PT Dana Brata Luhur Tbk (ISX:TEBE) Beneish M-Score : -2.99 (As of May. 26, 2024)

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What is PT Dana Brata Luhur 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 -2.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TEBE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16 Med: -2.41 Max: -0.72
Current: -2.99

During the past 8 years, the highest Beneish M-Score of PT Dana Brata Luhur Tbk was -0.72. The lowest was -3.16. And the median was -2.41.

PT Dana Brata Luhur Tbk Beneish M-Score Historical Data

The historical data trend for PT Dana Brata Luhur 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 Dana Brata Luhur Tbk Beneish M-Score Chart

PT Dana Brata Luhur Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.44

-2.83

-1.68

-2.60

PT Dana Brata Luhur 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															-1.44	-0.72	-3.16	-2.60	-2.99

Competitive Comparison of PT Dana Brata Luhur Tbk's Beneish M-Score

For the Infrastructure Operations subindustry, PT Dana Brata Luhur 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 Dana Brata Luhur Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Dana Brata Luhur Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Dana Brata Luhur Tbk's Beneish M-Score falls into.

PT Dana Brata Luhur 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 Dana Brata Luhur 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 * 0.767

0.528 * 1.2113

0.404 * 0.3796

0.892 * 0.6618

0.115 * 0.8236

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6948

4.679 * 0.005249

0.327 * 0.2154

-2.99

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp29,622 Mil.
Revenue was 97333.653 + 173265.321 + 149280.061 + 140991.38 = Rp560,870 Mil.
Gross Profit was 38349.275 + 86316.124 + 77814.552 + 73683.834 = Rp276,164 Mil.
Total Current Assets was Rp471,677 Mil.
Total Assets was Rp1,171,355 Mil.
Property, Plant and Equipment(Net PPE) was Rp660,863 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,419 Mil.
Selling, General, & Admin. Expense(SGA) was Rp16,624 Mil.
Total Current Liabilities was Rp42,015 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 25037.987 + 48319.457 + 54551.861 + 50520.883 = Rp178,430 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 18887.645 + 50776.481 + 87472.814 + 15144.71 = Rp172,282 Mil.

Total Receivables was Rp58,358 Mil.
Revenue was 168696.046 + 255796.768 + 249094.418 + 173950.512 = Rp847,538 Mil.
Gross Profit was 91805.901 + 146427.752 + 162650.302 + 104629.176 = Rp505,513 Mil.
Total Current Assets was Rp525,757 Mil.
Total Assets was Rp1,362,382 Mil.
Property, Plant and Equipment(Net PPE) was Rp717,683 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,269 Mil.
Selling, General, & Admin. Expense(SGA) was Rp14,823 Mil.
Total Current Liabilities was Rp226,858 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)
	=	(29621.62 / 560870.415)	/	(58358.009 / 847537.744)
	=	0.052814	/	0.068856
	=	0.767

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)
	=	(505513.131 / 847537.744)	/	(276163.785 / 560870.415)
	=	0.596449	/	0.492384
	=	1.2113

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 - (471676.636 + 660862.702) / 1171354.926)	/	(1 - (525756.961 + 717682.652) / 1362382.058)
	=	0.033137	/	0.087305
	=	0.3796

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
	=	560870.415	/	847537.744
	=	0.6618

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))
	=	(1268.697 / (1268.697 + 717682.652))	/	(1419.166 / (1419.166 + 660862.702))
	=	0.001765	/	0.002143
	=	0.8236

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)
	=	(16624.098 / 560870.415)	/	(14822.771 / 847537.744)
	=	0.02964	/	0.017489
	=	1.6948

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 + 42014.513) / 1171354.926)	/	((0 + 226858.1) / 1362382.058)
	=	0.035868	/	0.166516
	=	0.2154

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
	=	(178430.188 - 0	-	172281.65)	/	1171354.926
	=	0.005249

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 Dana Brata Luhur Tbk has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.

PT Dana Brata Luhur Tbk Beneish M-Score Related Terms

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PT Dana Brata Luhur Tbk (ISX:TEBE) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Dana Brata Luhur Tbk (ISX:TEBE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Lot 28, Jalan Jend. Sudirman Kav. 52 - 53, Suite H, Treasury Tower, 15th Floor, District 8, Kawasan SCBD, Jakarta Selatan, Jakarta, IDN, 12190

Website

https://www.tebe.co.id

PT Dana Brata Luhur Tbk engages in capital participation in infrastructure companies. The company's operating segment includes management fees, heavy equipment rental; mining support facilities; mining; and supply and services of ships, passengers, and goods. The company generates maximum revenue from the Mining support facilities segment. The company's mining infrastructure includes haul roads, provision of stockpile areas, and operation of coal terminals.

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