PT Telkom Indonesia (Persero) Tbk (PT Telkom Indonesia (Persero) Tbk) Beneish M-Score : -2.70 (As of Apr. 24, 2024)

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What is PT Telkom Indonesia (Persero) 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Telkom Indonesia (Persero) Tbk's Beneish M-Score or its related term are showing as below:

TLK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.63 Med: -3.21 Max: -2.67
Current: -2.7

During the past 13 years, the highest Beneish M-Score of PT Telkom Indonesia (Persero) Tbk was -2.67. The lowest was -3.63. And the median was -3.21.

PT Telkom Indonesia (Persero) Tbk Beneish M-Score Historical Data

The historical data trend for PT Telkom Indonesia (Persero) 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 Telkom Indonesia (Persero) Tbk Beneish M-Score Chart

PT Telkom Indonesia (Persero) Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.31

-3.27

-3.25

-3.29

-2.85

PT Telkom Indonesia (Persero) 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															-3.23	-3.03	-3.05	-2.85	-2.70

Competitive Comparison of PT Telkom Indonesia (Persero) Tbk's Beneish M-Score

For the Telecom Services subindustry, PT Telkom Indonesia (Persero) 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 Telkom Indonesia (Persero) Tbk's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, PT Telkom Indonesia (Persero) Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Telkom Indonesia (Persero) Tbk's Beneish M-Score falls into.

PT Telkom Indonesia (Persero) 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 Telkom Indonesia (Persero) 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 * 1.4093

0.528 * 1.0208

0.404 * 0.9481

0.892 * 1.0078

0.115 * 1.0256

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0141

4.679 * -0.134217

0.327 * 0.9794

-2.73

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $1,134 Mil.
Revenue was 2427.932 + 2463.544 + 2432.049 + 2488.22 = $9,812 Mil.
Gross Profit was 1677.932 + 1640.244 + 1715.445 + 1722.148 = $6,756 Mil.
Total Current Assets was $3,813 Mil.
Total Assets was $18,684 Mil.
Property, Plant and Equipment(Net PPE) was $12,703 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,136 Mil.
Selling, General, & Admin. Expense(SGA) was $1,654 Mil.
Total Current Liabilities was $4,405 Mil.
Long-Term Debt & Capital Lease Obligation was $2,548 Mil.
Net Income was 392.644 + 319.668 + 434.304 + 421.403 = $1,568 Mil.
Non Operating Income was -21.212 + -51.051 + -37.421 + 17.303 = $-92 Mil.
Cash Flow from Operations was 1026.855 + 1154.904 + 1105.05 + 881.339 = $4,168 Mil.

Total Receivables was $798 Mil.
Revenue was 2396.096 + 2443.074 + 2419.558 + 2476.765 = $9,735 Mil.
Gross Profit was 1682.247 + 1642.616 + 1728.406 + 1789.669 = $6,843 Mil.
Total Current Assets was $3,681 Mil.
Total Assets was $18,488 Mil.
Property, Plant and Equipment(Net PPE) was $12,544 Mil.
Depreciation, Depletion and Amortization(DDA) was $2,172 Mil.
Selling, General, & Admin. Expense(SGA) was $1,618 Mil.
Total Current Liabilities was $4,338 Mil.
Long-Term Debt & Capital Lease Obligation was $2,687 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)
	=	(1133.563 / 9811.745)	/	(798.101 / 9735.493)
	=	0.115531	/	0.081978
	=	1.4093

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)
	=	(6842.938 / 9735.493)	/	(6755.769 / 9811.745)
	=	0.702886	/	0.688539
	=	1.0208

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 - (3813.051 + 12702.906) / 18684.224)	/	(1 - (3680.852 + 12544.416) / 18488.381)
	=	0.116048	/	0.122407
	=	0.9481

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
	=	9811.745	/	9735.493
	=	1.0078

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))
	=	(2172.451 / (2172.451 + 12544.416))	/	(2135.752 / (2135.752 + 12702.906))
	=	0.147616	/	0.143932
	=	1.0256

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)
	=	(1653.548 / 9811.745)	/	(1617.809 / 9735.493)
	=	0.168527	/	0.166176
	=	1.0141

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)
	=	((2547.872 + 4405.293) / 18684.224)	/	((2686.828 + 4337.937) / 18488.381)
	=	0.372141	/	0.379956
	=	0.9794

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
	=	(1568.019 - -92.381	-	4168.148)	/	18684.224
	=	-0.134217

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 Telkom Indonesia (Persero) Tbk has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.

PT Telkom Indonesia (Persero) Tbk Beneish M-Score Related Terms

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PT Telkom Indonesia (Persero) Tbk (PT Telkom Indonesia (Persero) Tbk) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » PT Telkom Indonesia (Persero) Tbk (NYSE:TLK) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

TLKMF:USA TLKM:Indonesia TCID:Germany T1LK34:Brazil

Address

Jalan Japati No. 1, West Java, Bandung, IDN, 40133

Website

https://www.telkom.co.id

PT Telkom Indonesia (Persero) Tbk is the largest integrated telecommunications provider in Indonesia. It is the principal provider of fixed-line services in Indonesia, and its 65%-owned subsidiary, Telkomsel, is the largest wireless carrier in the country, with about 48% market share. It also provides a wide range of other communication services, including telephone network, interconnection services, multimedia, data and internet communication-related services, satellite transponder leasing, leased line, intelligent network and related services, cable television, and VoIP services.