PT Asahimas Flat Glass Tbk (ISX:AMFG) Beneish M-Score : -2.99 (As of Mar. 27, 2025)

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What is PT Asahimas Flat Glass 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 -2.99 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:AMFG' s Beneish M-Score Range Over the Past 10 Years
Min: -3.21 Med: -2.66 Max: -1.06
Current: -2.99

During the past 13 years, the highest Beneish M-Score of PT Asahimas Flat Glass Tbk was -1.06. The lowest was -3.21. And the median was -2.66.

PT Asahimas Flat Glass Tbk Beneish M-Score Historical Data

The historical data trend for PT Asahimas Flat Glass 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 Asahimas Flat Glass Tbk Beneish M-Score Chart

PT Asahimas Flat Glass Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.07

-3.05

-3.10

-2.65

-2.53

PT Asahimas Flat Glass 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															-2.76	-2.53	-2.71	-2.78	-2.99

Competitive Comparison of PT Asahimas Flat Glass Tbk's Beneish M-Score

For the Building Materials subindustry, PT Asahimas Flat Glass 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 Asahimas Flat Glass Tbk's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, PT Asahimas Flat Glass Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Asahimas Flat Glass Tbk's Beneish M-Score falls into.

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PT Asahimas Flat Glass 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 Asahimas Flat Glass 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 * 0.8592

0.528 * 1.3139

0.404 * 1.045

0.892 * 0.9591

0.115 * 1.0882

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0419

4.679 * -0.130234

0.327 * 0.7549

-2.99

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp547,373 Mil.
Revenue was 1499962 + 1344590 + 1286300 + 1493558 = Rp5,624,410 Mil.
Gross Profit was 302826 + 226855 + 259126 + 331125 = Rp1,119,932 Mil.
Total Current Assets was Rp2,299,299 Mil.
Total Assets was Rp7,026,385 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,540,305 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp31,265 Mil.
Selling, General, & Admin. Expense(SGA) was Rp383,938 Mil.
Total Current Liabilities was Rp1,516,077 Mil.
Long-Term Debt & Capital Lease Obligation was Rp365,013 Mil.
Net Income was 112479 + 15340 + 43115 + 104457 = Rp275,391 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 398426 + 265472 + 251726 + 274844 = Rp1,190,468 Mil.

Total Receivables was Rp664,265 Mil.
Revenue was 1525031 + 1323178 + 1571798 + 1444435 = Rp5,864,442 Mil.
Gross Profit was 445165 + 306809 + 420657 + 361630 = Rp1,534,261 Mil.
Total Current Assets was Rp2,736,570 Mil.
Total Assets was Rp7,523,813 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,595,844 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp34,461 Mil.
Selling, General, & Admin. Expense(SGA) was Rp384,228 Mil.
Total Current Liabilities was Rp1,953,794 Mil.
Long-Term Debt & Capital Lease Obligation was Rp714,334 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)
	=	(547373 / 5624410)	/	(664265 / 5864442)
	=	0.097321	/	0.11327
	=	0.8592

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)
	=	(1534261 / 5864442)	/	(1119932 / 5624410)
	=	0.261621	/	0.19912
	=	1.3139

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 - (2299299 + 4540305) / 7026385)	/	(1 - (2736570 + 4595844) / 7523813)
	=	0.026583	/	0.025439
	=	1.045

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
	=	5624410	/	5864442
	=	0.9591

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))
	=	(34461 / (34461 + 4595844))	/	(31265 / (31265 + 4540305))
	=	0.007442	/	0.006839
	=	1.0882

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)
	=	(383938 / 5624410)	/	(384228 / 5864442)
	=	0.068263	/	0.065518
	=	1.0419

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)
	=	((365013 + 1516077) / 7026385)	/	((714334 + 1953794) / 7523813)
	=	0.267718	/	0.354624
	=	0.7549

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
	=	(275391 - 0	-	1190468)	/	7026385
	=	-0.130234

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 Asahimas Flat Glass Tbk has a M-score of -2.99 suggests that the company is unlikely to be a manipulator.

PT Asahimas Flat Glass Tbk Beneish M-Score Related Terms

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PT Asahimas Flat Glass Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Building Materials » PT Asahimas Flat Glass Tbk (ISX:AMFG) » Definitions » Beneish M-Score

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Address

Jalan Ancol IX/5, Ancol Barat, North Jakarta, IDN, 14430

Website

http://www.amfg.co.id

PT Asahimas Flat Glass Tbk is a glass manufacturing company operating in two segments namely flat glass and automotive glass. Its portfolio of the company consists of various glasses such as tinted glass, figured glass, reflective glass, mirror glass, tempered glass, and laminated glass. Its business activity of the organization functions in the geographical areas of Indonesia which include Jakarta, Cikampek, and Sidoarjo. It generates revenue through the sale of glass products.

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