PT ABM Investama Tbk (ISX:ABMM) Beneish M-Score : -2.08 (As of May. 12, 2024)

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What is PT ABM Investama 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 -2.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ABMM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.69 Med: -2.94 Max: -1.35
Current: -2.08

During the past 13 years, the highest Beneish M-Score of PT ABM Investama Tbk was -1.35. The lowest was -3.69. And the median was -2.94.

PT ABM Investama Tbk Beneish M-Score Historical Data

The historical data trend for PT ABM Investama 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 ABM Investama Tbk Beneish M-Score Chart

PT ABM Investama Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.04

-3.39

-3.48

-1.35

-2.21

PT ABM Investama 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															-1.46	-1.48	-2.11	-2.21	-2.08

Competitive Comparison of PT ABM Investama Tbk's Beneish M-Score

For the Thermal Coal subindustry, PT ABM Investama 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 ABM Investama Tbk's Beneish M-Score Distribution in the Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, PT ABM Investama Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT ABM Investama Tbk's Beneish M-Score falls into.

PT ABM Investama 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 ABM Investama 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 * 1.4539

0.528 * 1.6579

0.404 * 1.1528

0.892 * 0.8955

0.115 * 0.9872

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8483

4.679 * -0.079958

0.327 * 0.9492

-2.08

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp4,551,556 Mil.
Revenue was 4173170.931 + 5540554.082 + 5751000.262 + 5639574.283 = Rp21,104,300 Mil.
Gross Profit was 520752.239 + 1106590.799 + 1217393.464 + 1681499.835 = Rp4,526,236 Mil.
Total Current Assets was Rp8,670,232 Mil.
Total Assets was Rp33,352,470 Mil.
Property, Plant and Equipment(Net PPE) was Rp13,326,093 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp85,791 Mil.
Selling, General, & Admin. Expense(SGA) was Rp855,724 Mil.
Total Current Liabilities was Rp9,626,517 Mil.
Long-Term Debt & Capital Lease Obligation was Rp10,774,561 Mil.
Net Income was 780126.319 + 974753.228 + 578265.777 + 1239479.92 = Rp3,572,625 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1441487.828 + 2150854.74 + 530507.809 + 2116562.712 = Rp6,239,413 Mil.

Total Receivables was Rp3,495,923 Mil.
Revenue was 5841996.5 + 6551007.021 + 5746256.482 + 5427065.841 = Rp23,566,326 Mil.
Gross Profit was 1957278.114 + 2040737.029 + 2255823.208 + 2125536.941 = Rp8,379,375 Mil.
Total Current Assets was Rp11,460,970 Mil.
Total Assets was Rp32,370,926 Mil.
Property, Plant and Equipment(Net PPE) was Rp11,348,592 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp72,121 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,126,412 Mil.
Total Current Liabilities was Rp9,653,709 Mil.
Long-Term Debt & Capital Lease Obligation was Rp11,206,241 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)
	=	(4551556.476 / 21104299.558)	/	(3495922.714 / 23566325.844)
	=	0.21567	/	0.148344
	=	1.4539

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)
	=	(8379375.292 / 23566325.844)	/	(4526236.337 / 21104299.558)
	=	0.355566	/	0.21447
	=	1.6579

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 - (8670231.872 + 13326092.955) / 33352469.719)	/	(1 - (11460969.813 + 11348592.154) / 32370926.103)
	=	0.340489	/	0.295369
	=	1.1528

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
	=	21104299.558	/	23566325.844
	=	0.8955

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))
	=	(72121.085 / (72121.085 + 11348592.154))	/	(85790.963 / (85790.963 + 13326092.955))
	=	0.006315	/	0.006397
	=	0.9872

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)
	=	(855724.106 / 21104299.558)	/	(1126412.432 / 23566325.844)
	=	0.040547	/	0.047798
	=	0.8483

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)
	=	((10774561.145 + 9626516.741) / 33352469.719)	/	((11206241.095 + 9653709.321) / 32370926.103)
	=	0.611681	/	0.644404
	=	0.9492

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
	=	(3572625.244 - 0	-	6239413.089)	/	33352469.719
	=	-0.079958

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 ABM Investama Tbk has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.

PT ABM Investama Tbk Beneish M-Score Related Terms

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PT ABM Investama Tbk (ISX:ABMM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » PT ABM Investama Tbk (ISX:ABMM) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Jalan Cilandak KKO No. 1, Gedung TMT 1, Suite 1802, 18th Floor, Jakarta, IDN, 12560

Website

https://www.abm-investama.com

PT ABM Investama Tbk is an integrated energy company. Its business portfolio covers the coal, electricity, logistics and services industries. The company is organized into three key business segments: Mining Contractor and Coal Mining segment, Services segment and Manufacturing segment. The Mining Contractor and Coal Mining segment contributes the vast majority of total revenue. The coal mining and mining contractor businesses are run by two subsidiaries, namely CK and Reswara through its subsidiaries, TIA and MDB (Mifa and BEL). Its Services segment consist of power engines rental service, integrated logistics and vessel rental, and site services and remanufacturing.

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