PT Bumi Citra Permai Tbk (ISX:BCIP) Beneish M-Score : -2.66 (As of Apr. 07, 2025)

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What is PT Bumi Citra Permai 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BCIP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.34 Med: -2.01 Max: 0.42
Current: -2.66

During the past 13 years, the highest Beneish M-Score of PT Bumi Citra Permai Tbk was 0.42. The lowest was -3.34. And the median was -2.01.

PT Bumi Citra Permai Tbk Beneish M-Score Historical Data

The historical data trend for PT Bumi Citra Permai 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 Bumi Citra Permai Tbk Beneish M-Score Chart

PT Bumi Citra Permai Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.46

-1.64

-2.84

-1.98

-2.38

PT Bumi Citra Permai 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															-2.68	-2.38	-2.57	-2.62	-2.66

Competitive Comparison of PT Bumi Citra Permai Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Bumi Citra Permai 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 Bumi Citra Permai Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Bumi Citra Permai Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Bumi Citra Permai Tbk's Beneish M-Score falls into.

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PT Bumi Citra Permai 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 Bumi Citra Permai 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 * 0.5646

0.528 * 1.0949

0.404 * 1.0768

0.892 * 1.0932

0.115 * 0.7929

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1492

4.679 * 0.021087

0.327 * 0.9665

-2.66

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp11,726 Mil.
Revenue was 28929.777 + 22354.38 + 33102.527 + 12354.354 = Rp96,741 Mil.
Gross Profit was 11410.979 + 13906.44 + 16240.586 + 6004.706 = Rp47,563 Mil.
Total Current Assets was Rp334,302 Mil.
Total Assets was Rp896,201 Mil.
Property, Plant and Equipment(Net PPE) was Rp181,038 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp998 Mil.
Selling, General, & Admin. Expense(SGA) was Rp12,681 Mil.
Total Current Liabilities was Rp97,309 Mil.
Long-Term Debt & Capital Lease Obligation was Rp10,481 Mil.
Net Income was 4287.196 + 4787.143 + 8698.518 + -2387.08 = Rp15,386 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 18497.765 + 5376.108 + -3915.559 + -23470.345 = Rp-3,512 Mil.

Total Receivables was Rp18,999 Mil.
Revenue was 39453.047 + 19622.643 + 22872.943 + 6545.372 = Rp88,494 Mil.
Gross Profit was 19439.472 + 11197.293 + 13156.826 + 3845.28 = Rp47,639 Mil.
Total Current Assets was Rp351,240 Mil.
Total Assets was Rp915,114 Mil.
Property, Plant and Equipment(Net PPE) was Rp202,721 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp885 Mil.
Selling, General, & Admin. Expense(SGA) was Rp10,093 Mil.
Total Current Liabilities was Rp93,447 Mil.
Long-Term Debt & Capital Lease Obligation was Rp20,430 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)
	=	(11725.923 / 96741.038)	/	(18998.877 / 88494.005)
	=	0.121209	/	0.214691
	=	0.5646

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)
	=	(47638.871 / 88494.005)	/	(47562.711 / 96741.038)
	=	0.538329	/	0.49165
	=	1.0949

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 - (334301.729 + 181038.385) / 896201.3)	/	(1 - (351239.774 + 202720.551) / 915113.812)
	=	0.424973	/	0.394654
	=	1.0768

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
	=	96741.038	/	88494.005
	=	1.0932

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))
	=	(885.309 / (885.309 + 202720.551))	/	(998.219 / (998.219 + 181038.385))
	=	0.004348	/	0.005484
	=	0.7929

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)
	=	(12680.613 / 96741.038)	/	(10093.37 / 88494.005)
	=	0.131078	/	0.114057
	=	1.1492

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)
	=	((10480.913 + 97308.681) / 896201.3)	/	((20429.541 + 93447.239) / 915113.812)
	=	0.120274	/	0.12444
	=	0.9665

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
	=	(15385.777 - 0	-	-3512.031)	/	896201.3
	=	0.021087

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 Bumi Citra Permai Tbk has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.

PT Bumi Citra Permai Tbk Beneish M-Score Related Terms

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PT Bumi Citra Permai Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Bumi Citra Permai Tbk (ISX:BCIP) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan Kramat Raya No. 32-34, Pusat, Jakarta, IDN, 10450

Website

https://bumicitrapermai.com

PT Bumi Citra Permai Tbk is engaged is a real estate company engaged in the development of industrial areas and warehouses. Along with the sale of industrial plots, it also sells plots of land and buildings such as factories/ warehouses. Its development activity begins with the request process, land acquisition, land development, and infrastructure development in the industrial area. The company's products include Ready-to-Build Industrial Lot, Industrial Buildings and Warehouses that range from 12x24 (s- BIG) and 18x30 (m- BIG); and Shophouses. The majority of the revenues are derived from Sales of warehouses and shop houses, Ready-to-Build Industrial lots, Water Supply Management.

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