PT Panin Financial 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 Panin Financial 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 * 26.5085 | + | 0.528 * 1 | + | 0.404 * 0.9631 | + | 0.892 * 0.9689 | + | 0.115 * 16.2903 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.4569 | + | 4.679 * -0.026143 | - | 0.327 * 73.7471 |
| = | -1.11 |
* 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 Rp11,909,587 Mil.
Revenue was 3234506 + 13855085 + 679140 + -1433863 = Rp16,334,868 Mil.
Gross Profit was 3234506 + 13855085 + 679140 + -1433863 = Rp16,334,868 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp234,726,218 Mil.
Property, Plant and Equipment(Net PPE) was Rp9,986,034 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp471,433 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,273,900 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,448,830 Mil.
Net Income was 418858 + 91637 + 426470 + 660694 = Rp1,597,659 Mil.
Non Operating Income was 535458 + 329497 + 11831 + -387761 = Rp489,025 Mil.
Cash Flow from Operations was 4824376 + 3971130 + 64705 + -1615214 = Rp7,244,997 Mil.
|
Total Receivables was Rp463,708 Mil.
Revenue was 2749351 + 12848908 + 716061 + 545500 = Rp16,859,820 Mil.
Gross Profit was 2749351 + 12848908 + 716061 + 545500 = Rp16,859,820 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp34,224,864 Mil.
Property, Plant and Equipment(Net PPE) was Rp201,423 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp556,903 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,877,724 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp8,806 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) |
| = | (11909587 / 16334868) | / | (463708 / 16859820) |
| = | 0.72909 | / | 0.027504 |
| | = | 26.5085 |
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) |
| = | (16859820 / 16859820) | / | (16334868 / 16334868) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (0 + 9986034) / 234726218) | / | (1 - (0 + 201423) / 34224864) |
| = | 0.957457 | / | 0.994115 |
| | = | 0.9631 |
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 |
| = | 16334868 | / | 16859820 |
| | = | 0.9689 |
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)) |
| = | (556903 / (556903 + 201423)) | / | (471433 / (471433 + 9986034)) |
| = | 0.734385 | / | 0.045081 |
| | = | 16.2903 |
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) |
| = | (1273900 / 16334868) | / | (2877724 / 16859820) |
| = | 0.077987 | / | 0.170685 |
| | = | 0.4569 |
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) |
| = | ((4448830 + 0) / 234726218) | / | ((8806 + 0) / 34224864) |
| = | 0.018953 | / | 0.000257 |
| | = | 73.7471 |
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 |
| = | (1597659 - 489025 | - | 7244997) | / | 234726218 |
| | = | -0.026143 |
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 Panin Financial Tbk has a M-score of -1.11 signals that the company is likely to be a manipulator.
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