PT Mahkota Group Tbk (ISX:MGRO) Beneish M-Score : -1.95 (As of Jun. 05, 2024)

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What is PT Mahkota Group 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 -1.95 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MGRO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51 Med: -1.96 Max: 0.15
Current: -1.95

During the past 9 years, the highest Beneish M-Score of PT Mahkota Group Tbk was 0.15. The lowest was -3.51. And the median was -1.96.

PT Mahkota Group Tbk Beneish M-Score Historical Data

The historical data trend for PT Mahkota Group 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 Mahkota Group Tbk Beneish M-Score Chart

PT Mahkota Group Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.45

-1.09

-2.03

-1.08

-2.06

PT Mahkota Group 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															-3.46	-3.51	-0.74	-2.06	-1.95

Competitive Comparison of PT Mahkota Group Tbk's Beneish M-Score

For the Packaged Foods subindustry, PT Mahkota Group 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 Mahkota Group Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Mahkota Group Tbk's Beneish M-Score distribution charts can be found below:

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

PT Mahkota Group 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 Mahkota Group 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 * 2.2251

0.528 * 2.0548

0.404 * 0.7161

0.892 * 0.7414

0.115 * 0.8559

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0461

4.679 * -0.155455

0.327 * 1.1632

-1.95

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp52,469 Mil.
Revenue was 987963.826 + 1224111.6 + 1563120.8 + 1203913.89 = Rp4,979,110 Mil.
Gross Profit was 30404.324 + 82174.423 + 119872.554 + -8380.934 = Rp224,070 Mil.
Total Current Assets was Rp2,076,381 Mil.
Total Assets was Rp3,395,608 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,158,578 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp8,159 Mil.
Selling, General, & Admin. Expense(SGA) was Rp111,230 Mil.
Total Current Liabilities was Rp1,933,215 Mil.
Long-Term Debt & Capital Lease Obligation was Rp905,801 Mil.
Net Income was -43218.826 + -8271.728 + 20353.794 + -94200.453 = Rp-125,337 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 113170.86 + 346540.929 + 110074.243 + -167259.954 = Rp402,526 Mil.

Total Receivables was Rp31,805 Mil.
Revenue was 1434331.76 + 1887255.791 + 1439773.855 + 1954805.03 = Rp6,716,166 Mil.
Gross Profit was 63685.211 + 143303.672 + 126304.914 + 287734.277 = Rp621,028 Mil.
Total Current Assets was Rp1,158,658 Mil.
Total Assets was Rp2,355,139 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,040,880 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,268 Mil.
Selling, General, & Admin. Expense(SGA) was Rp143,420 Mil.
Total Current Liabilities was Rp1,191,927 Mil.
Long-Term Debt & Capital Lease Obligation was Rp500,839 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)
	=	(52468.826 / 4979110.116)	/	(31805.209 / 6716166.436)
	=	0.010538	/	0.004736
	=	2.2251

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)
	=	(621028.074 / 6716166.436)	/	(224070.367 / 4979110.116)
	=	0.092468	/	0.045002
	=	2.0548

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 - (2076381.115 + 1158578.402) / 3395608.4)	/	(1 - (1158657.917 + 1040880.261) / 2355138.528)
	=	0.047311	/	0.066068
	=	0.7161

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
	=	4979110.116	/	6716166.436
	=	0.7414

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))
	=	(6267.532 / (6267.532 + 1040880.261))	/	(8159.297 / (8159.297 + 1158578.402))
	=	0.005985	/	0.006993
	=	0.8559

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)
	=	(111229.964 / 4979110.116)	/	(143419.986 / 6716166.436)
	=	0.022339	/	0.021354
	=	1.0461

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)
	=	((905801.163 + 1933215.373) / 3395608.4)	/	((500838.855 + 1191926.804) / 2355138.528)
	=	0.836085	/	0.718754
	=	1.1632

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
	=	(-125337.213 - 0	-	402526.078)	/	3395608.4
	=	-0.155455

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 Mahkota Group Tbk has a M-score of -1.95 suggests that the company is unlikely to be a manipulator.

PT Mahkota Group Tbk Beneish M-Score Related Terms

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PT Mahkota Group Tbk (ISX:MGRO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Mahkota Group Tbk (ISX:MGRO) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan Perintis Kemerdekaan No.3-A, Kompleks Grand Jati Junction, 27th Floor, North Sumatera, Medan, IDN, 20231

Website

https://www.mahkotagroup.com

PT Mahkota Group Tbk along with its subsidiaries owns palm oil processing factories located in North Sumatra and Riau. It operates tow business segments Palm Oil Segment which consists sale of Crude Palm Oil (CPO), Palm Kernel (PK), Refined Bleached Deodorized Palm Oil (RBDPO), Palm Fatty Acid Distillate (PFAD), Palm Kernel Oil (PKO), Palm Kernel Expeller (PKE), Olei, Stearin, and Logistics Segment which consists of storage tanks leasing. It generates maximum revenue from the Crude palm oil segment.

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