PT Pembangunan Perumahan (Persero) Tbk (ISX:PTPP) Beneish M-Score : -2.37 (As of May. 13, 2024)

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What is PT Pembangunan Perumahan (Persero) 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 -2.37 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Pembangunan Perumahan (Persero) Tbk's Beneish M-Score or its related term are showing as below:

ISX:PTPP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.94 Med: -2.26 Max: -1.64
Current: -2.37

During the past 13 years, the highest Beneish M-Score of PT Pembangunan Perumahan (Persero) Tbk was -1.64. The lowest was -3.94. And the median was -2.26.

PT Pembangunan Perumahan (Persero) Tbk Beneish M-Score Historical Data

The historical data trend for PT Pembangunan Perumahan (Persero) 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 Pembangunan Perumahan (Persero) Tbk Beneish M-Score Chart

PT Pembangunan Perumahan (Persero) Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.28

-2.63

-2.36

-2.35

-2.33

PT Pembangunan Perumahan (Persero) 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															-2.44	-2.53	-2.56	-2.33	-2.37

Competitive Comparison of PT Pembangunan Perumahan (Persero) Tbk's Beneish M-Score

For the Engineering & Construction subindustry, PT Pembangunan Perumahan (Persero) 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 Pembangunan Perumahan (Persero) Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Pembangunan Perumahan (Persero) Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Pembangunan Perumahan (Persero) Tbk's Beneish M-Score falls into.

PT Pembangunan Perumahan (Persero) 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 Pembangunan Perumahan (Persero) 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 * 0.8907

0.528 * 1.2233

0.404 * 1.0703

0.892 * 1.0651

0.115 * 1.2579

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0232

4.679 * -0.002842

0.327 * 1.0131

-2.37

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp13,975,659 Mil.
Revenue was 4611622.582 + 7767932.516 + 4178765.66 + 3683470.385 = Rp20,241,791 Mil.
Gross Profit was 528134.92 + 662315.559 + 573931.069 + 582270.202 = Rp2,346,652 Mil.
Total Current Assets was Rp31,237,283 Mil.
Total Assets was Rp56,645,983 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,447,186 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,350 Mil.
Selling, General, & Admin. Expense(SGA) was Rp321,731 Mil.
Total Current Liabilities was Rp27,108,153 Mil.
Long-Term Debt & Capital Lease Obligation was Rp12,365,341 Mil.
Net Income was 94600.837 + 241636.633 + 143309.671 + 62197.99 = Rp541,745 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -840011.715 + 2019362.994 + 353763.179 + -830392.705 = Rp702,722 Mil.

Total Receivables was Rp14,732,709 Mil.
Revenue was 4363757.011 + 5460152.706 + 4438210.739 + 4742957.647 = Rp19,005,078 Mil.
Gross Profit was 563748.43 + 857377.963 + 591000.165 + 683216.406 = Rp2,695,343 Mil.
Total Current Assets was Rp33,014,914 Mil.
Total Assets was Rp58,693,768 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,354,344 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp24,012 Mil.
Selling, General, & Admin. Expense(SGA) was Rp295,229 Mil.
Total Current Liabilities was Rp26,615,933 Mil.
Long-Term Debt & Capital Lease Obligation was Rp13,753,816 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)
	=	(13975659.476 / 20241791.143)	/	(14732709.295 / 19005078.103)
	=	0.690436	/	0.775199
	=	0.8907

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)
	=	(2695342.964 / 19005078.103)	/	(2346651.75 / 20241791.143)
	=	0.141822	/	0.115931
	=	1.2233

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 - (31237282.808 + 5447185.865) / 56645983.087)	/	(1 - (33014914.19 + 6354344.269) / 58693767.87)
	=	0.352391	/	0.329243
	=	1.0703

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
	=	20241791.143	/	19005078.103
	=	1.0651

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))
	=	(24012.203 / (24012.203 + 6354344.269))	/	(16349.839 / (16349.839 + 5447185.865))
	=	0.003765	/	0.002993
	=	1.2579

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)
	=	(321730.734 / 20241791.143)	/	(295228.882 / 19005078.103)
	=	0.015894	/	0.015534
	=	1.0232

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)
	=	((12365341.092 + 27108153.043) / 56645983.087)	/	((13753816.214 + 26615932.773) / 58693767.87)
	=	0.696845	/	0.687803
	=	1.0131

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
	=	(541745.131 - 0	-	702721.753)	/	56645983.087
	=	-0.002842

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 Pembangunan Perumahan (Persero) Tbk has a M-score of -2.37 suggests that the company is unlikely to be a manipulator.

PT Pembangunan Perumahan (Persero) Tbk Beneish M-Score Related Terms

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PT Pembangunan Perumahan (Persero) Tbk (ISX:PTPP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Pembangunan Perumahan (Persero) Tbk (ISX:PTPP) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jalan Letjend,TB. Simatupang No. 57, Plaza PP - Gedung Wisma Subiyanto, Pasar Rebo, Jakarta, IDN, 13760

Website

https://www.ptpp.co.id

PT Pembangunan Perumahan (Persero) Tbk provides construction services. The company organizes itself into six segments: construction, property and real estate, EPC (engineering, procurement, and construction), precast, equipment, and energy. The construction segments, which contribute a maximum of the revenue, offer public construction services, including building airports, dams, railways, and other structures. In the other segments, the company creates and sells construction equipment and materials, develops and operates buildings, and works on projects in the energy, oil, gas, and mining sectors. The company's headquarters are in Indonesia and derives the majority of its revenue domestically.

PT Pembangunan Perumahan (Persero) Tbk (ISX:PTPP) Headlines

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