PT Astra Otoparts Tbk (ISX:AUTO) Beneish M-Score : -2.38 (As of May. 15, 2024)

View and export this data going back to 1998. Start your Free Trial

What is PT Astra Otoparts 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:AUTO' s Beneish M-Score Range Over the Past 10 Years
Min: -7.13 Med: -2.48 Max: -1.94
Current: -2.38

During the past 13 years, the highest Beneish M-Score of PT Astra Otoparts Tbk was -1.94. The lowest was -7.13. And the median was -2.48.

PT Astra Otoparts Tbk Beneish M-Score Historical Data

The historical data trend for PT Astra Otoparts 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 Astra Otoparts Tbk Beneish M-Score Chart

PT Astra Otoparts Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.58

-3.01

-2.42

-2.15

-2.61

PT Astra Otoparts Tbk Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.48	-2.49	-2.70	-2.61	-2.38

Competitive Comparison of PT Astra Otoparts Tbk's Beneish M-Score

For the Auto Parts subindustry, PT Astra Otoparts 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 Astra Otoparts Tbk's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, PT Astra Otoparts Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Astra Otoparts Tbk's Beneish M-Score falls into.

PT Astra Otoparts 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 Astra Otoparts 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 * 0.981

0.528 * 0.9326

0.404 * 1.0489

0.892 * 0.9631

0.115 * 0.896

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0602

4.679 * 0.03017

0.327 * 0.8518

-2.38

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp2,612,169 Mil.
Revenue was 4597676 + 4563811 + 4702090 + 4408901 = Rp18,272,478 Mil.
Gross Profit was 734246 + 806254 + 789677 + 682885 = Rp3,013,062 Mil.
Total Current Assets was Rp8,508,115 Mil.
Total Assets was Rp20,258,912 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,223,374 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp142,177 Mil.
Selling, General, & Admin. Expense(SGA) was Rp704,381 Mil.
Total Current Liabilities was Rp4,416,640 Mil.
Long-Term Debt & Capital Lease Obligation was Rp76,165 Mil.
Net Income was 475024 + 530750 + 510131 + 368623 = Rp1,884,528 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 311792 + -165242 + 729721 + 397038 = Rp1,273,309 Mil.

Total Receivables was Rp2,764,704 Mil.
Revenue was 4974263 + 5084202 + 4914637 + 3999828 = Rp18,972,930 Mil.
Gross Profit was 800185 + 772252 + 791614 + 553729 = Rp2,917,780 Mil.
Total Current Assets was Rp8,361,550 Mil.
Total Assets was Rp19,249,439 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,163,132 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp124,437 Mil.
Selling, General, & Admin. Expense(SGA) was Rp689,883 Mil.
Total Current Liabilities was Rp4,997,561 Mil.
Long-Term Debt & Capital Lease Obligation was Rp13,811 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)
	=	(2612169 / 18272478)	/	(2764704 / 18972930)
	=	0.142956	/	0.145718
	=	0.981

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)
	=	(2917780 / 18972930)	/	(3013062 / 18272478)
	=	0.153786	/	0.164896
	=	0.9326

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 - (8508115 + 3223374) / 20258912)	/	(1 - (8361550 + 3163132) / 19249439)
	=	0.420922	/	0.401298
	=	1.0489

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
	=	18272478	/	18972930
	=	0.9631

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))
	=	(124437 / (124437 + 3163132))	/	(142177 / (142177 + 3223374))
	=	0.037851	/	0.042245
	=	0.896

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)
	=	(704381 / 18272478)	/	(689883 / 18972930)
	=	0.038549	/	0.036361
	=	1.0602

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)
	=	((76165 + 4416640) / 20258912)	/	((13811 + 4997561) / 19249439)
	=	0.221769	/	0.260339
	=	0.8518

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
	=	(1884528 - 0	-	1273309)	/	20258912
	=	0.03017

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 Astra Otoparts Tbk has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.

PT Astra Otoparts Tbk Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PT Astra Otoparts Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PT Astra Otoparts Tbk (ISX:AUTO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » PT Astra Otoparts Tbk (ISX:AUTO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Raya Pegangsaan Dua Km. 2,2, Kelapa Gading, Jakarta, IDN, 14250

Website

https://www.astra-otoparts.com

PT Astra Otoparts Tbk is an auto parts manufacturer. It produces and distributes a range of auto spare parts. The Company serves almost all automotive manufacturers and replacement part markets in Indonesia both for two-wheeled and four-wheeled vehicles as well as other industries with a wide product range. Its segments are Trading, and Automotive component manufacturing out of which the Automotive component manufacturing segment generates the majority of revenue.