PT Astra Agro Lestari Tbk (ISX:AALI) Beneish M-Score : -2.52 (As of May. 17, 2024)

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What is PT Astra Agro Lestari 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:AALI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.48 Med: -2.33 Max: 2.35
Current: -2.52

During the past 13 years, the highest Beneish M-Score of PT Astra Agro Lestari Tbk was 2.35. The lowest was -3.48. And the median was -2.33.

PT Astra Agro Lestari Tbk Beneish M-Score Historical Data

The historical data trend for PT Astra Agro Lestari 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 Astra Agro Lestari Tbk Beneish M-Score Chart

PT Astra Agro Lestari Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.26

-2.16

-3.48

-1.77

-2.60

PT Astra Agro Lestari 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															-1.95	-2.33	-2.44	-2.60	-2.52

Competitive Comparison of PT Astra Agro Lestari Tbk's Beneish M-Score

For the Farm Products subindustry, PT Astra Agro Lestari 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 Astra Agro Lestari Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

* The bar in red indicates where PT Astra Agro Lestari Tbk's Beneish M-Score falls into.

PT Astra Agro Lestari 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 Astra Agro Lestari 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 * 1.2035

0.528 * 1.2194

0.404 * 0.9238

0.892 * 1.0388

0.115 * 0.9422

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9685

4.679 * -0.07518

0.327 * 0.9946

-2.52

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp964,998 Mil.
Revenue was 4799927 + 5063206 + 6291332 + 4629759 = Rp20,784,224 Mil.
Gross Profit was 582209 + 821048 + 922441 + 517613 = Rp2,843,311 Mil.
Total Current Assets was Rp7,976,899 Mil.
Total Assets was Rp29,552,137 Mil.
Property, Plant and Equipment(Net PPE) was Rp17,981,756 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp166,985 Mil.
Selling, General, & Admin. Expense(SGA) was Rp903,261 Mil.
Total Current Liabilities was Rp4,302,613 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,689,475 Mil.
Net Income was 230529 + 255318 + 433004 + 142856 = Rp1,061,707 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1097451 + 268590 + 1490884 + 426515 = Rp3,283,440 Mil.

Total Receivables was Rp771,872 Mil.
Revenue was 4761176 + 5311402 + 5552411 + 4383457 = Rp20,008,446 Mil.
Gross Profit was 509878 + 1160948 + 840574 + 826232 = Rp3,337,632 Mil.
Total Current Assets was Rp7,640,465 Mil.
Total Assets was Rp29,388,302 Mil.
Property, Plant and Equipment(Net PPE) was Rp17,879,710 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp156,361 Mil.
Selling, General, & Admin. Expense(SGA) was Rp897,800 Mil.
Total Current Liabilities was Rp2,041,854 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,949,264 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)
	=	(964998 / 20784224)	/	(771872 / 20008446)
	=	0.046429	/	0.038577
	=	1.2035

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)
	=	(3337632 / 20008446)	/	(2843311 / 20784224)
	=	0.166811	/	0.136801
	=	1.2194

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 - (7976899 + 17981756) / 29552137)	/	(1 - (7640465 + 17879710) / 29388302)
	=	0.121598	/	0.131621
	=	0.9238

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
	=	20784224	/	20008446
	=	1.0388

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))
	=	(156361 / (156361 + 17879710))	/	(166985 / (166985 + 17981756))
	=	0.008669	/	0.009201
	=	0.9422

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)
	=	(903261 / 20784224)	/	(897800 / 20008446)
	=	0.043459	/	0.044871
	=	0.9685

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)
	=	((1689475 + 4302613) / 29552137)	/	((3949264 + 2041854) / 29388302)
	=	0.202763	/	0.203861
	=	0.9946

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
	=	(1061707 - 0	-	3283440)	/	29552137
	=	-0.07518

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 Astra Agro Lestari Tbk has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.

PT Astra Agro Lestari Tbk Beneish M-Score Related Terms

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PT Astra Agro Lestari Tbk (ISX:AALI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Astra Agro Lestari Tbk (ISX:AALI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

ASX:Germany

Address

Jalan Puloayang Raya Blok OR-1, Kawasan Industri Pulogadung, Jakarta, IDN, 13930

Website

https://www.astra-agro.co.id

PT Astra Agro Lestari Tbk cultivates oil palm plantations and operates several oil palm mills and refineries in Southeast Asia. The company produces crude palm oil and palm kernel oil from its own plantations. Additionally, it purchases products harvested from oil palm trees from smaller third parties in communities surrounding its own plantations. The oils and products harvested are shipped to oil mills and refineries as the company can generate multiple uses from a single plant. Astra Agro Lestari has established marketing offices to help export its refined product to various regions located throughout Asia. It has implemented mechanization, automation, and a water management system to streamline processes and enhance efficiency.

PT Astra Agro Lestari Tbk (ISX:AALI) Headlines

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