PT Jaya Real Property Tbk (ISX:JRPT) Beneish M-Score : -2.13 (As of May. 27, 2024)

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What is PT Jaya Real Property 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 -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Jaya Real Property Tbk's Beneish M-Score or its related term are showing as below:

ISX:JRPT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.18 Max: -1.01
Current: -2.13

During the past 13 years, the highest Beneish M-Score of PT Jaya Real Property Tbk was -1.01. The lowest was -2.98. And the median was -2.18.

PT Jaya Real Property Tbk Beneish M-Score Historical Data

The historical data trend for PT Jaya Real Property 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 Jaya Real Property Tbk Beneish M-Score Chart

PT Jaya Real Property Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.14

-2.98

-2.36

-2.73

-2.23

PT Jaya Real Property 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															-2.61	-2.53	-2.40	-2.23	-2.13

Competitive Comparison of PT Jaya Real Property Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Jaya Real Property 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 Jaya Real Property Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Jaya Real Property Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Jaya Real Property Tbk's Beneish M-Score falls into.

PT Jaya Real Property 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 Jaya Real Property 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 * 0.995

0.528 * 0.9867

0.404 * 1.0128

0.892 * 1.1333

0.115 * 2.4029

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9734

4.679 * 0.015753

0.327 * 1.0022

-2.13

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp31,734 Mil.
Revenue was 569729.894 + 758850.286 + 655119.306 + 590537.995 = Rp2,574,237 Mil.
Gross Profit was 323080.151 + 441961.104 + 395245.049 + 345682.918 = Rp1,505,969 Mil.
Total Current Assets was Rp3,320,701 Mil.
Total Assets was Rp13,457,066 Mil.
Property, Plant and Equipment(Net PPE) was Rp542,340 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,194 Mil.
Selling, General, & Admin. Expense(SGA) was Rp133,869 Mil.
Total Current Liabilities was Rp3,711,054 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 224025.774 + 294716.057 + 285115.132 + 234817.668 = Rp1,038,675 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 105599.491 + 286124.871 + 315301.677 + 119661.996 = Rp826,688 Mil.

Total Receivables was Rp28,143 Mil.
Revenue was 499137.784 + 640496.906 + 609573.192 + 522223.4 = Rp2,271,431 Mil.
Gross Profit was 279725.319 + 379290.533 + 358872.705 + 293234.662 = Rp1,311,123 Mil.
Total Current Assets was Rp3,455,958 Mil.
Total Assets was Rp12,442,435 Mil.
Property, Plant and Equipment(Net PPE) was Rp227,941 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,574 Mil.
Selling, General, & Admin. Expense(SGA) was Rp121,353 Mil.
Total Current Liabilities was Rp3,422,579 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,036 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)
	=	(31734.236 / 2574237.481)	/	(28143.291 / 2271431.282)
	=	0.012328	/	0.01239
	=	0.995

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)
	=	(1311123.219 / 2271431.282)	/	(1505969.222 / 2574237.481)
	=	0.577223	/	0.585016
	=	0.9867

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 - (3320700.509 + 542340.243) / 13457066.243)	/	(1 - (3455958.284 + 227940.633) / 12442434.831)
	=	0.712936	/	0.703925
	=	1.0128

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
	=	2574237.481	/	2271431.282
	=	1.1333

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))
	=	(10574.33 / (10574.33 + 227940.633))	/	(10194.312 / (10194.312 + 542340.243))
	=	0.044334	/	0.01845
	=	2.4029

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)
	=	(133869.221 / 2574237.481)	/	(121352.906 / 2271431.282)
	=	0.052003	/	0.053426
	=	0.9734

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 + 3711053.815) / 13457066.243)	/	((1036.205 + 3422579.016) / 12442434.831)
	=	0.27577	/	0.275156
	=	1.0022

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
	=	(1038674.631 - 0	-	826688.035)	/	13457066.243
	=	0.015753

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 Jaya Real Property Tbk has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.

PT Jaya Real Property Tbk Beneish M-Score Related Terms

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PT Jaya Real Property Tbk (ISX:JRPT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Jaya Real Property Tbk (ISX:JRPT) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Boulevard Bintaro Jaya, CBD Emerald Blok CE/A No. 01, Tangerang, IDN, 15227

Website

https://www.jayaproperty.com

PT Jaya Real Property Tbk is a property development company engaged in the development of housing and industrial estate, the development of infrastructure and public facilities, and the provision of supporting services. The company is developing housing and managing property business in the area of Jakarta Selatan and Tangerang which includes land clearance, real estate developments, and tenancy of shopping centers. Its portfolio of properties includes Plaza Bintaro Jaya, Plaza Slipi Jaya, Bintaro Jaya Xchange Mall, BX Rink, BTC and Pasar Modern, and Senen Jaya Wholesale Center, among others. The company operates in two business segments namely, sales of land and buildings and rental and other services. The majority of the revenue is earned from the sales of land and buildings.

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