PT HILLCON Tbk Beneish M-Score Historical Data
The historical data trend for PT HILLCON 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.
PT HILLCON Tbk Beneish M-Score Chart
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PT HILLCON Tbk Annual Data
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Trend |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-1.05 |
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PT HILLCON Tbk Quarterly Data
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Dec19 |
Dec20 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
| Beneish M-Score |
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- |
- |
-1.99 |
-1.05 |
-0.77 |
Competitive Comparison of PT HILLCON Tbk's Beneish M-Score
For the Other Industrial Metals & Mining subindustry, PT HILLCON 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 HILLCON Tbk's Beneish M-Score Distribution in the Metals & Mining Industry
For the Metals & Mining industry and Basic Materials sector, PT HILLCON Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT HILLCON Tbk's Beneish M-Score falls into.
PT HILLCON 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 HILLCON 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 * 1.0517 | + | 0.528 * 1.534 | + | 0.404 * 3.559 | + | 0.892 * 1.1173 | + | 0.115 * 1.0658 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7362 | + | 4.679 * 0.046586 | - | 0.327 * 1.0752 |
| = | -0.77 |
* 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 (Mar24) TTM: | Last Year (Mar23) TTM: |
Total Receivables was Rp839,622 Mil.
Revenue was 788906 + 1158953 + 1136503 + 819776 = Rp3,904,138 Mil.
Gross Profit was 13686 + 186479 + 286381 + 158003 = Rp644,549 Mil.
Total Current Assets was Rp1,399,965 Mil.
Total Assets was Rp5,148,826 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,068,855 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,014 Mil.
Selling, General, & Admin. Expense(SGA) was Rp11,790 Mil.
Total Current Liabilities was Rp2,321,553 Mil.
Long-Term Debt & Capital Lease Obligation was Rp944,627 Mil.
Net Income was 3971 + 89931 + 112812 + 24898 = Rp231,612 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 115423 + 154122 + 146754 + -424550 = Rp-8,251 Mil.
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Total Receivables was Rp714,560 Mil.
Revenue was 930516 + 1094303 + 859167 + 610290 = Rp3,494,276 Mil.
Gross Profit was 235849 + 282246 + 228375 + 138444 = Rp884,914 Mil.
Total Current Assets was Rp1,777,212 Mil.
Total Assets was Rp4,128,428 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,198,016 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,644 Mil.
Selling, General, & Admin. Expense(SGA) was Rp14,332 Mil.
Total Current Liabilities was Rp1,848,074 Mil.
Long-Term Debt & Capital Lease Obligation was Rp587,683 Mil.
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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) |
| = | (839622 / 3904138) | / | (714560 / 3494276) |
| = | 0.21506 | / | 0.204494 |
| | = | 1.0517 |
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) |
| = | (884914 / 3494276) | / | (644549 / 3904138) |
| = | 0.253247 | / | 0.165094 |
| | = | 1.534 |
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 - (1399965 + 3068855) / 5148826) | / | (1 - (1777212 + 2198016) / 4128428) |
| = | 0.13207 | / | 0.037109 |
| | = | 3.559 |
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 |
| = | 3904138 | / | 3494276 |
| | = | 1.1173 |
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)) |
| = | (7644 / (7644 + 2198016)) | / | (10014 / (10014 + 3068855)) |
| = | 0.003466 | / | 0.003252 |
| | = | 1.0658 |
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) |
| = | (11790 / 3904138) | / | (14332 / 3494276) |
| = | 0.00302 | / | 0.004102 |
| | = | 0.7362 |
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) |
| = | ((944627 + 2321553) / 5148826) | / | ((587683 + 1848074) / 4128428) |
| = | 0.634354 | / | 0.589996 |
| | = | 1.0752 |
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 |
| = | (231612 - 0 | - | -8251) | / | 5148826 |
| | = | 0.046586 |
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 HILLCON Tbk has a M-score of -0.77 signals that the company is likely to be a manipulator.
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