PT Gowa Makassar Tourism Development Tbk (ISX:GMTD) Beneish M-Score : -2.05 (As of May. 17, 2024)

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What is PT Gowa Makassar Tourism Development 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 -2.05 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Gowa Makassar Tourism Development Tbk's Beneish M-Score or its related term are showing as below:

ISX:GMTD' s Beneish M-Score Range Over the Past 10 Years
Min: -4.02 Med: -1.86 Max: -0.46
Current: -2.05

During the past 12 years, the highest Beneish M-Score of PT Gowa Makassar Tourism Development Tbk was -0.46. The lowest was -4.02. And the median was -1.86.

PT Gowa Makassar Tourism Development Tbk Beneish M-Score Historical Data

The historical data trend for PT Gowa Makassar Tourism Development 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 Gowa Makassar Tourism Development Tbk Beneish M-Score Chart

PT Gowa Makassar Tourism Development Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.26

-3.30

-4.02

-1.14

-2.05

PT Gowa Makassar Tourism Development 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															-1.14	-1.41	-1.43	-1.24	-2.05

Competitive Comparison of PT Gowa Makassar Tourism Development Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Gowa Makassar Tourism Development 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 Gowa Makassar Tourism Development Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Gowa Makassar Tourism Development Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Gowa Makassar Tourism Development Tbk's Beneish M-Score falls into.

PT Gowa Makassar Tourism Development 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 Gowa Makassar Tourism Development 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 * 0.7987

0.528 * 0.8462

0.404 * 0.907

0.892 * 1.3317

0.115 * 0.8737

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7256

4.679 * 0.073759

0.327 * 0.8259

-2.05

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp450 Mil.
Revenue was 136252.06 + 120676.955 + 66602.055 + 96461.788 = Rp419,993 Mil.
Gross Profit was 71880.177 + 67505.236 + 34532.648 + 50748.494 = Rp224,667 Mil.
Total Current Assets was Rp580,396 Mil.
Total Assets was Rp1,203,936 Mil.
Property, Plant and Equipment(Net PPE) was Rp17,763 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,664 Mil.
Selling, General, & Admin. Expense(SGA) was Rp21,599 Mil.
Total Current Liabilities was Rp314,284 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 46930.334 + 44136.628 + 11094.161 + 26853.191 = Rp129,014 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 2097.512 + 27825.745 + -4634.32 + 14924.556 = Rp40,213 Mil.

Total Receivables was Rp423 Mil.
Revenue was 175405.239 + 53140.663 + 55043.726 + 31782.66 = Rp315,372 Mil.
Gross Profit was 60235.446 + 28038.854 + 38086.213 + 16389.825 = Rp142,750 Mil.
Total Current Assets was Rp497,831 Mil.
Total Assets was Rp1,160,940 Mil.
Property, Plant and Equipment(Net PPE) was Rp19,040 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,449 Mil.
Selling, General, & Admin. Expense(SGA) was Rp22,354 Mil.
Total Current Liabilities was Rp366,956 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(449.946 / 419992.858)	/	(422.984 / 315372.288)
	=	0.001071	/	0.001341
	=	0.7987

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)
	=	(142750.338 / 315372.288)	/	(224666.555 / 419992.858)
	=	0.452641	/	0.534929
	=	0.8462

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 - (580395.582 + 17762.574) / 1203935.508)	/	(1 - (497830.875 + 19040.304) / 1160940.485)
	=	0.503164	/	0.554782
	=	0.907

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
	=	419992.858	/	315372.288
	=	1.3317

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))
	=	(2448.945 / (2448.945 + 19040.304))	/	(2664.375 / (2664.375 + 17762.574))
	=	0.113961	/	0.130434
	=	0.8737

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)
	=	(21598.921 / 419992.858)	/	(22353.716 / 315372.288)
	=	0.051427	/	0.07088
	=	0.7256

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 + 314284.412) / 1203935.508)	/	((0 + 366956.051) / 1160940.485)
	=	0.261048	/	0.316085
	=	0.8259

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
	=	(129014.314 - 0	-	40213.493)	/	1203935.508
	=	0.073759

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 Gowa Makassar Tourism Development Tbk has a M-score of -2.05 suggests that the company is unlikely to be a manipulator.

PT Gowa Makassar Tourism Development Tbk Beneish M-Score Related Terms

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PT Gowa Makassar Tourism Development Tbk (ISX:GMTD) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Gowa Makassar Tourism Development Tbk (ISX:GMTD) » Definitions » Beneish M-Score

Comparable Companies

XTAE:YBOX BKK:CGD PHS:IRC HKSE:03366 BOM:514215 HKSE:00298 CAI:ZMID TSE:1814 XKLS:1503 SHSE:600890

Traded in Other Exchanges

N/A

Address

Jalan Metro Tanjung Bunga Mall GTC, GA-9 No. 1B, Tanjung Bunga, Sulawesi Selatan, Makassar, IDN, 90134

Website

https://www.tanjungbunga.com

PT Gowa Makassar Tourism Development Tbk engages in property development and investment business. It is involved in the development of residential estates, apartments, condominiums, hotels, recreational facilities, commercial complexes, real estate, and other supporting facilities. It classifies its business activities into two business segments, the Core segment which consists of sales of residential houses, shop houses, and ready-to-build land, and a supporting segment consisting of Akkarena tourism area management and urban management. Its projects include Residential and Commercial. Its organization is based in Indonesia and the majority of its revenues are derived from the real estate business.

PT Gowa Makassar Tourism Development Tbk (ISX:GMTD) Headlines

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