PT Bakrie Sumatera Plantations Tbk (ISX:UNSP) Beneish M-Score : -1.56 (As of May. 04, 2024)

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What is PT Bakrie Sumatera Plantations 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.

Warning Sign:

Beneish M-Score -1.56 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:UNSP' s Beneish M-Score Range Over the Past 10 Years
Min: -4.65 Med: -2.61 Max: -1.41
Current: -1.56

During the past 13 years, the highest Beneish M-Score of PT Bakrie Sumatera Plantations Tbk was -1.41. The lowest was -4.65. And the median was -2.61.

PT Bakrie Sumatera Plantations Tbk Beneish M-Score Historical Data

The historical data trend for PT Bakrie Sumatera Plantations 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 Bakrie Sumatera Plantations Tbk Beneish M-Score Chart

PT Bakrie Sumatera Plantations Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.65

-3.96

-2.67

-1.41

-1.56

PT Bakrie Sumatera Plantations Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-1.41	-1.46	-2.27	-2.34	-1.56

Competitive Comparison of PT Bakrie Sumatera Plantations Tbk's Beneish M-Score

For the Farm Products subindustry, PT Bakrie Sumatera Plantations 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 Bakrie Sumatera Plantations Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

* The bar in red indicates where PT Bakrie Sumatera Plantations Tbk's Beneish M-Score falls into.

PT Bakrie Sumatera Plantations 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 Bakrie Sumatera Plantations 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 * 2.3741

0.528 * 0.9459

0.404 * 0.9331

0.892 * 0.5741

0.115 * 1.4046

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.6631

4.679 * 0.024777

0.327 * 0.8782

-1.56

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp114,915 Mil.
Revenue was 541107 + 619083 + 581424 + 663539 = Rp2,405,153 Mil.
Gross Profit was 131193 + 165598 + 105179 + 75032 = Rp477,002 Mil.
Total Current Assets was Rp781,553 Mil.
Total Assets was Rp4,559,725 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,794,044 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp30,354 Mil.
Selling, General, & Admin. Expense(SGA) was Rp183,556 Mil.
Total Current Liabilities was Rp7,694,151 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,011,794 Mil.
Net Income was -88908 + -92255 + 15631 + 228223 = Rp62,691 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -84457 + -4604 + -64491 + 103265 = Rp-50,287 Mil.

Total Receivables was Rp84,309 Mil.
Revenue was 2026698 + 717026 + 252770 + 1192836 = Rp4,189,330 Mil.
Gross Profit was 279818 + 156813 + 81787 + 267465 = Rp785,883 Mil.
Total Current Assets was Rp707,427 Mil.
Total Assets was Rp4,540,302 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,782,631 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp42,647 Mil.
Selling, General, & Admin. Expense(SGA) was Rp192,243 Mil.
Total Current Liabilities was Rp8,305,609 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,565,290 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)
	=	(114915 / 2405153)	/	(84309 / 4189330)
	=	0.047779	/	0.020125
	=	2.3741

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)
	=	(785883 / 4189330)	/	(477002 / 2405153)
	=	0.187592	/	0.198325
	=	0.9459

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 - (781553 + 2794044) / 4559725)	/	(1 - (707427 + 2782631) / 4540302)
	=	0.215831	/	0.231316
	=	0.9331

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
	=	2405153	/	4189330
	=	0.5741

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))
	=	(42647 / (42647 + 2782631))	/	(30354 / (30354 + 2794044))
	=	0.015095	/	0.010747
	=	1.4046

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)
	=	(183556 / 2405153)	/	(192243 / 4189330)
	=	0.076318	/	0.045889
	=	1.6631

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)
	=	((1011794 + 7694151) / 4559725)	/	((1565290 + 8305609) / 4540302)
	=	1.909314	/	2.174062
	=	0.8782

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
	=	(62691 - 0	-	-50287)	/	4559725
	=	0.024777

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 Bakrie Sumatera Plantations Tbk has a M-score of -1.56 signals that the company is likely to be a manipulator.

PT Bakrie Sumatera Plantations Tbk Beneish M-Score Related Terms

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PT Bakrie Sumatera Plantations Tbk (ISX:UNSP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Bakrie Sumatera Plantations Tbk (ISX:UNSP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

OSW:Germany

Address

Jalan Ir. H. Juanda Kelurahan, Kisaran Timur Kecamatan Kota Kisaran, Timur Kabupaten Asahan, Sumatera Utara, Medan, IDN, 21222

Website

https://www.bakriesumatera.com

PT Bakrie Sumatera Plantations Tbk is engaged in plantations, processing and trading agricultural and industrial products. Its segments include Palm oil and derivatives, Rubber, and Oleochemical. Oleochemicals segment is mainly involved in the business activities relating to oleochemical processing, marketing, and selling. Rubber segment is mainly involved in the development and maintenance of rubber and other business activities relating to rubber processing, marketing, and selling. Palm oil and derivatives segment is mainly involved in the development and maintenance of palm oil and other business activities relating to palm oil processing, marketing, and selling. The company generates majority of the revenue from palm oil and derivatives segment.

PT Bakrie Sumatera Plantations Tbk (ISX:UNSP) Headlines

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