PT Pacific Strategic Financial Tbk Beneish M-Score Historical Data
The historical data trend for PT Pacific Strategic Financial 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.
PT Pacific Strategic Financial Tbk Beneish M-Score Chart
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PT Pacific Strategic Financial Tbk Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-1.42 |
-1.96 |
-3.55 |
-2.51 |
-2.73 |
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PT Pacific Strategic Financial Tbk Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-1.40 |
-2.73 |
-2.84 |
-3.41 |
-2.36 |
Competitive Comparison of PT Pacific Strategic Financial Tbk's Beneish M-Score
For the Insurance - Life subindustry, PT Pacific Strategic Financial 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 Pacific Strategic Financial Tbk's Beneish M-Score Distribution in the Insurance Industry
For the Insurance industry and Financial Services sector, PT Pacific Strategic Financial Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Pacific Strategic Financial Tbk's Beneish M-Score falls into.
PT Pacific Strategic Financial 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 Pacific Strategic Financial Tbk for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 0.337 | + | 0.528 * 2.7994 | + | 0.404 * 0.8915 | + | 0.892 * 0.9354 | + | 0.115 * 0.9907 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.1592 | + | 4.679 * -0.024056 | - | 0.327 * 0.9179 |
| = | -2.36 |
* 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.
| This Year (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was Rp847,335 Mil.
Revenue was 498464.095 + 353524.406 + 582271.639 + 532798.412 = Rp1,967,059 Mil.
Gross Profit was 29931.711 + -72144.383 + 123965.078 + 539.373 = Rp82,292 Mil.
Total Current Assets was Rp3,744,812 Mil.
Total Assets was Rp7,303,802 Mil.
Property, Plant and Equipment(Net PPE) was Rp32,444 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,336 Mil.
Selling, General, & Admin. Expense(SGA) was Rp36,901 Mil.
Total Current Liabilities was Rp1,611,052 Mil.
Long-Term Debt & Capital Lease Obligation was Rp619,887 Mil.
Net Income was 9051.789 + 22409.454 + 97605.483 + -29567.063 = Rp99,500 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -91791.904 + -99745.94 + 58057.777 + 408680.44 = Rp275,200 Mil.
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Total Receivables was Rp2,688,104 Mil.
Revenue was 596062.783 + 362701.315 + 595347.656 + 548717.882 = Rp2,102,830 Mil.
Gross Profit was 111218.015 + -90892.827 + 142167.027 + 83773.603 = Rp246,266 Mil.
Total Current Assets was Rp3,275,149 Mil.
Total Assets was Rp7,205,270 Mil.
Property, Plant and Equipment(Net PPE) was Rp27,593 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp8,684 Mil.
Selling, General, & Admin. Expense(SGA) was Rp34,032 Mil.
Total Current Liabilities was Rp1,730,928 Mil.
Long-Term Debt & Capital Lease Obligation was Rp666,789 Mil.
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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) |
| = | (847334.542 / 1967058.552) | / | (2688104.451 / 2102829.636) |
| = | 0.430762 | / | 1.278327 |
| | = | 0.337 |
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) |
| = | (246265.818 / 2102829.636) | / | (82291.779 / 1967058.552) |
| = | 0.117112 | / | 0.041835 |
| | = | 2.7994 |
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 - (3744811.731 + 32444.102) / 7303801.806) | / | (1 - (3275149.271 + 27592.902) / 7205269.686) |
| = | 0.482837 | / | 0.541621 |
| | = | 0.8915 |
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 |
| = | 1967058.552 | / | 2102829.636 |
| | = | 0.9354 |
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)) |
| = | (8683.92 / (8683.92 + 27592.902)) | / | (10336.366 / (10336.366 + 32444.102)) |
| = | 0.239379 | / | 0.241614 |
| | = | 0.9907 |
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) |
| = | (36901.415 / 1967058.552) | / | (34032.086 / 2102829.636) |
| = | 0.01876 | / | 0.016184 |
| | = | 1.1592 |
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) |
| = | ((619886.999 + 1611052.257) / 7303801.806) | / | ((666788.705 + 1730927.546) / 7205269.686) |
| = | 0.305449 | / | 0.332773 |
| | = | 0.9179 |
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 |
| = | (99499.663 - 0 | - | 275200.373) | / | 7303801.806 |
| | = | -0.024056 |
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 Pacific Strategic Financial Tbk has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.
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