PT Polychem Indonesia Tbk (ISX:ADMG) Beneish M-Score : 4.16 (As of Dec. 12, 2024)

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What is PT Polychem Indonesia 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 4.16 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:ADMG' s Beneish M-Score Range Over the Past 10 Years
Min: -9.06 Med: -3.14 Max: 38.45
Current: 4.16

During the past 13 years, the highest Beneish M-Score of PT Polychem Indonesia Tbk was 38.45. The lowest was -9.06. And the median was -3.14.

PT Polychem Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Polychem Indonesia 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 Polychem Indonesia Tbk Beneish M-Score Chart

PT Polychem Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.76

-3.53

38.45

-3.86

-1.54

PT Polychem Indonesia 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															-4.31	-1.54	-0.18	1.41	4.16

Competitive Comparison of PT Polychem Indonesia Tbk's Beneish M-Score

For the Chemicals subindustry, PT Polychem Indonesia 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 Polychem Indonesia Tbk's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, PT Polychem Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Polychem Indonesia 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 Polychem Indonesia 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 * 1.2695

0.528 * 14.5916

0.404 * 0.084

0.892 * 1.0219

0.115 * 1.9

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7962

4.679 * -0.094967

0.327 * 1.3852

4.16

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp186,194 Mil.
Revenue was 393554.882 + 394896.073 + 416046.815 + 412485.721 = Rp1,616,983 Mil.
Gross Profit was -15138.505 + 14413.953 + 4794.374 + -14691.441 = Rp-10,622 Mil.
Total Current Assets was Rp852,520 Mil.
Total Assets was Rp2,398,096 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,539,271 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp185 Mil.
Selling, General, & Admin. Expense(SGA) was Rp12,425 Mil.
Total Current Liabilities was Rp439,818 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was -32389.001 + -9342.092 + -22229.862 + -126966.117 = Rp-190,927 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 30184.514 + -35950.095 + -5626.837 + 48205.81 = Rp36,813 Mil.

Total Receivables was Rp143,522 Mil.
Revenue was 317755.065 + 382712.284 + 483641.151 + 398199.114 = Rp1,582,308 Mil.
Gross Profit was -21192.987 + 10623.384 + -5181.332 + -135915.946 = Rp-151,667 Mil.
Total Current Assets was Rp809,836 Mil.
Total Assets was Rp2,500,338 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,612,282 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp368 Mil.
Selling, General, & Admin. Expense(SGA) was Rp15,270 Mil.
Total Current Liabilities was Rp331,045 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(186194.362 / 1616983.491)	/	(143522.321 / 1582307.614)
	=	0.115149	/	0.090704
	=	1.2695

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)
	=	(-151666.881 / 1582307.614)	/	(-10621.619 / 1616983.491)
	=	-0.095852	/	-0.006569
	=	14.5916

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 - (852519.821 + 1539271.471) / 2398096.433)	/	(1 - (809836.03 + 1612281.685) / 2500337.69)
	=	0.002629	/	0.031284
	=	0.084

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
	=	1616983.491	/	1582307.614
	=	1.0219

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))
	=	(368.07 / (368.07 + 1612281.685))	/	(184.992 / (184.992 + 1539271.471))
	=	0.000228	/	0.00012
	=	1.9

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)
	=	(12425.291 / 1616983.491)	/	(15270.181 / 1582307.614)
	=	0.007684	/	0.009651
	=	0.7962

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)
	=	((0 + 439818.276) / 2398096.433)	/	((0 + 331045.319) / 2500337.69)
	=	0.183403	/	0.1324
	=	1.3852

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
	=	(-190927.072 - 0	-	36813.392)	/	2398096.433
	=	-0.094967

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 Polychem Indonesia Tbk has a M-score of 4.16 signals that the company is likely to be a manipulator.

PT Polychem Indonesia Tbk Beneish M-Score Related Terms

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PT Polychem Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » PT Polychem Indonesia Tbk (ISX:ADMG) » Definitions » Beneish M-Score

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Traded in Other Exchanges

P2I:Germany

Address

Jalan Jend. Sudirman Kavling 1 RT.010 RW.009, Gedung Wisma 46-Kota BNI 20th Floor, Karet Tengsin Tanah Abang Kota Adm., Jakarta Pusat DKI, Jakarta, IDN, 10220

Website

https://www.polychemindo.com

PT Polychem Indonesia Tbk is an Indonesia-based company that manufactures polyester chips, polyester filaments, engineering plastic, engineering resin, ethylene glycol, polyester staple fiber, and petrochemical. The company is also engaged in knitting, weaving, spinning, and textile manufacturing. The company's sales were made to Indonesia, Asia and Europe countries. It has two segments: Ethylene glycol and petrochemical segment, which derives key revenue and Polyester Segment.

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