PT Jasa Marga (Persero) Tbk (ISX:JSMR) Beneish M-Score : -2.34 (As of May. 12, 2024)

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What is PT Jasa Marga (Persero) 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 Jasa Marga (Persero) Tbk's Beneish M-Score or its related term are showing as below:

ISX:JSMR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.35 Med: -2.58 Max: 34.03
Current: -2.34

During the past 13 years, the highest Beneish M-Score of PT Jasa Marga (Persero) Tbk was 34.03. The lowest was -3.35. And the median was -2.58.

PT Jasa Marga (Persero) Tbk Beneish M-Score Historical Data

The historical data trend for PT Jasa Marga (Persero) 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 Jasa Marga (Persero) Tbk Beneish M-Score Chart

PT Jasa Marga (Persero) Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.34

-2.88

-3.04

-2.88

-2.19

PT Jasa Marga (Persero) 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															-2.62	-2.67	-2.37	-2.19	-2.34

Competitive Comparison of PT Jasa Marga (Persero) Tbk's Beneish M-Score

For the Infrastructure Operations subindustry, PT Jasa Marga (Persero) 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 Jasa Marga (Persero) Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Jasa Marga (Persero) Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Jasa Marga (Persero) Tbk's Beneish M-Score falls into.

PT Jasa Marga (Persero) 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 Jasa Marga (Persero) 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 * 0.6389

0.528 * 1.0511

0.404 * 1.0546

0.892 * 1.3202

0.115 * 1.1837

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9123

4.679 * 0.019021

0.327 * 0.9522

-2.34

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp1,233,778 Mil.
Revenue was 6044811 + 7238097 + 5156739 + 4478284 = Rp22,917,931 Mil.
Gross Profit was 2410946 + 2839580 + 2481600 + 1718155 = Rp9,450,281 Mil.
Total Current Assets was Rp7,778,833 Mil.
Total Assets was Rp130,419,524 Mil.
Property, Plant and Equipment(Net PPE) was Rp455,410 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp120,384 Mil.
Selling, General, & Admin. Expense(SGA) was Rp353,935 Mil.
Total Current Liabilities was Rp21,398,740 Mil.
Long-Term Debt & Capital Lease Obligation was Rp59,841,097 Mil.
Net Income was 585923 + 819060 + 4825813 + 651118 = Rp6,881,914 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1487790 + 2373222 + 407097 + 133150 = Rp4,401,259 Mil.

Total Receivables was Rp1,462,817 Mil.
Revenue was 4445485 + 4861958 + 4180564 + 3871453 = Rp17,359,460 Mil.
Gross Profit was 1919191 + 1861227 + 1930725 + 1812899 = Rp7,524,042 Mil.
Total Current Assets was Rp9,658,294 Mil.
Total Assets was Rp89,652,293 Mil.
Property, Plant and Equipment(Net PPE) was Rp350,728 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp115,348 Mil.
Selling, General, & Admin. Expense(SGA) was Rp293,882 Mil.
Total Current Liabilities was Rp14,476,951 Mil.
Long-Term Debt & Capital Lease Obligation was Rp44,171,480 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)
	=	(1233778 / 22917931)	/	(1462817 / 17359460)
	=	0.053835	/	0.084266
	=	0.6389

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)
	=	(7524042 / 17359460)	/	(9450281 / 22917931)
	=	0.433426	/	0.412353
	=	1.0511

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 - (7778833 + 455410) / 130419524)	/	(1 - (9658294 + 350728) / 89652293)
	=	0.936863	/	0.888357
	=	1.0546

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
	=	22917931	/	17359460
	=	1.3202

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))
	=	(115348 / (115348 + 350728))	/	(120384 / (120384 + 455410))
	=	0.247488	/	0.209075
	=	1.1837

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)
	=	(353935 / 22917931)	/	(293882 / 17359460)
	=	0.015444	/	0.016929
	=	0.9123

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)
	=	((59841097 + 21398740) / 130419524)	/	((44171480 + 14476951) / 89652293)
	=	0.622912	/	0.654177
	=	0.9522

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
	=	(6881914 - 0	-	4401259)	/	130419524
	=	0.019021

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 Jasa Marga (Persero) Tbk has a M-score of -2.34 suggests that the company is unlikely to be a manipulator.

PT Jasa Marga (Persero) Tbk Beneish M-Score Related Terms

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PT Jasa Marga (Persero) Tbk (ISX:JSMR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Jasa Marga (Persero) Tbk (ISX:JSMR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

PTJSF:USA 0JM:Germany

Address

Plaza Tol Taman Mini Indonesia Indah, Kantor Pusat, Jakarta, IDN, 13550

Website

https://www.jasamarga.com

PT Jasa Marga (Persero) Tbk is an industrial company that constructs and operates toll roads. The company organizes operations into five segments: toll road, operations, maintenance, Related business, and others. The toll business segment, which contributes the vast majority of revenue, works on increasing ownership of the company's toll road assets. The operating segment is engaged in operating toll roads, while the maintenance segment provides toll road maintenance services. The other business segment operates fuel stations, leases and sells property assets, and earns advertising revenue.

PT Jasa Marga (Persero) Tbk (ISX:JSMR) Headlines

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