PT Adira Dinamika Multi Finance Tbk (ISX:ADMF) Beneish M-Score : -1.80 (As of May. 20, 2024)

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What is PT Adira Dinamika Multi Finance 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 -1.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Adira Dinamika Multi Finance Tbk's Beneish M-Score or its related term are showing as below:

ISX:ADMF' s Beneish M-Score Range Over the Past 10 Years
Min: -4.24 Med: -2.12 Max: 6.13
Current: -1.8

During the past 13 years, the highest Beneish M-Score of PT Adira Dinamika Multi Finance Tbk was 6.13. The lowest was -4.24. And the median was -2.12.

PT Adira Dinamika Multi Finance Tbk Beneish M-Score Historical Data

The historical data trend for PT Adira Dinamika Multi Finance 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 Adira Dinamika Multi Finance Tbk Beneish M-Score Chart

PT Adira Dinamika Multi Finance Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.38

-3.76

-3.17

6.13

-1.39

PT Adira Dinamika Multi Finance 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															-1.47	5.90	-1.35	-1.39	-1.80

Competitive Comparison of PT Adira Dinamika Multi Finance Tbk's Beneish M-Score

For the Credit Services subindustry, PT Adira Dinamika Multi Finance 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 Adira Dinamika Multi Finance Tbk's Beneish M-Score Distribution in the Credit Services Industry

For the Credit Services industry and Financial Services sector, PT Adira Dinamika Multi Finance Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Adira Dinamika Multi Finance Tbk's Beneish M-Score falls into.

PT Adira Dinamika Multi Finance 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 Adira Dinamika Multi Finance 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 * 1.0051

0.528 * 0.9814

0.404 * 1.0122

0.892 * 1.1559

0.115 * 1.1191

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8297

4.679 * 0.114229

0.327 * 1.0991

-1.80

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp12,870,576 Mil.
Revenue was 1998907 + 1960326 + 1956583 + 1904130 = Rp7,819,946 Mil.
Gross Profit was 1219931 + 1089935 + 1170903 + 1090326 = Rp4,571,095 Mil.
Total Current Assets was Rp16,275,429 Mil.
Total Assets was Rp33,695,146 Mil.
Property, Plant and Equipment(Net PPE) was Rp501,034 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp198,683 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,425,866 Mil.
Total Current Liabilities was Rp15,845,237 Mil.
Long-Term Debt & Capital Lease Obligation was Rp6,486,512 Mil.
Net Income was 432112 + 601300 + 524290 + 401422 = Rp1,959,124 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -1343455 + -571468 + -202131 + 227221 = Rp-1,889,833 Mil.

Total Receivables was Rp11,077,325 Mil.
Revenue was 1806004 + 1676437 + 1646002 + 1636510 = Rp6,764,953 Mil.
Gross Profit was 1033497 + 1007792 + 961697 + 877808 = Rp3,880,794 Mil.
Total Current Assets was Rp13,935,215 Mil.
Total Assets was Rp28,528,282 Mil.
Property, Plant and Equipment(Net PPE) was Rp441,507 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp205,641 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,486,610 Mil.
Total Current Liabilities was Rp11,292,324 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,909,697 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)
	=	(12870576 / 7819946)	/	(11077325 / 6764953)
	=	1.645865	/	1.637458
	=	1.0051

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)
	=	(3880794 / 6764953)	/	(4571095 / 7819946)
	=	0.573662	/	0.584543
	=	0.9814

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 - (16275429 + 501034) / 33695146)	/	(1 - (13935215 + 441507) / 28528282)
	=	0.50211	/	0.496054
	=	1.0122

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
	=	7819946	/	6764953
	=	1.1559

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))
	=	(205641 / (205641 + 441507))	/	(198683 / (198683 + 501034))
	=	0.317765	/	0.283948
	=	1.1191

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)
	=	(1425866 / 7819946)	/	(1486610 / 6764953)
	=	0.182337	/	0.219752
	=	0.8297

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)
	=	((6486512 + 15845237) / 33695146)	/	((5909697 + 11292324) / 28528282)
	=	0.662759	/	0.602981
	=	1.0991

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
	=	(1959124 - 0	-	-1889833)	/	33695146
	=	0.114229

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 Adira Dinamika Multi Finance Tbk has a M-score of -1.80 suggests that the company is unlikely to be a manipulator.

PT Adira Dinamika Multi Finance Tbk Beneish M-Score Related Terms

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PT Adira Dinamika Multi Finance Tbk (ISX:ADMF) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Credit Services » PT Adira Dinamika Multi Finance Tbk (ISX:ADMF) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jl. Jend. Sudirman Kav. 25, 53rd - 61st Floor, Millenium Centennial Center, Karet Setiabudi, Jakarta Selatan, IDN, 12920

Website

https://www.adira.co.id

PT Adira Dinamika Multi Finance Tbk is an Indonesian finance company. The revenue for the company is derived from consumer financing for used or new cars or motorcycles, electronic goods, furniture, and others. Besides conventional consumer financing, the company also offers Islamic consumer financing, finance leasing, and operating leasing for automobiles. The company's geographical business segment into areas consisting of Jabodetabekser, West Java, Central Java, East Java, Sumatera, Kalimantan, Sulawesi, Bali & Nusa Tenggara.

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