PT Golden Eagle Energy Tbk (ISX:SMMT) Beneish M-Score : -3.10 (As of May. 25, 2024)

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What is PT Golden Eagle Energy 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 -3.1 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:SMMT' s Beneish M-Score Range Over the Past 10 Years
Min: -6.81 Med: -1.71 Max: 26.66
Current: -3.1

During the past 13 years, the highest Beneish M-Score of PT Golden Eagle Energy Tbk was 26.66. The lowest was -6.81. And the median was -1.71.

PT Golden Eagle Energy Tbk Beneish M-Score Historical Data

The historical data trend for PT Golden Eagle Energy 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 Golden Eagle Energy Tbk Beneish M-Score Chart

PT Golden Eagle Energy Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.41

0.43

-0.32

-1.64

-1.74

PT Golden Eagle Energy 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															-1.75	-2.02	0.14	-1.74	-3.10

Competitive Comparison of PT Golden Eagle Energy Tbk's Beneish M-Score

For the Thermal Coal subindustry, PT Golden Eagle Energy 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 Golden Eagle Energy Tbk's Beneish M-Score Distribution in the Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, PT Golden Eagle Energy Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Golden Eagle Energy Tbk's Beneish M-Score falls into.

PT Golden Eagle Energy 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 Golden Eagle Energy 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 * 0.0341

0.528 * 2.4131

0.404 * 0.8295

0.892 * 0.7453

0.115 * 0.8803

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2527

4.679 * 0.002393

0.327 * 1.4108

-3.10

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp1,879 Mil.
Revenue was 84388.125 + 244762.274 + 279925.412 + 219474.958 = Rp828,551 Mil.
Gross Profit was 13960.468 + 34978.039 + 11257.436 + 44548.917 = Rp104,745 Mil.
Total Current Assets was Rp220,096 Mil.
Total Assets was Rp1,056,342 Mil.
Property, Plant and Equipment(Net PPE) was Rp336,339 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,688 Mil.
Selling, General, & Admin. Expense(SGA) was Rp29,454 Mil.
Total Current Liabilities was Rp202,317 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 12789.683 + 76863.449 + 5353.081 + 92813.892 = Rp187,820 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 46969.888 + -22286.694 + 110143.026 + 50466.393 = Rp185,293 Mil.

Total Receivables was Rp73,982 Mil.
Revenue was 272104.455 + 335534.131 + 239043.042 + 265006.424 = Rp1,111,688 Mil.
Gross Profit was 86592.02 + 88917.202 + 64680.904 + 98941.389 = Rp339,132 Mil.
Total Current Assets was Rp191,877 Mil.
Total Assets was Rp1,254,897 Mil.
Property, Plant and Equipment(Net PPE) was Rp347,078 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,439 Mil.
Selling, General, & Admin. Expense(SGA) was Rp31,549 Mil.
Total Current Liabilities was Rp170,363 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(1878.848 / 828550.769)	/	(73981.734 / 1111688.052)
	=	0.002268	/	0.066549
	=	0.0341

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)
	=	(339131.515 / 1111688.052)	/	(104744.86 / 828550.769)
	=	0.30506	/	0.126419
	=	2.4131

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 - (220095.612 + 336338.636) / 1056342.426)	/	(1 - (191876.893 + 347078.131) / 1254897.387)
	=	0.473244	/	0.570519
	=	0.8295

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
	=	828550.769	/	1111688.052
	=	0.7453

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))
	=	(2439.391 / (2439.391 + 347078.131))	/	(2687.771 / (2687.771 + 336338.636))
	=	0.006979	/	0.007928
	=	0.8803

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)
	=	(29454.42 / 828550.769)	/	(31548.553 / 1111688.052)
	=	0.035549	/	0.028379
	=	1.2527

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)
	=	((0 + 202317.057) / 1056342.426)	/	((0 + 170362.684) / 1254897.387)
	=	0.191526	/	0.135758
	=	1.4108

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
	=	(187820.105 - 0	-	185292.613)	/	1056342.426
	=	0.002393

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 Golden Eagle Energy Tbk has a M-score of -3.10 suggests that the company is unlikely to be a manipulator.

PT Golden Eagle Energy Tbk Beneish M-Score Related Terms

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PT Golden Eagle Energy Tbk (ISX:SMMT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » PT Golden Eagle Energy Tbk (ISX:SMMT) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Jl. DR. Ide Anak Agung Gde Agung Lot No. 5.1, Menara Rajawali 7th floor, Kawasan Mega Kuningan, Jakarta, IDN, 12950

Website

https://www.go-eagle.co.id

PT Golden Eagle Energy Tbk is a mining company. The company's main product is coal, which is produced and sold by the company through its subsidiaries. The Company's coal reserve consists of subbituminous coal characterized by relatively low sulfur and ash content. The demand for this type of coal comes from domestic and international markets, particularly Asia, to meet the needs of power plants and cement industry The other supporting activities of the company are in the field of service, trading, construction, industry, and land transportation. The group produces and sells sub-bituminous coal with relatively low sulfur and ash content.