PT Bekasi Fajar Industrial Estate Tbk (ISX:BEST) Beneish M-Score : -1.58 (As of Sep. 26, 2024)

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What is PT Bekasi Fajar Industrial Estate 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 -1.58 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for PT Bekasi Fajar Industrial Estate Tbk's Beneish M-Score or its related term are showing as below:

ISX:BEST' s Beneish M-Score Range Over the Past 10 Years
Min: -4.18 Med: -2.27 Max: 6.15
Current: -1.58

During the past 13 years, the highest Beneish M-Score of PT Bekasi Fajar Industrial Estate Tbk was 6.15. The lowest was -4.18. And the median was -2.27.

PT Bekasi Fajar Industrial Estate Tbk Beneish M-Score Historical Data

The historical data trend for PT Bekasi Fajar Industrial Estate 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 Bekasi Fajar Industrial Estate Tbk Beneish M-Score Chart

PT Bekasi Fajar Industrial Estate Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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0.48

-4.18

-2.37

-1.43

-2.52

PT Bekasi Fajar Industrial Estate Tbk Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-2.35	-2.23	-2.52	1.67	-1.58

Competitive Comparison of PT Bekasi Fajar Industrial Estate Tbk's Beneish M-Score

For the Real Estate Services subindustry, PT Bekasi Fajar Industrial Estate 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 Bekasi Fajar Industrial Estate Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Bekasi Fajar Industrial Estate Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Bekasi Fajar Industrial Estate Tbk's Beneish M-Score falls into.

PT Bekasi Fajar Industrial Estate 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 Bekasi Fajar Industrial Estate 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 * 2.184

0.528 * 0.9688

0.404 * 1.0457

0.892 * 0.8293

0.115 * 0.9807

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1302

4.679 * -0.003673

0.327 * 0.9893

-1.58

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was Rp165,593 Mil.
Revenue was 112639.246 + 77902.673 + 133149.251 + 99031.976 = Rp422,723 Mil.
Gross Profit was 75917.234 + 40291.235 + 85993.417 + 56010.111 = Rp258,212 Mil.
Total Current Assets was Rp2,349,687 Mil.
Total Assets was Rp5,861,693 Mil.
Property, Plant and Equipment(Net PPE) was Rp129,031 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp8,958 Mil.
Selling, General, & Admin. Expense(SGA) was Rp20,516 Mil.
Total Current Liabilities was Rp245,196 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,225,412 Mil.
Net Income was 19816.752 + -8903.528 + -61826.771 + -27612.428 = Rp-78,526 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 10340.283 + -43166.361 + -31871.262 + 7701.001 = Rp-56,996 Mil.

Total Receivables was Rp91,427 Mil.
Revenue was 114696.241 + 197437.408 + 136109.959 + 61480.4 = Rp509,724 Mil.
Gross Profit was 71119.286 + 130817.756 + 65534.341 + 34174.186 = Rp301,646 Mil.
Total Current Assets was Rp2,551,825 Mil.
Total Assets was Rp6,011,763 Mil.
Property, Plant and Equipment(Net PPE) was Rp141,931 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp9,650 Mil.
Selling, General, & Admin. Expense(SGA) was Rp21,889 Mil.
Total Current Liabilities was Rp242,496 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,282,139 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)
	=	(165592.805 / 422723.146)	/	(91426.599 / 509724.008)
	=	0.391729	/	0.179365
	=	2.184

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)
	=	(301645.569 / 509724.008)	/	(258211.997 / 422723.146)
	=	0.591782	/	0.61083
	=	0.9688

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 - (2349687.046 + 129030.691) / 5861692.5)	/	(1 - (2551824.734 + 141931.473) / 6011763.074)
	=	0.577133	/	0.551919
	=	1.0457

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
	=	422723.146	/	509724.008
	=	0.8293

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))
	=	(9650.442 / (9650.442 + 141931.473))	/	(8957.62 / (8957.62 + 129030.691))
	=	0.063665	/	0.064916
	=	0.9807

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)
	=	(20516.436 / 422723.146)	/	(21889.465 / 509724.008)
	=	0.048534	/	0.042944
	=	1.1302

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)
	=	((1225412.325 + 245195.986) / 5861692.5)	/	((1282138.555 + 242495.926) / 6011763.074)
	=	0.250885	/	0.253609
	=	0.9893

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
	=	(-78525.975 - 0	-	-56996.339)	/	5861692.5
	=	-0.003673

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 Bekasi Fajar Industrial Estate Tbk has a M-score of -1.58 signals that the company is likely to be a manipulator.

PT Bekasi Fajar Industrial Estate Tbk Beneish M-Score Related Terms

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PT Bekasi Fajar Industrial Estate Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Bekasi Fajar Industrial Estate Tbk (ISX:BEST) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Sumatera, Kawasan Industri MM2100, Cikarang Barat, West Java, Bekasi, IDN, 17520

Website

https://www.befa.id

PT Bekasi Fajar Industrial Estate Tbk is a real estate development company based in Indonesia. The business segments carried out by the company include Industrial Estates and others. The Industrial Area segment, which is the key revenue driver for the company that includes sales of industrial plots and rental of factory production and warehousing facilities.