PT Tempo Scan Pacific Tbk (ISX:TSPC) Beneish M-Score : -2.54 (As of May. 28, 2024)

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What is PT Tempo Scan Pacific 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TSPC' s Beneish M-Score Range Over the Past 10 Years
Min: -2.68 Med: -2.38 Max: -2.03
Current: -2.54

During the past 13 years, the highest Beneish M-Score of PT Tempo Scan Pacific Tbk was -2.03. The lowest was -2.68. And the median was -2.38.

PT Tempo Scan Pacific Tbk Beneish M-Score Historical Data

The historical data trend for PT Tempo Scan Pacific 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 Tempo Scan Pacific Tbk Beneish M-Score Chart

PT Tempo Scan Pacific Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.63

-2.46

-2.42

-2.35

-2.37

PT Tempo Scan Pacific 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															-2.10	-2.14	-2.32	-2.37	-2.54

Competitive Comparison of PT Tempo Scan Pacific Tbk's Beneish M-Score

For the Drug Manufacturers - Specialty & Generic subindustry, PT Tempo Scan Pacific 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 Tempo Scan Pacific Tbk's Beneish M-Score Distribution in the Drug Manufacturers Industry

For the Drug Manufacturers industry and Healthcare sector, PT Tempo Scan Pacific Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Tempo Scan Pacific Tbk's Beneish M-Score falls into.

PT Tempo Scan Pacific 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 Tempo Scan Pacific 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 * 1.0796

0.528 * 0.9257

0.404 * 0.9849

0.892 * 1.0649

0.115 * 1.0403

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8511

4.679 * -0.04181

0.327 * 0.9526

-2.54

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp1,898,475 Mil.
Revenue was 3441768.214 + 3353306.659 + 3279785.062 + 3252990.002 = Rp13,327,850 Mil.
Gross Profit was 1264736.595 + 1319655.431 + 1198376.164 + 1080260.091 = Rp4,863,028 Mil.
Total Current Assets was Rp8,188,045 Mil.
Total Assets was Rp11,929,937 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,227,754 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp190,899 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,304,400 Mil.
Total Current Liabilities was Rp2,974,987 Mil.
Long-Term Debt & Capital Lease Obligation was Rp66,541 Mil.
Net Income was 407440.36 + 225250.725 + 259337.786 + 124074.429 = Rp1,016,103 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 396515.5 + 464663.498 + 432368.752 + 221343.353 = Rp1,514,891 Mil.

Total Receivables was Rp1,651,304 Mil.
Revenue was 3233702.833 + 3164500.34 + 3148423.123 + 2969001.988 = Rp12,515,628 Mil.
Gross Profit was 1104992.824 + 1100146.845 + 1054942.9 + 967484.231 = Rp4,227,567 Mil.
Total Current Assets was Rp7,919,075 Mil.
Total Assets was Rp11,521,014 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,097,807 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp191,062 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,542,488 Mil.
Total Current Liabilities was Rp3,008,441 Mil.
Long-Term Debt & Capital Lease Obligation was Rp74,987 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)
	=	(1898474.855 / 13327849.937)	/	(1651304.419 / 12515628.284)
	=	0.142444	/	0.131939
	=	1.0796

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)
	=	(4227566.8 / 12515628.284)	/	(4863028.281 / 13327849.937)
	=	0.337783	/	0.364877
	=	0.9257

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 - (8188044.829 + 3227754.091) / 11929936.65)	/	(1 - (7919075.047 + 3097806.75) / 11521014.402)
	=	0.043096	/	0.043758
	=	0.9849

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
	=	13327849.937	/	12515628.284
	=	1.0649

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))
	=	(191062.398 / (191062.398 + 3097806.75))	/	(190899.448 / (190899.448 + 3227754.091))
	=	0.058094	/	0.055841
	=	1.0403

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)
	=	(2304400.378 / 13327849.937)	/	(2542487.824 / 12515628.284)
	=	0.172901	/	0.203145
	=	0.8511

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)
	=	((66540.757 + 2974987.202) / 11929936.65)	/	((74987.183 + 3008441.205) / 11521014.402)
	=	0.254949	/	0.267635
	=	0.9526

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
	=	(1016103.3 - 0	-	1514891.103)	/	11929936.65
	=	-0.04181

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 Tempo Scan Pacific Tbk has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.

PT Tempo Scan Pacific Tbk Beneish M-Score Related Terms

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PT Tempo Scan Pacific Tbk (ISX:TSPC) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Drug Manufacturers » PT Tempo Scan Pacific Tbk (ISX:TSPC) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan H.R. Rasuna Said Kav. 3-4, Tempo Scan Tower, 16th Floor, Jakarta, IDN, 12950

Website

https://www.temposcangroup.com

PT Tempo Scan Pacific Tbk operates in the pharmaceutical business in Indonesia. It is engaged in the production of tablet/caplets, effervescent powders, liquid/syrup, cream and ointment, and capsule dosage forms and markets body care products. It operates through the following segments: The Pharmaceuticals segment, Consumer Products and Cosmetics segment, and Distribution Services segment. The company caters to both Indonesian and international markets.

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