PT Venteny Fortuna International Tbk (ISX:VTNY) Beneish M-Score : 0.57 (As of Jun. 08, 2024)

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What is PT Venteny Fortuna International 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 0.57 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for PT Venteny Fortuna International Tbk's Beneish M-Score or its related term are showing as below:

ISX:VTNY' s Beneish M-Score Range Over the Past 10 Years
Min: 0.57 Med: 0.57 Max: 0.57
Current: 0.57

During the past 3 years, the highest Beneish M-Score of PT Venteny Fortuna International Tbk was 0.57. The lowest was 0.57. And the median was 0.57.

PT Venteny Fortuna International Tbk Beneish M-Score Historical Data

The historical data trend for PT Venteny Fortuna International 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 Venteny Fortuna International Tbk Beneish M-Score Chart

PT Venteny Fortuna International Tbk Annual Data

Trend

Dec21

Dec22

Dec23

Beneish M-Score

0.57

PT Venteny Fortuna International Tbk Quarterly Data
	Jun21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial					-	-	-	-	0.57

Competitive Comparison of PT Venteny Fortuna International Tbk's Beneish M-Score

For the Staffing & Employment Services subindustry, PT Venteny Fortuna International 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 Venteny Fortuna International Tbk's Beneish M-Score Distribution in the Business Services Industry

For the Business Services industry and Industrials sector, PT Venteny Fortuna International Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Venteny Fortuna International Tbk's Beneish M-Score falls into.

PT Venteny Fortuna International 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 Venteny Fortuna International 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 * 0.7299

0.528 * 1.1702

0.404 * 3.3535

0.892 * 2.4864

0.115 * 0.7438

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6018

4.679 * 0.245028

0.327 * 1.2526

0.57

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp544,682 Mil.
Revenue was 81933.355 + 41140.6 + 26291.893 + 32601.817 = Rp181,968 Mil.
Gross Profit was 39137.064 + 9611.801 + 4864.009 + 14473.549 = Rp68,086 Mil.
Total Current Assets was Rp768,346 Mil.
Total Assets was Rp959,115 Mil.
Property, Plant and Equipment(Net PPE) was Rp10,010 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,444 Mil.
Selling, General, & Admin. Expense(SGA) was Rp22,904 Mil.
Total Current Liabilities was Rp559,033 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was -3469.353 + -2934.018 + 5036.036 + 2985.605 = Rp1,618 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 463933.397 + -436851.913 + -246880.019 + -13592.683 = Rp-233,391 Mil.

Total Receivables was Rp300,120 Mil.
Revenue was 28795.577 + 15183.24 + 15771.878 + 13433.346 = Rp73,184 Mil.
Gross Profit was 15427.629 + 5635.066 + 5552.833 + 5429.249 = Rp32,045 Mil.
Total Current Assets was Rp680,906 Mil.
Total Assets was Rp736,067 Mil.
Property, Plant and Equipment(Net PPE) was Rp13,795 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5,671 Mil.
Selling, General, & Admin. Expense(SGA) was Rp5,751 Mil.
Total Current Liabilities was Rp339,997 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,506 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)
	=	(544682.392 / 181967.665)	/	(300120.144 / 73184.041)
	=	2.993292	/	4.100896
	=	0.7299

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)
	=	(32044.777 / 73184.041)	/	(68086.423 / 181967.665)
	=	0.437866	/	0.374168
	=	1.1702

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 - (768345.72 + 10010.389) / 959114.575)	/	(1 - (680906.029 + 13795.061) / 736067.208)
	=	0.188464	/	0.056199
	=	3.3535

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
	=	181967.665	/	73184.041
	=	2.4864

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))
	=	(5670.724 / (5670.724 + 13795.061))	/	(6444.231 / (6444.231 + 10010.389))
	=	0.291318	/	0.391637
	=	0.7438

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)
	=	(22904.116 / 181967.665)	/	(5750.619 / 73184.041)
	=	0.125869	/	0.078578
	=	1.6018

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 + 559033.377) / 959114.575)	/	((2505.838 + 339997.049) / 736067.208)
	=	0.582864	/	0.465315
	=	1.2526

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
	=	(1618.27 - 0	-	-233391.218)	/	959114.575
	=	0.245028

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 Venteny Fortuna International Tbk has a M-score of 0.57 signals that the company is likely to be a manipulator.

PT Venteny Fortuna International Tbk Beneish M-Score Related Terms

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PT Venteny Fortuna International Tbk (ISX:VTNY) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Business Services » PT Venteny Fortuna International Tbk (ISX:VTNY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Jend. Sudirman Kav. 29-31, World Trade Centre (WTC) 5, 13th Floor, Jakarta Selatan, Jakarta, IDN, 12920

Website

https://www.venteny.com

PT Venteny Fortuna International Tbk provides growth funding and human resource services. It creates technological innovations to meet employee needs through increasing employee happiness and employee engagement. The company's segment includes Other Financial Services and Other. It generates maximum revenue from the Other Financial Services segment.

PT Venteny Fortuna International Tbk (ISX:VTNY) Headlines

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