PT Sepatu Bata Tbk (ISX:BATA) Beneish M-Score : -5.49 (As of Dec. 12, 2024)

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What is PT Sepatu Bata 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 -5.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BATA' s Beneish M-Score Range Over the Past 10 Years
Min: -5.49 Med: -3.09 Max: -0.36
Current: -5.49

During the past 13 years, the highest Beneish M-Score of PT Sepatu Bata Tbk was -0.36. The lowest was -5.49. And the median was -3.09.

PT Sepatu Bata Tbk Beneish M-Score Historical Data

The historical data trend for PT Sepatu Bata 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 Sepatu Bata Tbk Beneish M-Score Chart

PT Sepatu Bata Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.62

-4.39

-3.12

-3.42

-4.70

PT Sepatu Bata 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															-4.06	-4.70	-3.97	-5.02	-5.49

Competitive Comparison of PT Sepatu Bata Tbk's Beneish M-Score

For the Footwear & Accessories subindustry, PT Sepatu Bata 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 Sepatu Bata Tbk's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, PT Sepatu Bata Tbk's Beneish M-Score distribution charts can be found below:

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

PT Sepatu Bata 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 Sepatu Bata 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 * 1.0519

0.528 * 1.0482

0.404 * 1.0888

0.892 * 0.7553

0.115 * 0.6753

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0656

4.679 * -0.570142

0.327 * 1.573

-5.49

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp15,402 Mil.
Revenue was 102978.478 + 146838.113 + 113457.828 + 121134.605 = Rp484,409 Mil.
Gross Profit was 45493.917 + 60224.986 + 33097.108 + 37415.807 = Rp176,232 Mil.
Total Current Assets was Rp283,156 Mil.
Total Assets was Rp458,494 Mil.
Property, Plant and Equipment(Net PPE) was Rp125,222 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp84,368 Mil.
Selling, General, & Admin. Expense(SGA) was Rp131,523 Mil.
Total Current Liabilities was Rp411,783 Mil.
Long-Term Debt & Capital Lease Obligation was Rp12,346 Mil.
Net Income was -2145.236 + -113488.811 + -13858.908 + -109837.826 = Rp-239,331 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 24787.931 + 9230.678 + 7159.729 + -19102.363 = Rp22,076 Mil.

Total Receivables was Rp19,386 Mil.
Revenue was 152709.532 + 199680.536 + 136086.85 + 152875.457 = Rp641,352 Mil.
Gross Profit was 54087.788 + 82050.092 + 55498.703 + 52930.957 = Rp244,568 Mil.
Total Current Assets was Rp345,015 Mil.
Total Assets was Rp681,780 Mil.
Property, Plant and Equipment(Net PPE) was Rp268,321 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp100,160 Mil.
Selling, General, & Admin. Expense(SGA) was Rp163,421 Mil.
Total Current Liabilities was Rp375,526 Mil.
Long-Term Debt & Capital Lease Obligation was Rp25,402 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)
	=	(15401.593 / 484409.024)	/	(19386.291 / 641352.375)
	=	0.031795	/	0.030227
	=	1.0519

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)
	=	(244567.54 / 641352.375)	/	(176231.818 / 484409.024)
	=	0.381331	/	0.363808
	=	1.0482

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 - (283155.733 + 125222.39) / 458493.721)	/	(1 - (345014.583 + 268320.508) / 681779.567)
	=	0.109305	/	0.100391
	=	1.0888

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
	=	484409.024	/	641352.375
	=	0.7553

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))
	=	(100160.445 / (100160.445 + 268320.508))	/	(84367.514 / (84367.514 + 125222.39))
	=	0.27182	/	0.402536
	=	0.6753

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)
	=	(131523.369 / 484409.024)	/	(163420.636 / 641352.375)
	=	0.271513	/	0.254806
	=	1.0656

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)
	=	((12345.826 + 411782.789) / 458493.721)	/	((25401.784 + 375526.257) / 681779.567)
	=	0.925048	/	0.588061
	=	1.573

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
	=	(-239330.781 - 0	-	22075.975)	/	458493.721
	=	-0.570142

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 Sepatu Bata Tbk has a M-score of -5.49 suggests that the company is unlikely to be a manipulator.

PT Sepatu Bata Tbk Beneish M-Score Related Terms

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PT Sepatu Bata Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » PT Sepatu Bata Tbk (ISX:BATA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan RA. Kartini Kav. 28, Cilandak Barat, Graha Bata, Jakarta Selatan, Jakarta, IDN, 12430

Website

https://www.bata.co.id

PT Sepatu Bata Tbk is engaged in the footwear manufacturing and retail industry. It presents a range of footwear comprising leather shoes, sandals, built-up canvas shoes, casual shoes, sports shoes, industrial safety footwear, and injection-molded shoes. The products are marketed by the company under various brand names, such as Bata, which is its main brand; North Star; Power; Bubblegummers; Marie Claire; Pata Pata, and Weinbrenne. Its segment comprises Retail, E-commerce, Industrial, Export - related parties, and Wholesale.

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