PT Akasha Wira International Tbk (ISX:ADES) Beneish M-Score : -1.94 (As of Mar. 27, 2025)

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What is PT Akasha Wira International 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 -1.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ADES' s Beneish M-Score Range Over the Past 10 Years
Min: -3.25 Med: -2.72 Max: -0.55
Current: -1.94

During the past 13 years, the highest Beneish M-Score of PT Akasha Wira International Tbk was -0.55. The lowest was -3.25. And the median was -2.72.

PT Akasha Wira International Tbk Beneish M-Score Historical Data

The historical data trend for PT Akasha Wira International 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 Akasha Wira International Tbk Beneish M-Score Chart

PT Akasha Wira International Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.78

-3.11

-2.01

-2.11

-2.59

PT Akasha Wira International Tbk Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.55	-2.59	-2.28	-2.30	-1.94

Competitive Comparison of PT Akasha Wira International Tbk's Beneish M-Score

For the Beverages - Non-Alcoholic subindustry, PT Akasha Wira International 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 Akasha Wira International Tbk's Beneish M-Score Distribution in the Beverages - Non-Alcoholic Industry

For the Beverages - Non-Alcoholic industry and Consumer Defensive sector, PT Akasha Wira International Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Akasha Wira International Tbk's Beneish M-Score falls into.

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PT Akasha Wira International 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 Akasha Wira International 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 * 1.0672

0.528 * 1.0107

0.404 * 1.654

0.892 * 1.2074

0.115 * 1.3153

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2853

4.679 * 0.010323

0.327 * 1.0255

-1.94

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp251,416 Mil.
Revenue was 468993 + 403855 + 463541 + 429614 = Rp1,766,003 Mil.
Gross Profit was 224202 + 202570 + 241722 + 242859 = Rp911,353 Mil.
Total Current Assets was Rp1,372,858 Mil.
Total Assets was Rp2,475,121 Mil.
Property, Plant and Equipment(Net PPE) was Rp868,388 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,526 Mil.
Selling, General, & Admin. Expense(SGA) was Rp233,028 Mil.
Total Current Liabilities was Rp337,015 Mil.
Long-Term Debt & Capital Lease Obligation was Rp37 Mil.
Net Income was 116068 + 102629 + 131404 + 103919 = Rp454,020 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 101895 + 108369 + 92652 + 125554 = Rp428,470 Mil.

Total Receivables was Rp195,120 Mil.
Revenue was 364407 + 354675 + 376749 + 366799 = Rp1,462,630 Mil.
Gross Profit was 194099 + 182802 + 191176 + 194776 = Rp762,853 Mil.
Total Current Assets was Rp1,118,372 Mil.
Total Assets was Rp1,940,594 Mil.
Property, Plant and Equipment(Net PPE) was Rp711,361 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp8,131 Mil.
Selling, General, & Admin. Expense(SGA) was Rp150,157 Mil.
Total Current Liabilities was Rp257,488 Mil.
Long-Term Debt & Capital Lease Obligation was Rp203 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)
	=	(251416 / 1766003)	/	(195120 / 1462630)
	=	0.142364	/	0.133404
	=	1.0672

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)
	=	(762853 / 1462630)	/	(911353 / 1766003)
	=	0.521563	/	0.516054
	=	1.0107

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 - (1372858 + 868388) / 2475121)	/	(1 - (1118372 + 711361) / 1940594)
	=	0.09449	/	0.057127
	=	1.654

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
	=	1766003	/	1462630
	=	1.2074

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))
	=	(8131 / (8131 + 711361))	/	(7526 / (7526 + 868388))
	=	0.011301	/	0.008592
	=	1.3153

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)
	=	(233028 / 1766003)	/	(150157 / 1462630)
	=	0.131952	/	0.102662
	=	1.2853

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)
	=	((37 + 337015) / 2475121)	/	((203 + 257488) / 1940594)
	=	0.136176	/	0.13279
	=	1.0255

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
	=	(454020 - 0	-	428470)	/	2475121
	=	0.010323

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 Akasha Wira International Tbk has a M-score of -1.94 suggests that the company is unlikely to be a manipulator.

PT Akasha Wira International Tbk Beneish M-Score Related Terms

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PT Akasha Wira International Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Non-Alcoholic » PT Akasha Wira International Tbk (ISX:ADES) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Letjen. TB. Simatupang Kav. 89, RT 01 RW 02, Kelurahan Tanjung Barat, Kecamatan Jagakarsa, Jakarta, IDN, 12530

Website

https://www.akashainternational.com

PT Akasha Wira International Tbk operates in two segments, bottling and distribution of drinking water and manufacturing and trading of food and cosmetic products, and two geographical segments, that is Indonesia and Foreign. The Beverages segment sells bottled drinking water. The cosmetic segment is into the manufacturing and trading of cosmetics. The company's bottled water is distributed under the trademark of Nestle Pure Life and Vica Royal, its brand name. Its Indonesia-based geographical segments are Java, Sumatera, Kalimantan, and others.

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