PT Tifico Fiber Indonesia Tbk (ISX:TFCO) Beneish M-Score : -2.50 (As of May. 12, 2024)

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What is PT Tifico Fiber Indonesia 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 -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TFCO' s Beneish M-Score Range Over the Past 10 Years
Min: -6.66 Med: -2.57 Max: 16.48
Current: -2.5

During the past 13 years, the highest Beneish M-Score of PT Tifico Fiber Indonesia Tbk was 16.48. The lowest was -6.66. And the median was -2.57.

PT Tifico Fiber Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Tifico Fiber Indonesia 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 Tifico Fiber Indonesia Tbk Beneish M-Score Chart

PT Tifico Fiber Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.86

-3.75

-2.36

-0.58

-2.34

PT Tifico Fiber Indonesia 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															-0.70	-0.84	16.48	-2.34	-2.50

Competitive Comparison of PT Tifico Fiber Indonesia Tbk's Beneish M-Score

For the Textile Manufacturing subindustry, PT Tifico Fiber Indonesia 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 Tifico Fiber Indonesia Tbk's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, PT Tifico Fiber Indonesia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Tifico Fiber Indonesia Tbk's Beneish M-Score falls into.

PT Tifico Fiber Indonesia 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 Tifico Fiber Indonesia 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 * 1.1949

0.528 * 0.8271

0.404 * 0.9473

0.892 * 0.9079

0.115 * 0.9902

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9138

4.679 * -0.016723

0.327 * 0.8067

-2.50

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp348,910 Mil.
Revenue was 732259.661 + 719418.139 + 794573.974 + 713269.313 = Rp2,959,521 Mil.
Gross Profit was 14213.545 + 20194.951 + 9315.599 + 29496.043 = Rp73,220 Mil.
Total Current Assets was Rp1,751,766 Mil.
Total Assets was Rp5,179,018 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,642,656 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,084 Mil.
Selling, General, & Admin. Expense(SGA) was Rp21,391 Mil.
Total Current Liabilities was Rp301,876 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 3114.031 + 23694.381 + -5278.839 + 14304.754 = Rp35,834 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -20225.783 + 165475.267 + 66296.009 + -89104.195 = Rp122,441 Mil.

Total Receivables was Rp321,619 Mil.
Revenue was 764547.643 + 745571.327 + 874338.852 + 875156.461 = Rp3,259,614 Mil.
Gross Profit was 13766.677 + -46579.527 + 57039.003 + 42480.152 = Rp66,706 Mil.
Total Current Assets was Rp1,678,556 Mil.
Total Assets was Rp5,081,862 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,590,560 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,052 Mil.
Selling, General, & Admin. Expense(SGA) was Rp25,783 Mil.
Total Current Liabilities was Rp367,182 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)
	=	(348910.166 / 2959521.087)	/	(321619.106 / 3259614.283)
	=	0.117894	/	0.098668
	=	1.1949

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)
	=	(66706.305 / 3259614.283)	/	(73220.138 / 2959521.087)
	=	0.020464	/	0.024741
	=	0.8271

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 - (1751765.517 + 2642655.744) / 5179018.217)	/	(1 - (1678555.613 + 2590560.337) / 5081862.026)
	=	0.151495	/	0.159931
	=	0.9473

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
	=	2959521.087	/	3259614.283
	=	0.9079

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))
	=	(1051.55 / (1051.55 + 2590560.337))	/	(1084.416 / (1084.416 + 2642655.744))
	=	0.000406	/	0.00041
	=	0.9902

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)
	=	(21390.816 / 2959521.087)	/	(25782.97 / 3259614.283)
	=	0.007228	/	0.00791
	=	0.9138

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 + 301875.972) / 5179018.217)	/	((0 + 367181.687) / 5081862.026)
	=	0.058288	/	0.072253
	=	0.8067

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
	=	(35834.327 - 0	-	122441.298)	/	5179018.217
	=	-0.016723

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 Tifico Fiber Indonesia Tbk has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

PT Tifico Fiber Indonesia Tbk Beneish M-Score Related Terms

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PT Tifico Fiber Indonesia Tbk (ISX:TFCO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » PT Tifico Fiber Indonesia Tbk (ISX:TFCO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan MH. Thamrin Kel. Panunggangan, Kec. Pinang, Kota Tangerang, Prop. Banten, Tangerang, IDN, 15143

Website

http://www.tifico.co.id

PT Tifico Fiber Indonesia Tbk is an Indonesian company principally engaged in the manufacture of polyester chips, staple fiber and filament yarn and sale and markets those products. Its products include Polyester Filament Yarn (PFY), Polyester Staple Fiber (PSF) and Polyester CHIP which includes semi dull, full dull, bright and cationic dye. The company uses Japanese innovative technology and machinery for producing finest polyester fiber. It manages its business into four segments namely Chip, Staple Fiber, Filament Yarn, and RCL.

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