PT Telkom Indonesia (Persero) Tbk (BSP:T1LK34) Beneish M-Score : -2.77 (As of Nov. 10, 2024)

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What is PT Telkom Indonesia (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 -2.77 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

BSP:T1LK34' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63 Med: -3.21 Max: -2.67
Current: -2.77

During the past 13 years, the highest Beneish M-Score of PT Telkom Indonesia (Persero) Tbk was -2.67. The lowest was -3.63. And the median was -3.21.

PT Telkom Indonesia (Persero) Tbk Beneish M-Score Historical Data

The historical data trend for PT Telkom Indonesia (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 Telkom Indonesia (Persero) Tbk Beneish M-Score Chart

PT Telkom Indonesia (Persero) Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.31

-3.27

-3.25

-3.29

-2.85

PT Telkom Indonesia (Persero) Tbk Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-3.05	-2.85	-2.70	-2.82	-2.77

Competitive Comparison of PT Telkom Indonesia (Persero) Tbk's Beneish M-Score

For the Telecom Services subindustry, PT Telkom Indonesia (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 Telkom Indonesia (Persero) Tbk's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, PT Telkom Indonesia (Persero) Tbk's Beneish M-Score distribution charts can be found below:

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

PT Telkom Indonesia (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 Telkom Indonesia (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 * 1.467

0.528 * 1.0149

0.404 * 0.9739

0.892 * 0.9667

0.115 * 1.0493

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0693

4.679 * -0.141849

0.327 * 1.0009

-2.75

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was R$5,832 Mil.
Revenue was 11736.826 + 12034.323 + 11896.381 + 12070.875 = R$47,738 Mil.
Gross Profit was 7930.709 + 8395.707 + 8221.531 + 8036.867 = R$32,585 Mil.
Total Current Assets was R$16,645 Mil.
Total Assets was R$90,627 Mil.
Property, Plant and Equipment(Net PPE) was R$63,145 Mil.
Depreciation, Depletion and Amortization(DDA) was R$10,405 Mil.
Selling, General, & Admin. Expense(SGA) was R$8,442 Mil.
Total Current Liabilities was R$23,831 Mil.
Long-Term Debt & Capital Lease Obligation was R$12,368 Mil.
Net Income was 1879.698 + 1814.223 + 1923.877 + 1566.309 = R$7,184 Mil.
Non Operating Income was 56.893 + 71.514 + -103.933 + -250.139 = R$-226 Mil.
Cash Flow from Operations was 5170.598 + 4404.29 + 5031.385 + 5658.799 = R$20,265 Mil.

Total Receivables was R$4,113 Mil.
Revenue was 12011.163 + 12077.075 + 12480.306 + 12814.901 = R$49,383 Mil.
Gross Profit was 8472.069 + 8358.791 + 8762.15 + 8616.181 = R$34,209 Mil.
Total Current Assets was R$16,136 Mil.
Total Assets was R$87,861 Mil.
Property, Plant and Equipment(Net PPE) was R$60,938 Mil.
Depreciation, Depletion and Amortization(DDA) was R$10,623 Mil.
Selling, General, & Admin. Expense(SGA) was R$8,167 Mil.
Total Current Liabilities was R$22,488 Mil.
Long-Term Debt & Capital Lease Obligation was R$12,576 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)
	=	(5832.338 / 47738.405)	/	(4112.614 / 49383.445)
	=	0.122173	/	0.083279
	=	1.467

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)
	=	(34209.191 / 49383.445)	/	(32584.814 / 47738.405)
	=	0.692726	/	0.68257
	=	1.0149

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 - (16644.89 + 63145.314) / 90626.594)	/	(1 - (16136.183 + 60937.883) / 87860.892)
	=	0.119572	/	0.122772
	=	0.9739

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
	=	47738.405	/	49383.445
	=	0.9667

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))
	=	(10622.741 / (10622.741 + 60937.883))	/	(10405.4 / (10405.4 + 63145.314))
	=	0.148444	/	0.141472
	=	1.0493

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)
	=	(8442.111 / 47738.405)	/	(8167.077 / 49383.445)
	=	0.176841	/	0.165381
	=	1.0693

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)
	=	((12368.054 + 23830.903) / 90626.594)	/	((12576.413 + 22487.53) / 87860.892)
	=	0.39943	/	0.399085
	=	1.0009

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
	=	(7184.107 - -225.665	-	20265.072)	/	90626.594
	=	-0.141849

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 Telkom Indonesia (Persero) Tbk has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.

PT Telkom Indonesia (Persero) Tbk Beneish M-Score Related Terms

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PT Telkom Indonesia (Persero) Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » PT Telkom Indonesia (Persero) Tbk (BSP:T1LK34) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

TLKMF:USA TLK:USA TLKM:Indonesia TCID:Germany

Address

Jalan Japati No. 1, Bandung, IDN, 40133

Website

https://www.telkom.co.id

PT Telkom Indonesia (Persero) Tbk is the integrated telecommunications provider in Indonesia. The company is focusing on dividing business into 3 Digital Business Domains namely, digital connectivity, digital platform, and digital services. It also provides a wide range of other communication services, including telephone network, interconnection services, multimedia, data and internet communication-related services, satellite transponder leasing, leased line, intelligent network and related services, cable television, and VoIP services.

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