PT Ratu Prabu Energi Tbk (ISX:ARTI) Beneish M-Score : 3.32 (As of Sep. 26, 2024)

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What is PT Ratu Prabu Energi 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 3.32 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:ARTI' s Beneish M-Score Range Over the Past 10 Years
Min: -10.89 Med: -2.55 Max: 7.4
Current: 3.32

During the past 13 years, the highest Beneish M-Score of PT Ratu Prabu Energi Tbk was 7.40. The lowest was -10.89. And the median was -2.55.

PT Ratu Prabu Energi Tbk Beneish M-Score Historical Data

The historical data trend for PT Ratu Prabu Energi 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 Ratu Prabu Energi Tbk Beneish M-Score Chart

PT Ratu Prabu Energi Tbk Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.67

2.70

-8.07

-7.50

-8.33

PT Ratu Prabu Energi Tbk Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-0.62	-8.33	7.40	4.34	3.32

Competitive Comparison of PT Ratu Prabu Energi Tbk's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, PT Ratu Prabu Energi 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 Ratu Prabu Energi Tbk's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PT Ratu Prabu Energi Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Ratu Prabu Energi Tbk's Beneish M-Score falls into.

PT Ratu Prabu Energi 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 Ratu Prabu Energi 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 * 1.2684

0.528 * -1.8854

0.404 * 0.9536

0.892 * 8.3984

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.0118

4.679 * 0.068513

0.327 * 0.9729

3.32

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was Rp55,841 Mil.
Revenue was 29375.855 + 17173.209 + 51589.79 + 57637.147 = Rp155,776 Mil.
Gross Profit was 19669.003 + -9058.572 + 20535.221 + 29239.041 = Rp60,385 Mil.
Total Current Assets was Rp59,984 Mil.
Total Assets was Rp636,614 Mil.
Property, Plant and Equipment(Net PPE) was Rp404,672 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp3,223 Mil.
Total Current Liabilities was Rp766,063 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 10283.203 + -18428.462 + 9620.939 + 11377.021 = Rp12,853 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -239.113 + -2137.536 + 2289.945 + -30676.794 = Rp-30,763 Mil.

Total Receivables was Rp5,242 Mil.
Revenue was 12020.398 + 2129.082 + 1520.454 + 2878.432 = Rp18,548 Mil.
Gross Profit was -10476.555 + -4524.779 + -4915.803 + 6360.996 = Rp-13,556 Mil.
Total Current Assets was Rp6,710 Mil.
Total Assets was Rp594,368 Mil.
Property, Plant and Equipment(Net PPE) was Rp419,293 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp32,522 Mil.
Total Current Liabilities was Rp735,120 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)
	=	(55840.903 / 155776.001)	/	(5242.036 / 18548.366)
	=	0.358469	/	0.282614
	=	1.2684

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)
	=	(-13556.141 / 18548.366)	/	(60384.693 / 155776.001)
	=	-0.730854	/	0.387638
	=	-1.8854

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 - (59984.252 + 404672.08) / 636614.36)	/	(1 - (6709.561 + 419293.373) / 594368.485)
	=	0.270113	/	0.283268
	=	0.9536

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
	=	155776.001	/	18548.366
	=	8.3984

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))
	=	(0 / (0 + 419293.373))	/	(0 / (0 + 404672.08))
	=	0	/	0
	=	1

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)
	=	(3222.967 / 155776.001)	/	(32521.565 / 18548.366)
	=	0.02069	/	1.753339
	=	0.0118

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 + 766062.6) / 636614.36)	/	((0 + 735119.577) / 594368.485)
	=	1.203339	/	1.236808
	=	0.9729

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
	=	(12852.701 - 0	-	-30763.498)	/	636614.36
	=	0.068513

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 Ratu Prabu Energi Tbk has a M-score of 3.32 signals that the company is likely to be a manipulator.

PT Ratu Prabu Energi Tbk Beneish M-Score Related Terms

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PT Ratu Prabu Energi Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » PT Ratu Prabu Energi Tbk (ISX:ARTI) » Definitions » Beneish M-Score

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Address

Jalan TB. Simatupang Kav - 20, Ratu Prabu 1 building, 9th floor, Cilandak, Jakarta Selatan, Jakarta, IDN, 12560

Website

https://www.ratuprabuenergi.com

PT Ratu Prabu Energi Tbk is engaged in the production and service of oil and gas in Indonesia. It operates in two segments: Oil & Gas and Property. The Property segment includes office space rentals. The Oil and gas segment, which generates the vast majority of the company's revenue, includes Consultancy, Oil equipment rental, Oil equipment inspection services, and other services.

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