PT Agung Podomoro Land Tbk (ISX:APLN) Beneish M-Score : -2.46 (As of Dec. 12, 2024)

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What is PT Agung Podomoro Land 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:APLN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.4 Max: -1.19
Current: -2.46

During the past 13 years, the highest Beneish M-Score of PT Agung Podomoro Land Tbk was -1.19. The lowest was -3.11. And the median was -2.40.

PT Agung Podomoro Land Tbk Beneish M-Score Historical Data

The historical data trend for PT Agung Podomoro Land 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 Agung Podomoro Land Tbk Beneish M-Score Chart

PT Agung Podomoro Land Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.60

-2.65

-2.86

-2.25

PT Agung Podomoro Land 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															-2.39	-2.25	-2.22	-2.20	-2.46

Competitive Comparison of PT Agung Podomoro Land Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Agung Podomoro Land 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 Agung Podomoro Land Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Agung Podomoro Land Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Agung Podomoro Land Tbk's Beneish M-Score falls into.

PT Agung Podomoro Land 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 Agung Podomoro Land 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 * 1.4343

0.528 * 0.9493

0.404 * 0.9727

0.892 * 0.6813

0.115 * 1.0914

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4016

4.679 * -0.002954

0.327 * 0.9406

-2.46

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp718,107 Mil.
Revenue was 892012.864 + 1172984.422 + 712796.734 + 760284.294 = Rp3,538,078 Mil.
Gross Profit was 447224.447 + 463092.249 + 266709.988 + 334741.486 = Rp1,511,768 Mil.
Total Current Assets was Rp11,174,657 Mil.
Total Assets was Rp27,144,222 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,337,059 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp38,591 Mil.
Selling, General, & Admin. Expense(SGA) was Rp593,297 Mil.
Total Current Liabilities was Rp4,631,748 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,814,774 Mil.
Net Income was -13568.254 + 98717.544 + -126490.163 + -201070.636 = Rp-242,412 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 79693.249 + -33995.239 + 44992.3 + -252925.381 = Rp-162,235 Mil.

Total Receivables was Rp734,863 Mil.
Revenue was 2047500.818 + 717795.208 + 1151071.579 + 1276582.906 = Rp5,192,951 Mil.
Gross Profit was 970855.474 + 281787.896 + 380223.032 + 473578.316 = Rp2,106,445 Mil.
Total Current Assets was Rp11,360,819 Mil.
Total Assets was Rp28,597,444 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,554,547 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp44,910 Mil.
Selling, General, & Admin. Expense(SGA) was Rp621,289 Mil.
Total Current Liabilities was Rp6,807,327 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,893,216 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)
	=	(718106.999 / 3538078.314)	/	(734863.312 / 5192950.511)
	=	0.202965	/	0.141512
	=	1.4343

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)
	=	(2106444.718 / 5192950.511)	/	(1511768.17 / 3538078.314)
	=	0.405635	/	0.427285
	=	0.9493

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 - (11174657.463 + 3337059.297) / 27144221.995)	/	(1 - (11360819.168 + 3554546.644) / 28597444.486)
	=	0.465385	/	0.478437
	=	0.9727

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
	=	3538078.314	/	5192950.511
	=	0.6813

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))
	=	(44909.953 / (44909.953 + 3554546.644))	/	(38591.075 / (38591.075 + 3337059.297))
	=	0.012477	/	0.011432
	=	1.0914

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)
	=	(593297.136 / 3538078.314)	/	(621288.527 / 5192950.511)
	=	0.167689	/	0.119641
	=	1.4016

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)
	=	((5814774.364 + 4631748.024) / 27144221.995)	/	((4893216.409 + 6807327.302) / 28597444.486)
	=	0.384853	/	0.409146
	=	0.9406

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
	=	(-242411.509 - 0	-	-162235.071)	/	27144221.995
	=	-0.002954

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 Agung Podomoro Land Tbk has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.

PT Agung Podomoro Land Tbk Beneish M-Score Related Terms

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PT Agung Podomoro Land Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Agung Podomoro Land Tbk (ISX:APLN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

APL Tower 43rd-46th Floor, Podomoro City, Jakarta, IDN, 11470

Website

https://www.agungpodomoroland.com

PT Agung Podomoro Land Tbk is engaged in the real estate business. Its activities include land acquisition, development, and sale of lands, for housing, industries, or sale of land along with the building. Its projects include Mediterania Garden Residence 2, Central Park, Royal Mediterania Garden, Garden Shopping Arcade, Gading Nias Emerald, Gading Nias Residence, Grand Emerald, Gading Nias Shopping Arcade, Madison Park, Garden Shopping Arcade 2, and Grand Madison. Its segments include Sales that include Apartments, Offices, Malls, Shophouses and Kiosks, Houses, Home Offices, and Land; Hotels; and Rental income of shopping centers. It generates maximum revenue from Sales segment.

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