PT Blue Bird Tbk (ISX:BIRD) Beneish M-Score : -2.86 (As of Dec. 15, 2024)

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What is PT Blue Bird 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BIRD' s Beneish M-Score Range Over the Past 10 Years
Min: -3.12 Med: -2.63 Max: -1.48
Current: -2.86

During the past 11 years, the highest Beneish M-Score of PT Blue Bird Tbk was -1.48. The lowest was -3.12. And the median was -2.63.

PT Blue Bird Tbk Beneish M-Score Historical Data

The historical data trend for PT Blue Bird 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 Blue Bird Tbk Beneish M-Score Chart

PT Blue Bird Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.25

-2.49

-2.74

-3.12

PT Blue Bird 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															-3.10	-3.12	-3.08	-3.05	-2.86

Competitive Comparison of PT Blue Bird Tbk's Beneish M-Score

For the Railroads subindustry, PT Blue Bird 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 Blue Bird Tbk's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, PT Blue Bird Tbk's Beneish M-Score distribution charts can be found below:

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

PT Blue Bird 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 Blue Bird 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 * 0.9039

0.528 * 0.9838

0.404 * 0.926

0.892 * 1.1267

0.115 * 0.9839

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4387

4.679 * -0.056514

0.327 * 1.078

-2.86

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp355,690 Mil.
Revenue was 1336180 + 1207451 + 1120249 + 1193081 = Rp4,856,961 Mil.
Gross Profit was 440893 + 393144 + 345655 + 378607 = Rp1,558,299 Mil.
Total Current Assets was Rp1,609,792 Mil.
Total Assets was Rp7,857,052 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,076,300 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp32,942 Mil.
Selling, General, & Admin. Expense(SGA) was Rp261,429 Mil.
Total Current Liabilities was Rp858,716 Mil.
Long-Term Debt & Capital Lease Obligation was Rp713,684 Mil.
Net Income was 173296 + 147208 + 115802 + 92589 = Rp528,895 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 321732 + 200644 + 214082 + 236470 = Rp972,928 Mil.

Total Receivables was Rp349,233 Mil.
Revenue was 1137384 + 1045990 + 1046017 + 1081278 = Rp4,310,669 Mil.
Gross Profit was 362314 + 336869 + 326344 + 335115 = Rp1,360,642 Mil.
Total Current Assets was Rp1,404,714 Mil.
Total Assets was Rp7,379,475 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,801,364 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp30,938 Mil.
Selling, General, & Admin. Expense(SGA) was Rp161,274 Mil.
Total Current Liabilities was Rp967,191 Mil.
Long-Term Debt & Capital Lease Obligation was Rp402,759 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)
	=	(355690 / 4856961)	/	(349233 / 4310669)
	=	0.073233	/	0.081016
	=	0.9039

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)
	=	(1360642 / 4310669)	/	(1558299 / 4856961)
	=	0.315645	/	0.320838
	=	0.9838

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 - (1609792 + 6076300) / 7857052)	/	(1 - (1404714 + 5801364) / 7379475)
	=	0.021759	/	0.023497
	=	0.926

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
	=	4856961	/	4310669
	=	1.1267

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))
	=	(30938 / (30938 + 5801364))	/	(32942 / (32942 + 6076300))
	=	0.005305	/	0.005392
	=	0.9839

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)
	=	(261429 / 4856961)	/	(161274 / 4310669)
	=	0.053826	/	0.037413
	=	1.4387

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)
	=	((713684 + 858716) / 7857052)	/	((402759 + 967191) / 7379475)
	=	0.200126	/	0.185643
	=	1.078

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
	=	(528895 - 0	-	972928)	/	7857052
	=	-0.056514

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 Blue Bird Tbk has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.

PT Blue Bird Tbk Beneish M-Score Related Terms

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PT Blue Bird Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Blue Bird Tbk (ISX:BIRD) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Bojong Indah Raya No. 6A, Kel. Rawa Buaya, Kec. Cengkareng, Jakarta Barat, Jakarta, IDN, 11740

Website

https://www.bluebirdgroup.com

PT Blue Bird Tbk is an Indonesia-based company providing taxi transportation services. The company operates in segments namely the Taxi segment and Non-taxi segment. The taxi segment consists of a regular taxi and an executive taxi. The non-taxi segment consists of Limosine Car Rentals and Chartered Bus. The majority of the company's revenue comes from the Taxi segment. The company provides regular and executive taxi services with the brand of Blue Bird and Pusaka for regular taxis and Silver Bird for executive taxis.