PT Eagle High Plantations Tbk (ISX:BWPT) Beneish M-Score : -2.47 (As of May. 27, 2024)

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What is PT Eagle High Plantations 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BWPT' s Beneish M-Score Range Over the Past 10 Years
Min: -9.48 Med: -2.35 Max: 25.48
Current: -2.47

During the past 13 years, the highest Beneish M-Score of PT Eagle High Plantations Tbk was 25.48. The lowest was -9.48. And the median was -2.35.

PT Eagle High Plantations Tbk Beneish M-Score Historical Data

The historical data trend for PT Eagle High Plantations 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 Eagle High Plantations Tbk Beneish M-Score Chart

PT Eagle High Plantations Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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14.79

-3.78

-3.58

-3.04

5.52

PT Eagle High Plantations 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															-2.49	-2.88	-2.84	5.52	-2.47

Competitive Comparison of PT Eagle High Plantations Tbk's Beneish M-Score

For the Farm Products subindustry, PT Eagle High Plantations 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 Eagle High Plantations Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Eagle High Plantations Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Eagle High Plantations Tbk's Beneish M-Score falls into.

PT Eagle High Plantations 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 Eagle High Plantations 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 * 1.4199

0.528 * 0.7774

0.404 * 1.1931

0.892 * 0.8414

0.115 * 1.3874

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0512

4.679 * -0.056822

0.327 * 0.9057

-2.47

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp409,193 Mil.
Revenue was 943361 + 986205 + 1073447 + 1099075 = Rp4,102,088 Mil.
Gross Profit was 277194 + 298902 + 269174 + 263761 = Rp1,109,031 Mil.
Total Current Assets was Rp1,378,524 Mil.
Total Assets was Rp10,089,643 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,142,719 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,287 Mil.
Selling, General, & Admin. Expense(SGA) was Rp227,435 Mil.
Total Current Liabilities was Rp3,579,257 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,067,144 Mil.
Net Income was 47493 + 56883 + 45738 + 56134 = Rp206,248 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 236411 + 316709 + 191687 + 34753 = Rp779,560 Mil.

Total Receivables was Rp342,528 Mil.
Revenue was 1045885 + 1134995 + 1119313 + 1575318 = Rp4,875,511 Mil.
Gross Profit was 225549 + 307012 + 262851 + 229310 = Rp1,024,722 Mil.
Total Current Assets was Rp3,544,639 Mil.
Total Assets was Rp12,236,410 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,031,746 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp9,759 Mil.
Selling, General, & Admin. Expense(SGA) was Rp257,144 Mil.
Total Current Liabilities was Rp4,940,943 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,959,346 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)
	=	(409193 / 4102088)	/	(342528 / 4875511)
	=	0.099752	/	0.070255
	=	1.4199

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)
	=	(1024722 / 4875511)	/	(1109031 / 4102088)
	=	0.210177	/	0.270358
	=	0.7774

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 - (1378524 + 3142719) / 10089643)	/	(1 - (3544639 + 3031746) / 12236410)
	=	0.551893	/	0.462556
	=	1.1931

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
	=	4102088	/	4875511
	=	0.8414

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))
	=	(9759 / (9759 + 3031746))	/	(7287 / (7287 + 3142719))
	=	0.003209	/	0.002313
	=	1.3874

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)
	=	(227435 / 4102088)	/	(257144 / 4875511)
	=	0.055444	/	0.052742
	=	1.0512

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)
	=	((3067144 + 3579257) / 10089643)	/	((3959346 + 4940943) / 12236410)
	=	0.658735	/	0.727361
	=	0.9057

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
	=	(206248 - 0	-	779560)	/	10089643
	=	-0.056822

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 Eagle High Plantations Tbk has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.

PT Eagle High Plantations Tbk Beneish M-Score Related Terms

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PT Eagle High Plantations Tbk (ISX:BWPT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Eagle High Plantations Tbk (ISX:BWPT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Rajawali Place, 28th Floor, Jl. HR Rasuna Said Kav. B/4, Jakarta, IDN, 12910

Website

https://www.eaglehighplantations.com

PT Eagle High Plantations Tbk is engaged in the palm plantation sector which produces fresh fruit bunches (FFB) and the Palm Oil Mill which produces crude palm oil (CPO) and palm kernel (PK). The operational activities center is located at three plantations namely Sumatra, Kalimantan, and Papua. The company operates in two segments - Plantations and Manufacturing. The majority of its revenue is generated by the Manufacturing segment. The product portfolio includes - Crude Palm Oil and Palm kernel oil.

PT Eagle High Plantations Tbk (ISX:BWPT) Headlines

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