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PT Bintang Oto Global Tbk (ISX:BOGA) Beneish M-Score : -2.93 (As of May. 12, 2024)


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What is PT Bintang Oto Global 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 -2.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BOGA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.25   Med: -2.78   Max: 97.3
Current: -2.93

During the past 9 years, the highest Beneish M-Score of PT Bintang Oto Global Tbk was 97.30. The lowest was -3.25. And the median was -2.78.


PT Bintang Oto Global Tbk Beneish M-Score Historical Data

The historical data trend for PT Bintang Oto Global 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 Bintang Oto Global Tbk Beneish M-Score Chart

PT Bintang Oto Global Tbk Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only -2.85 -2.78 -3.25 -1.37 -2.93

PT Bintang Oto Global Tbk Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.37 0.22 94.29 -2.30 -2.93

Competitive Comparison of PT Bintang Oto Global Tbk's Beneish M-Score

For the Auto & Truck Dealerships subindustry, PT Bintang Oto Global 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 Bintang Oto Global Tbk's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, PT Bintang Oto Global Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Bintang Oto Global Tbk's Beneish M-Score falls into.



PT Bintang Oto Global 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 Bintang Oto Global Tbk for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.3641+0.528 * 1.0862+0.404 * 1.23+0.892 * 1.2291+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1535+4.679 * -0.048383-0.327 * 0.8683
=-2.93

* 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.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was Rp26,252 Mil.
Revenue was 242672.294 + 179859.909 + 256400.191 + 222907.079 = Rp901,839 Mil.
Gross Profit was 18653.991 + 3651.136 + 32416.37 + 13682.243 = Rp68,404 Mil.
Total Current Assets was Rp543,655 Mil.
Total Assets was Rp825,238 Mil.
Property, Plant and Equipment(Net PPE) was Rp271,071 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp45,364 Mil.
Total Current Liabilities was Rp117,093 Mil.
Long-Term Debt & Capital Lease Obligation was Rp217,269 Mil.
Net Income was -2933.133 + 367.226 + 2478.983 + 7545.424 = Rp7,459 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 60910.178 + 24132.111 + 28796.053 + -66452.418 = Rp47,386 Mil.
Total Receivables was Rp58,666 Mil.
Revenue was 241086.821 + 198355.601 + 151362.206 + 142930.859 = Rp733,735 Mil.
Gross Profit was 13221.197 + 13708.76 + 11904.92 + 21617.63 = Rp60,453 Mil.
Total Current Assets was Rp631,176 Mil.
Total Assets was Rp904,862 Mil.
Property, Plant and Equipment(Net PPE) was Rp264,315 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp31,996 Mil.
Total Current Liabilities was Rp198,183 Mil.
Long-Term Debt & Capital Lease Obligation was Rp224,037 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)
=(26252.292 / 901839.473) / (58665.634 / 733735.487)
=0.02911 / 0.079955
=0.3641

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)
=(60452.507 / 733735.487) / (68403.74 / 901839.473)
=0.08239 / 0.075849
=1.0862

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 - (543655.106 + 271070.884) / 825238.301) / (1 - (631175.768 + 264314.516) / 904862.042)
=0.012739 / 0.010357
=1.23

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
=901839.473 / 733735.487
=1.2291

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))
=(0 / (0 + 264314.516)) / (0 / (0 + 271070.884))
=0 / 0
=1

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)
=(45364.398 / 901839.473) / (31996.431 / 733735.487)
=0.050302 / 0.043608
=1.1535

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)
=((217269.188 + 117093.087) / 825238.301) / ((224037.278 + 198183.006) / 904862.042)
=0.405171 / 0.466613
=0.8683

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
=(7458.5 - 0 - 47385.924) / 825238.301
=-0.048383

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 Bintang Oto Global Tbk has a M-score of -2.93 suggests that the company is unlikely to be a manipulator.


PT Bintang Oto Global Tbk Beneish M-Score Related Terms

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PT Bintang Oto Global Tbk (ISX:BOGA) Business Description

Traded in Other Exchanges
N/A
Address
Jalan S Supriadi No 19-22, Sukun, Jawa Timur, Malang, IDN
PT Bintang Oto Global Tbk is engaged in auto dealerships. The company offers auto rental, car retail, maintenance, and after-sales service. It operates in Motor Vehicles and Spare Parts, Operating Leases, and Other segments. It derives the majority of its revenue from the Motor Vehicles and Spare Parts segment.

PT Bintang Oto Global Tbk (ISX:BOGA) Headlines

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