PT Lippo Karawaci Tbk (ISX:LPKR) Beneish M-Score : -2.79 (As of May. 17, 2024)

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What is PT Lippo Karawaci 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:LPKR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.24 Max: -1.33
Current: -2.79

During the past 13 years, the highest Beneish M-Score of PT Lippo Karawaci Tbk was -1.33. The lowest was -3.45. And the median was -2.24.

PT Lippo Karawaci Tbk Beneish M-Score Historical Data

The historical data trend for PT Lippo Karawaci 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 Lippo Karawaci Tbk Beneish M-Score Chart

PT Lippo Karawaci Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.15

-3.45

-2.76

-2.75

-2.62

PT Lippo Karawaci 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															-2.63	-2.56	-2.54	-2.62	-2.79

Competitive Comparison of PT Lippo Karawaci Tbk's Beneish M-Score

For the Real Estate Services subindustry, PT Lippo Karawaci 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 Lippo Karawaci Tbk's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where PT Lippo Karawaci Tbk's Beneish M-Score falls into.

PT Lippo Karawaci 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 Lippo Karawaci 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 * 0.9708

0.528 * 0.9626

0.404 * 0.8973

0.892 * 1.1639

0.115 * 1.021

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.939

4.679 * -0.084392

0.327 * 0.9638

-2.79

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp2,183,367 Mil.
Revenue was 4573463 + 4515199 + 4318058 + 4226378 = Rp17,633,098 Mil.
Gross Profit was 1927616 + 2022465 + 1946950 + 1815140 = Rp7,712,171 Mil.
Total Current Assets was Rp29,886,122 Mil.
Total Assets was Rp49,818,694 Mil.
Property, Plant and Equipment(Net PPE) was Rp12,281,242 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,152,888 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,549,216 Mil.
Total Current Liabilities was Rp9,774,376 Mil.
Long-Term Debt & Capital Lease Obligation was Rp16,915,353 Mil.
Net Income was -179128 + -737658 + -362069 + 11428 = Rp-1,267,427 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1030513 + 1398799 + 504449 + 3089 = Rp2,936,850 Mil.

Total Receivables was Rp1,932,398 Mil.
Revenue was 3787270 + 4218625 + 3692754 + 3451642 = Rp15,150,291 Mil.
Gross Profit was 1583348 + 1831413 + 1542515 + 1420877 = Rp6,378,153 Mil.
Total Current Assets was Rp29,204,598 Mil.
Total Assets was Rp50,104,755 Mil.
Property, Plant and Equipment(Net PPE) was Rp12,324,476 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,183,579 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,417,548 Mil.
Total Current Liabilities was Rp10,574,256 Mil.
Long-Term Debt & Capital Lease Obligation was Rp17,277,601 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)
	=	(2183367 / 17633098)	/	(1932398 / 15150291)
	=	0.123822	/	0.127549
	=	0.9708

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)
	=	(6378153 / 15150291)	/	(7712171 / 17633098)
	=	0.420992	/	0.437369
	=	0.9626

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 - (29886122 + 12281242) / 49818694)	/	(1 - (29204598 + 12324476) / 50104755)
	=	0.153584	/	0.171155
	=	0.8973

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
	=	17633098	/	15150291
	=	1.1639

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))
	=	(1183579 / (1183579 + 12324476))	/	(1152888 / (1152888 + 12281242))
	=	0.08762	/	0.085818
	=	1.021

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)
	=	(1549216 / 17633098)	/	(1417548 / 15150291)
	=	0.087858	/	0.093566
	=	0.939

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)
	=	((16915353 + 9774376) / 49818694)	/	((17277601 + 10574256) / 50104755)
	=	0.535737	/	0.555873
	=	0.9638

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
	=	(-1267427 - 0	-	2936850)	/	49818694
	=	-0.084392

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 Lippo Karawaci Tbk has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

PT Lippo Karawaci Tbk Beneish M-Score Related Terms

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PT Lippo Karawaci Tbk (ISX:LPKR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Lippo Karawaci Tbk (ISX:LPKR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

LK4B:Germany

Address

Jl. Boulevard Palem Raya No.7, Menara Matahari, 22nd floor, Lippo Karawaci Central, Tangerang, IDN, 15811

Website

https://www.lippokarawaci.co.id

PT Lippo Karawaci Tbk is a property development company in Indonesia. Its portfolio encompasses residential and urban development, hospitals, malls, hotels, and leisure and asset management properties. Its present developments are based in and around major cities including Jakarta, Surabaya, Makassar, Medan, and Palembang. It has urban development, large scale integrated development, retail malls, healthcare, hospitality and infrastructure, property and portfolio management. It operates in three segments: Real Estate Development; Real Estate Management & Services; and Fund Management / Investments. Most of its revenue comes from the Real Estate Management & Services segment.

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