PT Perintis Triniti Properti Tbk (ISX:TRIN) Beneish M-Score : 5.77 (As of May. 26, 2024)

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What is PT Perintis Triniti Properti 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.

Warning Sign:

Beneish M-Score 5.77 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:TRIN' s Beneish M-Score Range Over the Past 10 Years
Min: -11.45 Med: 21.17 Max: 182.11
Current: 5.77

During the past 8 years, the highest Beneish M-Score of PT Perintis Triniti Properti Tbk was 182.11. The lowest was -11.45. And the median was 21.17.

PT Perintis Triniti Properti Tbk Beneish M-Score Historical Data

The historical data trend for PT Perintis Triniti Properti 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 Perintis Triniti Properti Tbk Beneish M-Score Chart

PT Perintis Triniti Properti Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-8.31

-11.45

83.23

32.00

PT Perintis Triniti Properti 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															108.74	182.11	4.52	32.00	5.77

Competitive Comparison of PT Perintis Triniti Properti Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Perintis Triniti Properti 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 Perintis Triniti Properti Tbk's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where PT Perintis Triniti Properti Tbk's Beneish M-Score falls into.

PT Perintis Triniti Properti 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 Perintis Triniti Properti 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 * 12.1506

0.528 * 1.1476

0.404 * 0.7573

0.892 * 0.2062

0.115 * 0.9392

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 7.4262

4.679 * -0.030619

0.327 * 1.0698

5.77

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp9,074 Mil.
Revenue was 42961.45 + 13994.118 + 6.889 + 11475.261 = Rp68,438 Mil.
Gross Profit was 8721.279 + 15870.335 + 6.889 + 1986.648 = Rp26,585 Mil.
Total Current Assets was Rp1,425,708 Mil.
Total Assets was Rp2,224,519 Mil.
Property, Plant and Equipment(Net PPE) was Rp57,994 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5,168 Mil.
Selling, General, & Admin. Expense(SGA) was Rp85,984 Mil.
Total Current Liabilities was Rp1,178,256 Mil.
Long-Term Debt & Capital Lease Obligation was Rp28,464 Mil.
Net Income was -21160.006 + -44253.635 + -19714.699 + -14135.431 = Rp-99,264 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -16186.591 + 38841.867 + -15508.965 + -38296.938 = Rp-31,151 Mil.

Total Receivables was Rp3,621 Mil.
Revenue was 56841.253 + 145675.375 + 129225.275 + 132.229 = Rp331,874 Mil.
Gross Profit was 15855.701 + 59468.793 + 72511.309 + 113.523 = Rp147,949 Mil.
Total Current Assets was Rp1,169,772 Mil.
Total Assets was Rp2,196,543 Mil.
Property, Plant and Equipment(Net PPE) was Rp60,879 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5,068 Mil.
Selling, General, & Admin. Expense(SGA) was Rp56,147 Mil.
Total Current Liabilities was Rp1,077,596 Mil.
Long-Term Debt & Capital Lease Obligation was Rp36,220 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)
	=	(9073.926 / 68437.718)	/	(3621.409 / 331874.132)
	=	0.132587	/	0.010912
	=	12.1506

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)
	=	(147949.326 / 331874.132)	/	(26585.151 / 68437.718)
	=	0.4458	/	0.388458
	=	1.1476

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 - (1425707.549 + 57993.636) / 2224519.343)	/	(1 - (1169772.49 + 60878.653) / 2196542.516)
	=	0.333024	/	0.439733
	=	0.7573

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
	=	68437.718	/	331874.132
	=	0.2062

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))
	=	(5067.787 / (5067.787 + 60878.653))	/	(5168.002 / (5168.002 + 57993.636))
	=	0.076847	/	0.081822
	=	0.9392

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)
	=	(85983.878 / 68437.718)	/	(56147.323 / 331874.132)
	=	1.256381	/	0.169183
	=	7.4262

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)
	=	((28464.264 + 1178256.306) / 2224519.343)	/	((36220.265 + 1077595.853) / 2196542.516)
	=	0.542464	/	0.507077
	=	1.0698

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
	=	(-99263.771 - 0	-	-31150.627)	/	2224519.343
	=	-0.030619

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 Perintis Triniti Properti Tbk has a M-score of 5.77 signals that the company is likely to be a manipulator.

PT Perintis Triniti Properti Tbk Beneish M-Score Related Terms

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PT Perintis Triniti Properti Tbk (ISX:TRIN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Perintis Triniti Properti Tbk (ISX:TRIN) » Definitions » Beneish M-Score

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Address

JL Sutera Boulevard Kav 22-26, Alam Sutera, Brooklyn Premium Office, Tangerang Selatan, Jakarta, IDN, 15320

Website

https://trinitiland.com

PT Perintis Triniti Properti Tbk is a real estate developer in Indonesia. The company's projects include Brooklyn, Yukata, Collins Boulevard, Marc's Boulevard, Sequoia Hills, Holdwell Business Park, Tanamori, and others. The company's revenue is obtained from property development activities in Indonesia. The company operates in two segments, namely, the sale of apartments and marketing service businesses.