0.404 * 1.0266

0.892 * 1.1986

0.115 * 1.4543

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2389

4.679 * 0.004511

0.327 * 1.0614

-2.00

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp176,722 Mil.
Revenue was 366467 + 420858 + 671162 + 290499 = Rp1,748,986 Mil.
Gross Profit was 207052 + 241714 + 318021 + 146665 = Rp913,452 Mil.
Total Current Assets was Rp3,996,567 Mil.
Total Assets was Rp7,303,653 Mil.
Property, Plant and Equipment(Net PPE) was Rp802,586 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,086 Mil.
Selling, General, & Admin. Expense(SGA) was Rp174,885 Mil.
Total Current Liabilities was Rp1,558,371 Mil.
Long-Term Debt & Capital Lease Obligation was Rp446,984 Mil.
Net Income was 69773 + 116907 + 165815 + 66712 = Rp419,207 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 5026 + 260653 + 41763 + 78818 = Rp386,260 Mil.

Total Receivables was Rp112,978 Mil.
Revenue was 322477 + 389950 + 506072 + 240704 = Rp1,459,203 Mil.
Gross Profit was 177399 + 216722 + 241606 + 126491 = Rp762,218 Mil.
Total Current Assets was Rp3,690,875 Mil.
Total Assets was Rp6,700,293 Mil.
Property, Plant and Equipment(Net PPE) was Rp771,443 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp8,537 Mil.
Selling, General, & Admin. Expense(SGA) was Rp117,770 Mil.
Total Current Liabilities was Rp1,273,816 Mil.
Long-Term Debt & Capital Lease Obligation was Rp459,439 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)
	=	(176722 / 1748986)	/	(112978 / 1459203)
	=	0.101043	/	0.077424
	=	1.3051

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)
	=	(762218 / 1459203)	/	(913452 / 1748986)
	=	0.522352	/	0.522275
	=	1.0001

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 - (3996567 + 802586) / 7303653)	/	(1 - (3690875 + 771443) / 6700293)
	=	0.342911	/	0.334012
	=	1.0266

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
	=	1748986	/	1459203
	=	1.1986

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))
	=	(8537 / (8537 + 771443))	/	(6086 / (6086 + 802586))
	=	0.010945	/	0.007526
	=	1.4543

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)
	=	(174885 / 1748986)	/	(117770 / 1459203)
	=	0.099992	/	0.080708
	=	1.2389

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)
	=	((446984 + 1558371) / 7303653)	/	((459439 + 1273816) / 6700293)
	=	0.274569	/	0.258683
	=	1.0614

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
	=	(419207 - 0	-	386260)	/	7303653
	=	0.004511

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 Metropolitan Land Tbk has a M-score of -2.00 suggests that the company is unlikely to be a manipulator.

PT Metropolitan Land Tbk Beneish M-Score Related Terms

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PT Metropolitan Land Tbk (ISX:MTLA) Business Description

Industry

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Comparable Companies

Traded in Other Exchanges

N/A

Address

M Gold Tower Lantai 15, Jl. Kh Noer Ali, Kalimalang, Bekasi, IDN, 17148

Website

https://www.metropolitanland.com

PT Metropolitan Land Tbk together with its subsidiaries is engaged in the development of housing and construction of buildings and providing other related services. Its business activities comprise of land acquisition, real estate development, leasing, hotel construction and operation, the sale of land and buildings including residential houses and shop houses, and investing in its subsidiaries. Its reportable segments are real estate, shopping centers, hotels, others, and partnership projects. The majority of its revenue is generated from real estate segment.

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