PT MNC Asia Holding Tbk (ISX:BHIT) Beneish M-Score : -2.27 (As of May. 05, 2024)

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What is PT MNC Asia Holding 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 -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BHIT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.64 Max: -1.73
Current: -2.27

During the past 13 years, the highest Beneish M-Score of PT MNC Asia Holding Tbk was -1.73. The lowest was -3.01. And the median was -2.64.

PT MNC Asia Holding Tbk Beneish M-Score Historical Data

The historical data trend for PT MNC Asia Holding 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 MNC Asia Holding Tbk Beneish M-Score Chart

PT MNC Asia Holding Tbk Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.88

-2.72

-2.95

-2.66

-2.60

PT MNC Asia Holding Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.60	-2.67	-2.46	-2.64	-2.27

Competitive Comparison of PT MNC Asia Holding Tbk's Beneish M-Score

For the Entertainment subindustry, PT MNC Asia Holding 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 MNC Asia Holding Tbk's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, PT MNC Asia Holding Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT MNC Asia Holding Tbk's Beneish M-Score falls into.

PT MNC Asia Holding 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 MNC Asia Holding 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 * 1.2795

0.528 * 1.2102

0.404 * 1.0069

0.892 * 0.866

0.115 * 0.9155

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0731

4.679 * -0.006156

0.327 * 0.9691

-2.27

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp9,503,083 Mil.
Revenue was 3451956 + 3392686 + 4117183 + 4698678 = Rp15,660,503 Mil.
Gross Profit was 1344748 + 1250787 + 1386701 + 2321009 = Rp6,303,245 Mil.
Total Current Assets was Rp27,094,073 Mil.
Total Assets was Rp70,408,946 Mil.
Property, Plant and Equipment(Net PPE) was Rp16,319,898 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp527,977 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,485,336 Mil.
Total Current Liabilities was Rp22,062,974 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,658,509 Mil.
Net Income was 54649 + -2001 + 9590 + 244354 = Rp306,592 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 59624 + 1300146 + 558284 + -1178010 = Rp740,044 Mil.

Total Receivables was Rp8,576,544 Mil.
Revenue was 4171297 + 4383816 + 4844342 + 4684240 = Rp18,083,695 Mil.
Gross Profit was 1840729 + 2075474 + 2449986 + 2442223 = Rp8,808,412 Mil.
Total Current Assets was Rp25,036,540 Mil.
Total Assets was Rp69,099,804 Mil.
Property, Plant and Equipment(Net PPE) was Rp17,750,741 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp524,315 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,598,262 Mil.
Total Current Liabilities was Rp21,809,655 Mil.
Long-Term Debt & Capital Lease Obligation was Rp6,263,266 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)
	=	(9503083 / 15660503)	/	(8576544 / 18083695)
	=	0.606819	/	0.474269
	=	1.2795

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)
	=	(8808412 / 18083695)	/	(6303245 / 15660503)
	=	0.487091	/	0.402493
	=	1.2102

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 - (27094073 + 16319898) / 70408946)	/	(1 - (25036540 + 17750741) / 69099804)
	=	0.383403	/	0.38079
	=	1.0069

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
	=	15660503	/	18083695
	=	0.866

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))
	=	(524315 / (524315 + 17750741))	/	(527977 / (527977 + 16319898))
	=	0.02869	/	0.031338
	=	0.9155

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)
	=	(1485336 / 15660503)	/	(1598262 / 18083695)
	=	0.094846	/	0.088381
	=	1.0731

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)
	=	((5658509 + 22062974) / 70408946)	/	((6263266 + 21809655) / 69099804)
	=	0.393721	/	0.406266
	=	0.9691

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
	=	(306592 - 0	-	740044)	/	70408946
	=	-0.006156

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 MNC Asia Holding Tbk has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.

PT MNC Asia Holding Tbk Beneish M-Score Related Terms

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PT MNC Asia Holding Tbk (ISX:BHIT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » PT MNC Asia Holding Tbk (ISX:BHIT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Kebon Sirih Timur No. 21-27, MNC Financial Center, 21st Floor, MNC Center, Jakarta Pusat, Jakarta, IDN, 10340

Website

https://www.mncgroup.com

PT MNC Asia Holding Tbk is an investment company that primarily operates in the diversified media industry. The company has three primary business segments: media, financial services, and entertainment, lifestyle property, and the hospitality industry. The company's media business operates and creates content for several television stations, generating revenue through advertising. The financial services business segment offers asset management, insurance, and leasing services. The entertainment, lifestyle property, and hospitality industry generates revenue through resort and residence projects. The company generates the vast majority of its revenue in Indonesia.

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