PT BFI Finance Indonesia Tbk (ISX:BFIN) Beneish M-Score : -2.35 (As of Dec. 13, 2024)

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What is PT BFI Finance Indonesia 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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BFIN' s Beneish M-Score Range Over the Past 10 Years
Min: -5.93 Med: -1.69 Max: 17.78
Current: -2.35

During the past 13 years, the highest Beneish M-Score of PT BFI Finance Indonesia Tbk was 17.78. The lowest was -5.93. And the median was -1.69.

PT BFI Finance Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT BFI Finance Indonesia 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 BFI Finance Indonesia Tbk Beneish M-Score Chart

PT BFI Finance Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.80

-3.34

-2.37

-0.90

-2.14

PT BFI Finance Indonesia 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															-1.66	-2.14	-2.36	-2.52	-2.35

Competitive Comparison of PT BFI Finance Indonesia Tbk's Beneish M-Score

For the Credit Services subindustry, PT BFI Finance Indonesia 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 BFI Finance Indonesia Tbk's Beneish M-Score Distribution in the Credit Services Industry

For the Credit Services industry and Financial Services sector, PT BFI Finance Indonesia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT BFI Finance Indonesia Tbk's Beneish M-Score falls into.

PT BFI Finance Indonesia 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 BFI Finance Indonesia 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 * 1.0365

0.528 * 1.0372

0.404 * 0.8058

0.892 * 0.9946

0.115 * 0.8644

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9368

4.679 * 0.032077

0.327 * 0.9407

-2.35

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp21,387,522 Mil.
Revenue was 1532773 + 1489415 + 1505060 + 1532792 = Rp6,060,040 Mil.
Gross Profit was 994600 + 962544 + 962552 + 974906 = Rp3,894,602 Mil.
Total Current Assets was Rp22,924,963 Mil.
Total Assets was Rp24,109,096 Mil.
Property, Plant and Equipment(Net PPE) was Rp807,668 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp216,142 Mil.
Selling, General, & Admin. Expense(SGA) was Rp543,596 Mil.
Total Current Liabilities was Rp6,993,196 Mil.
Long-Term Debt & Capital Lease Obligation was Rp6,542,513 Mil.
Net Income was 429130 + 324380 + 361466 + 467620 = Rp1,582,596 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 356102 + 670650 + -350458 + 132959 = Rp809,253 Mil.

Total Receivables was Rp20,745,726 Mil.
Revenue was 1512234 + 1507744 + 1595582 + 1477457 = Rp6,093,017 Mil.
Gross Profit was 1019498 + 1005054 + 1056326 + 980462 = Rp4,061,340 Mil.
Total Current Assets was Rp22,901,368 Mil.
Total Assets was Rp24,165,826 Mil.
Property, Plant and Equipment(Net PPE) was Rp796,143 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp177,721 Mil.
Selling, General, & Admin. Expense(SGA) was Rp583,415 Mil.
Total Current Liabilities was Rp8,586,711 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,836,813 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)
	=	(21387522 / 6060040)	/	(20745726 / 6093017)
	=	3.529271	/	3.404836
	=	1.0365

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)
	=	(4061340 / 6093017)	/	(3894602 / 6060040)
	=	0.666556	/	0.642669
	=	1.0372

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 - (22924963 + 807668) / 24109096)	/	(1 - (22901368 + 796143) / 24165826)
	=	0.015615	/	0.019379
	=	0.8058

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
	=	6060040	/	6093017
	=	0.9946

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))
	=	(177721 / (177721 + 796143))	/	(216142 / (216142 + 807668))
	=	0.182491	/	0.211115
	=	0.8644

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)
	=	(543596 / 6060040)	/	(583415 / 6093017)
	=	0.089702	/	0.095751
	=	0.9368

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)
	=	((6542513 + 6993196) / 24109096)	/	((5836813 + 8586711) / 24165826)
	=	0.561436	/	0.596856
	=	0.9407

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
	=	(1582596 - 0	-	809253)	/	24109096
	=	0.032077

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 BFI Finance Indonesia Tbk has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.

PT BFI Finance Indonesia Tbk Beneish M-Score Related Terms

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PT BFI Finance Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Credit Services » PT BFI Finance Indonesia Tbk (ISX:BFIN) » Definitions » Beneish M-Score

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Address

BFI Tower, Sunburst CBD Lot 1.2, Jalan Kapten Soebijanto Djojohadikusumo, BSD City, South Tangerang, IDN, 15322

Website

https://www.bfi.co.id

PT BFI Finance Indonesia Tbk is a financial company operating in Indonesia providing finance for vehicles, heavy equipment, trucks and machinery, housing, and shops, as well as for procurement of goods and services. The company's main business is the financing of used four-wheelers. It also offers the financial lease of heavy equipment for metal mining, general contractors, agriculture, and transportation sectors. The company operates its business in two segments which are Consumer financing and Financial lease. The company has a presence in Java, Kalimantan, Sumatera, and Sulawesi.