PT Cisarua Mountain Dairy Tbk (ISX:CMRY) Beneish M-Score : -2.34 (As of May. 11, 2024)

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What is PT Cisarua Mountain Dairy 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 -2.34 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CMRY' s Beneish M-Score Range Over the Past 10 Years
Min: -2.56 Med: -2.32 Max: 4.14
Current: -2.34

During the past 6 years, the highest Beneish M-Score of PT Cisarua Mountain Dairy Tbk was 4.14. The lowest was -2.56. And the median was -2.32.

PT Cisarua Mountain Dairy Tbk Beneish M-Score Historical Data

The historical data trend for PT Cisarua Mountain Dairy 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 Cisarua Mountain Dairy Tbk Beneish M-Score Chart

PT Cisarua Mountain Dairy Tbk Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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4.14

-2.54

PT Cisarua Mountain Dairy Tbk Quarterly Data
	Dec18	Dec19	Jun20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial												-1.54	-2.32	-2.56	-2.54	-2.34

Competitive Comparison of PT Cisarua Mountain Dairy Tbk's Beneish M-Score

For the Packaged Foods subindustry, PT Cisarua Mountain Dairy 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 Cisarua Mountain Dairy Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

* The bar in red indicates where PT Cisarua Mountain Dairy Tbk's Beneish M-Score falls into.

PT Cisarua Mountain Dairy 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 Cisarua Mountain Dairy 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 * 1.0292

0.528 * 0.953

0.404 * 1.2346

0.892 * 1.2035

0.115 * 0.8784

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1177

4.679 * -0.014509

0.327 * 1.1062

-2.34

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp1,022,787 Mil.
Revenue was 2168138 + 2031234 + 1964345 + 1946665 = Rp8,110,382 Mil.
Gross Profit was 970089 + 857328 + 832839 + 811503 = Rp3,471,759 Mil.
Total Current Assets was Rp4,473,974 Mil.
Total Assets was Rp7,510,716 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,769,571 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp48,376 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,404,567 Mil.
Total Current Liabilities was Rp1,135,099 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 386331 + 275115 + 344595 + 324826 = Rp1,330,867 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 321684 + 316061 + 362963 + 439129 = Rp1,439,837 Mil.

Total Receivables was Rp825,755 Mil.
Revenue was 1830666 + 1621548 + 1623602 + 1663213 = Rp6,739,029 Mil.
Gross Profit was 731058 + 648024 + 664108 + 705887 = Rp2,749,077 Mil.
Total Current Assets was Rp4,032,801 Mil.
Total Assets was Rp6,465,435 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,549,083 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp37,074 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,044,168 Mil.
Total Current Liabilities was Rp860,718 Mil.
Long-Term Debt & Capital Lease Obligation was Rp22,631 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)
	=	(1022787 / 8110382)	/	(825755 / 6739029)
	=	0.126108	/	0.122533
	=	1.0292

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)
	=	(2749077 / 6739029)	/	(3471759 / 8110382)
	=	0.407934	/	0.428064
	=	0.953

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 - (4473974 + 1769571) / 7510716)	/	(1 - (4032801 + 1549083) / 6465435)
	=	0.168715	/	0.136658
	=	1.2346

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
	=	8110382	/	6739029
	=	1.2035

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))
	=	(37074 / (37074 + 1549083))	/	(48376 / (48376 + 1769571))
	=	0.023373	/	0.02661
	=	0.8784

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)
	=	(1404567 / 8110382)	/	(1044168 / 6739029)
	=	0.173181	/	0.154943
	=	1.1177

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)
	=	((0 + 1135099) / 7510716)	/	((22631 + 860718) / 6465435)
	=	0.151131	/	0.136626
	=	1.1062

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
	=	(1330867 - 0	-	1439837)	/	7510716
	=	-0.014509

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 Cisarua Mountain Dairy Tbk has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.

PT Cisarua Mountain Dairy Tbk Beneish M-Score Related Terms

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PT Cisarua Mountain Dairy Tbk (ISX:CMRY) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Cisarua Mountain Dairy Tbk (ISX:CMRY) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Comp. Rukan Taman Meruya No.N/27-28, RT.16/RW.7, Meruya Utara, Kec., Kembangan, Kota Jakarta Barat, Daerah Khusus Ibukota, Jakarta, IDN, 11620

Website

https://www.cimory.com

PT Cisarua Mountain Dairy Tbk is a producer of premium dairy products and premium consumer foods in Indonesia. The company operates two segments; Dairy products segment and Consumer foods segment. The majority of revenue is generated from Dairy products segment.

PT Cisarua Mountain Dairy Tbk (ISX:CMRY) Headlines

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