PT Bundamedik Tbk (ISX:BMHS) Beneish M-Score : -2.51 (As of Mar. 27, 2025)

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What is PT Bundamedik 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BMHS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.2 Med: -2.61 Max: -2.36
Current: -2.51

During the past 6 years, the highest Beneish M-Score of PT Bundamedik Tbk was -2.36. The lowest was -3.20. And the median was -2.61.

PT Bundamedik Tbk Beneish M-Score Historical Data

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

PT Bundamedik Tbk Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.38

-2.61

PT Bundamedik Tbk Quarterly Data
	Dec18	Dec19	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														-2.62	-2.61	-2.41	-2.36	-2.51

Competitive Comparison of PT Bundamedik Tbk's Beneish M-Score

For the Medical Care Facilities subindustry, PT Bundamedik 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 Bundamedik Tbk's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, PT Bundamedik Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Bundamedik 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 Bundamedik 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 * 1.0217

0.528 * 0.9722

0.404 * 1.0129

0.892 * 1.0115

0.115 * 1.0526

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9763

4.679 * -0.008146

0.327 * 1.0716

-2.51

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp149,780 Mil.
Revenue was 372469.662 + 370730.138 + 413751.175 + 389393.79 = Rp1,546,345 Mil.
Gross Profit was 175475.205 + 175143.37 + 194583.731 + 183635.128 = Rp728,837 Mil.
Total Current Assets was Rp1,426,681 Mil.
Total Assets was Rp3,774,168 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,078,884 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp123,634 Mil.
Selling, General, & Admin. Expense(SGA) was Rp203,411 Mil.
Total Current Liabilities was Rp808,494 Mil.
Long-Term Debt & Capital Lease Obligation was Rp784,120 Mil.
Net Income was 831.529 + 93.496 + 10869.956 + 18791.579 = Rp30,587 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 10985.289 + 17659.595 + 5962.335 + 26723.1 = Rp61,330 Mil.

Total Receivables was Rp144,943 Mil.
Revenue was 377056.785 + 336311.781 + 385435.127 + 430023.569 = Rp1,528,827 Mil.
Gross Profit was 177153.474 + 153626.39 + 181397.886 + 188367.889 = Rp700,546 Mil.
Total Current Assets was Rp905,590 Mil.
Total Assets was Rp3,019,447 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,901,703 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp119,419 Mil.
Selling, General, & Admin. Expense(SGA) was Rp205,983 Mil.
Total Current Liabilities was Rp583,575 Mil.
Long-Term Debt & Capital Lease Obligation was Rp605,389 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)
	=	(149779.639 / 1546344.765)	/	(144942.67 / 1528827.262)
	=	0.09686	/	0.094806
	=	1.0217

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)
	=	(700545.639 / 1528827.262)	/	(728837.434 / 1546344.765)
	=	0.458224	/	0.471329
	=	0.9722

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 - (1426680.625 + 2078884.497) / 3774167.721)	/	(1 - (905590.044 + 1901702.817) / 3019446.952)
	=	0.071169	/	0.070263
	=	1.0129

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
	=	1546344.765	/	1528827.262
	=	1.0115

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))
	=	(119419.225 / (119419.225 + 1901702.817))	/	(123634.335 / (123634.335 + 2078884.497))
	=	0.059086	/	0.056133
	=	1.0526

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)
	=	(203411.092 / 1546344.765)	/	(205982.613 / 1528827.262)
	=	0.131543	/	0.134732
	=	0.9763

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)
	=	((784119.52 + 808494.325) / 3774167.721)	/	((605389.348 + 583575.157) / 3019446.952)
	=	0.421977	/	0.393769
	=	1.0716

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
	=	(30586.56 - 0	-	61330.319)	/	3774167.721
	=	-0.008146

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 Bundamedik Tbk has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.

PT Bundamedik Tbk Beneish M-Score Related Terms

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PT Bundamedik Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » PT Bundamedik Tbk (ISX:BMHS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Teuku Cik Ditiro No.28, Menteng, Jakarta Pusat, IDN, 10350

Website

https://www.bmhs.co.id

PT Bundamedik Tbk is a healthcare service provider. The Company carries out its main business activities through private hospital activities. It offers maternal and child health services, outpatient services, inpatient services, emergency services, service excellence centers, IVF services, and Clinical laboratory services.

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