PT Wijaya Karya (Persero) Tbk (ISX:WIKA) Beneish M-Score : -3.63 (As of May. 29, 2024)

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What is PT Wijaya Karya (Persero) 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 -3.63 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Wijaya Karya (Persero) Tbk's Beneish M-Score or its related term are showing as below:

ISX:WIKA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63 Med: -2.22 Max: -1.55
Current: -3.63

During the past 13 years, the highest Beneish M-Score of PT Wijaya Karya (Persero) Tbk was -1.55. The lowest was -3.63. And the median was -2.22.

PT Wijaya Karya (Persero) Tbk Beneish M-Score Historical Data

The historical data trend for PT Wijaya Karya (Persero) 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 Wijaya Karya (Persero) Tbk Beneish M-Score Chart

PT Wijaya Karya (Persero) Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.20

-2.76

-2.15

-2.24

-2.92

PT Wijaya Karya (Persero) 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															-2.23	-2.52	-3.03	-2.92	-3.63

Competitive Comparison of PT Wijaya Karya (Persero) Tbk's Beneish M-Score

For the Engineering & Construction subindustry, PT Wijaya Karya (Persero) 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 Wijaya Karya (Persero) Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Wijaya Karya (Persero) Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Wijaya Karya (Persero) Tbk's Beneish M-Score falls into.

PT Wijaya Karya (Persero) 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 Wijaya Karya (Persero) 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 * 0.7653

0.528 * 1.1386

0.404 * 1.1233

0.892 * 0.9581

0.115 * 2.1159

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 4.593

4.679 * -0.102549

0.327 * 1.1679

-3.63

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp8,071,437 Mil.
Revenue was 3531653.909 + 7450762.954 + 5825929.791 + 4906989.507 = Rp21,715,336 Mil.
Gross Profit was 284822.792 + 647818.616 + 435291.25 + 455923.967 = Rp1,823,857 Mil.
Total Current Assets was Rp29,253,942 Mil.
Total Assets was Rp64,622,513 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,569,056 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp42,570 Mil.
Selling, General, & Admin. Expense(SGA) was Rp172,047 Mil.
Total Current Liabilities was Rp17,489,561 Mil.
Long-Term Debt & Capital Lease Obligation was Rp36,476,945 Mil.
Net Income was -1132749.079 + -1283423.821 + -3963669.187 + -1359914.581 = Rp-7,739,757 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -442779.367 + -1222530.003 + 491503.356 + 61030.139 = Rp-1,112,776 Mil.

Total Receivables was Rp11,007,557 Mil.
Revenue was 4346673.532 + 8689007.971 + 5607975.452 + 4020721.81 = Rp22,664,379 Mil.
Gross Profit was 323112.535 + 1101764.601 + 473389.005 + 269111.306 = Rp2,167,377 Mil.
Total Current Assets was Rp36,630,539 Mil.
Total Assets was Rp72,735,443 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,243,296 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp104,452 Mil.
Selling, General, & Admin. Expense(SGA) was Rp39,085 Mil.
Total Current Liabilities was Rp34,070,956 Mil.
Long-Term Debt & Capital Lease Obligation was Rp17,938,983 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)
	=	(8071437.204 / 21715336.161)	/	(11007556.934 / 22664378.765)
	=	0.371693	/	0.485677
	=	0.7653

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)
	=	(2167377.447 / 22664378.765)	/	(1823856.625 / 21715336.161)
	=	0.095629	/	0.083989
	=	1.1386

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 - (29253941.88 + 4569055.836) / 64622513.184)	/	(1 - (36630538.965 + 5243295.729) / 72735442.82)
	=	0.476607	/	0.424299
	=	1.1233

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
	=	21715336.161	/	22664378.765
	=	0.9581

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))
	=	(104451.52 / (104451.52 + 5243295.729))	/	(42569.86 / (42569.86 + 4569055.836))
	=	0.019532	/	0.009231
	=	2.1159

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)
	=	(172046.568 / 21715336.161)	/	(39085.204 / 22664378.765)
	=	0.007923	/	0.001725
	=	4.593

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)
	=	((36476944.596 + 17489560.723) / 64622513.184)	/	((17938982.728 + 34070955.736) / 72735442.82)
	=	0.835104	/	0.715056
	=	1.1679

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
	=	(-7739756.668 - 0	-	-1112775.875)	/	64622513.184
	=	-0.102549

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 Wijaya Karya (Persero) Tbk has a M-score of -3.63 suggests that the company is unlikely to be a manipulator.

PT Wijaya Karya (Persero) Tbk Beneish M-Score Related Terms

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PT Wijaya Karya (Persero) Tbk (ISX:WIKA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Wijaya Karya (Persero) Tbk (ISX:WIKA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

5AA:Germany

Address

Jalan D.I. Panjaitan Kav. 9-10, WIKA Tower 1 & 2, Jakarta, IDN, 13340

Website

https://www.wika.co.id

PT Wijaya Karya (Persero) Tbk is an engineering and construction firm focusing on construction, large infrastructure projects, energy plants, real estate, and other developments. It constructs transportation networks for public systems and builds residential and commercial buildings for various end markets. The company works throughout the entire construction process, from planning and design to building and repairing existing structures. Wijaya Karya has five business segments: infrastructure and buildings, energy and industrial plants, Investment, realty and property, and industry. The company is controlled by the Indonesian government.

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