PT Mahaka Media Tbk (ISX:ABBA) Beneish M-Score : -2.55 (As of Jun. 24, 2024)

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What is PT Mahaka Media 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 -2.55 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ABBA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.72 Med: -2.71 Max: 1.32
Current: -2.55

During the past 13 years, the highest Beneish M-Score of PT Mahaka Media Tbk was 1.32. The lowest was -3.72. And the median was -2.71.

PT Mahaka Media Tbk Beneish M-Score Historical Data

The historical data trend for PT Mahaka Media 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 Mahaka Media Tbk Beneish M-Score Chart

PT Mahaka Media Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.86

-3.72

-1.82

-0.96

-1.92

PT Mahaka Media 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															-0.58	0.16	-0.80	-1.92	-2.55

Competitive Comparison of PT Mahaka Media Tbk's Beneish M-Score

For the Publishing subindustry, PT Mahaka Media 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 Mahaka Media Tbk's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, PT Mahaka Media Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Mahaka Media Tbk's Beneish M-Score falls into.

PT Mahaka Media 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 Mahaka Media 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 * 0.9369

0.528 * 1.3552

0.404 * 0.8661

0.892 * 1.2137

0.115 * 1.2514

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.541

4.679 * -0.018925

0.327 * 1.5645

-2.55

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp51,002 Mil.
Revenue was 41606.982 + 69048.932 + 58445.876 + 43088.651 = Rp212,190 Mil.
Gross Profit was 13208.873 + 11498.746 + 17818.303 + 17571.002 = Rp60,097 Mil.
Total Current Assets was Rp109,497 Mil.
Total Assets was Rp250,529 Mil.
Property, Plant and Equipment(Net PPE) was Rp27,946 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp8,269 Mil.
Selling, General, & Admin. Expense(SGA) was Rp18,571 Mil.
Total Current Liabilities was Rp233,288 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,897 Mil.
Net Income was -8843.114 + -10006.44 + -13958.333 + -10834.814 = Rp-43,643 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -12900.993 + -4064.506 + -937.11 + -20998.927 = Rp-38,902 Mil.

Total Receivables was Rp44,852 Mil.
Revenue was 30192.275 + 63298.938 + 48631.338 + 32701.533 = Rp174,824 Mil.
Gross Profit was 10576.203 + 18021.507 + 24448.02 + 14054.629 = Rp67,100 Mil.
Total Current Assets was Rp124,007 Mil.
Total Assets was Rp317,789 Mil.
Property, Plant and Equipment(Net PPE) was Rp28,153 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp11,262 Mil.
Selling, General, & Admin. Expense(SGA) was Rp9,929 Mil.
Total Current Liabilities was Rp155,870 Mil.
Long-Term Debt & Capital Lease Obligation was Rp35,624 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)
	=	(51001.726 / 212190.441)	/	(44851.679 / 174824.084)
	=	0.240358	/	0.256553
	=	0.9369

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)
	=	(67100.359 / 174824.084)	/	(60096.924 / 212190.441)
	=	0.383816	/	0.283222
	=	1.3552

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 - (109496.711 + 27945.921) / 250529.367)	/	(1 - (124006.663 + 28153.355) / 317788.859)
	=	0.451391	/	0.521191
	=	0.8661

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
	=	212190.441	/	174824.084
	=	1.2137

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))
	=	(11262.351 / (11262.351 + 28153.355))	/	(8268.557 / (8268.557 + 27945.921))
	=	0.285733	/	0.228322
	=	1.2514

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)
	=	(18570.986 / 212190.441)	/	(9928.935 / 174824.084)
	=	0.08752	/	0.056794
	=	1.541

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)
	=	((2897.447 + 233288.245) / 250529.367)	/	((35623.756 + 155870.225) / 317788.859)
	=	0.942747	/	0.602582
	=	1.5645

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
	=	(-43642.701 - 0	-	-38901.536)	/	250529.367
	=	-0.018925

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 Mahaka Media Tbk has a M-score of -2.55 suggests that the company is unlikely to be a manipulator.

PT Mahaka Media Tbk Beneish M-Score Related Terms

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PT Mahaka Media Tbk (ISX:ABBA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » PT Mahaka Media Tbk (ISX:ABBA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Sahid Office Boutique Blok G, Jl. Jend Sudirman Kav 86, Jakarta, IDN, 10220

Website

http://www.mahakamedia.com

PT Mahaka Media Tbk is an Indonesian-based media and printing company. The company is engaged in making, selling, collecting, and distributing the community content through all platforms including publishing, broadcasting and news media. Its publishing unit published magazines, such as Parents Indonesia and Golf Digest Indonesia, and daily newspapers, such as Harian Indonesia and Harian Republika. Its broadcasting arm operates several television stations, such as Jak TV and Alif TV, and radio stations, such as Jak FM, Gen FM, Masima RadioNet, Prambors, Delta FM, and Female Radio. Its out-of-home media unit is engaged in the advertising business.

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