PT Alamtri Resources Indonesia Tbk (ISX:ADRO) Beneish M-Score : -3.11 (As of Mar. 15, 2025)

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What is PT Alamtri Resources 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.

Good Sign:

Beneish M-Score -3.11 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ADRO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.63 Max: -0.95
Current: -3.11

During the past 13 years, the highest Beneish M-Score of PT Alamtri Resources Indonesia Tbk was -0.95. The lowest was -3.11. And the median was -2.63.

PT Alamtri Resources Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Alamtri Resources 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.

* Premium members only.

PT Alamtri Resources Indonesia Tbk Beneish M-Score Chart

PT Alamtri Resources Indonesia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.85

-2.10

-2.40

-0.95

-3.11

PT Alamtri Resources Indonesia Tbk Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-0.95	-0.86	-0.82	-0.56	-3.11

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

For the Thermal Coal subindustry, PT Alamtri Resources 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 Alamtri Resources Indonesia Tbk's Beneish M-Score Distribution in the Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, PT Alamtri Resources Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Alamtri Resources 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 Alamtri Resources 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 * 0.7734

0.528 * 0.9645

0.404 * 0.9224

0.892 * 1.022

0.115 * 1.0146

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3212

4.679 * -0.094235

0.327 * 0.6954

-3.11

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp6,969,519 Mil.
Revenue was -38052802.74 + 22692902.608 + 24977618.373 + 22660168.771 = Rp32,277,887 Mil.
Gross Profit was -14154639.803 + 8423864.006 + 9468897.538 + 9858383.368 = Rp13,596,505 Mil.
Total Current Assets was Rp41,785,524 Mil.
Total Assets was Rp107,474,086 Mil.
Property, Plant and Equipment(Net PPE) was Rp33,298,375 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp56,944 Mil.
Selling, General, & Admin. Expense(SGA) was Rp902,223 Mil.
Total Current Liabilities was Rp10,381,508 Mil.
Long-Term Debt & Capital Lease Obligation was Rp8,356,361 Mil.
Net Income was 3160419.112 + 6201778.184 + 6602302.483 + 5879281.127 = Rp21,843,781 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 7531847.134 + 7878393.558 + 8876951.658 + 7684363.118 = Rp31,971,555 Mil.

Total Receivables was Rp8,817,414 Mil.
Revenue was -44151441.055 + 23067000.888 + 24525679.469 + 28142782.795 = Rp31,584,022 Mil.
Gross Profit was -17378453.69 + 8318787.957 + 10210335.766 + 11680912.291 = Rp12,831,582 Mil.
Total Current Assets was Rp66,747,030 Mil.
Total Assets was Rp162,486,517 Mil.
Property, Plant and Equipment(Net PPE) was Rp42,650,715 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp73,984 Mil.
Selling, General, & Admin. Expense(SGA) was Rp668,187 Mil.
Total Current Liabilities was Rp33,128,646 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,610,081 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)
	=	(6969519.118 / 32277887.012)	/	(8817413.673 / 31584022.097)
	=	0.215922	/	0.279173
	=	0.7734

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)
	=	(12831582.324 / 31584022.097)	/	(13596505.109 / 32277887.012)
	=	0.406268	/	0.421233
	=	0.9645

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 - (41785524.147 + 33298375.251) / 107474086.119)	/	(1 - (66747030.385 + 42650714.942) / 162486517.265)
	=	0.301377	/	0.326727
	=	0.9224

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
	=	32277887.012	/	31584022.097
	=	1.022

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))
	=	(73984.077 / (73984.077 + 42650714.942))	/	(56944.453 / (56944.453 + 33298375.251))
	=	0.001732	/	0.001707
	=	1.0146

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)
	=	(902223.241 / 32277887.012)	/	(668186.702 / 31584022.097)
	=	0.027952	/	0.021156
	=	1.3212

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)
	=	((8356360.767 + 10381508.137) / 107474086.119)	/	((7610080.555 + 33128646.079) / 162486517.265)
	=	0.174348	/	0.250721
	=	0.6954

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
	=	(21843780.906 - 0	-	31971555.468)	/	107474086.119
	=	-0.094235

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 Alamtri Resources Indonesia Tbk has a M-score of -3.11 suggests that the company is unlikely to be a manipulator.

PT Alamtri Resources Indonesia Tbk Beneish M-Score Related Terms

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PT Alamtri Resources Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » PT Alamtri Resources Indonesia Tbk (ISX:ADRO) » Definitions » Beneish M-Score

Traded in Other Exchanges

PADEF:USA ADOOY:USA A64:Germany

Address

Jalan H.R. Rasuna Said, Block X-5, Menara Karya 18th Floor, Kav. 1-2, Jakarta, IDN, 12950

Website

https://www.adaro.com

PT Alamtri Resources Indonesia Tbk, formerly PT Adaro Energy Indonesia Tbk is an integrated mining, energy, and minerals company. The company produces thermal coal, which is marketed under the brand name Envirocoal, and is also engaged in the production of hard coking coal. The company's main customers are blue-chip power utilities companies. In addition to the core mining business, the company also engages in barging, ship-loading, dredging, port services, marketing, power generation, and other businesses through its subsidiaries. The company's operating segments are; coal mining and trading which generates key revenue, mining services, logistics, and others.