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PT Bank Bumi Arta Tbk (ISX:BNBA) Beneish M-Score : -2.36 (As of Mar. 16, 2025)


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What is PT Bank Bumi Arta Tbk Beneish M-Score?

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

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 -2.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BNBA' s Beneish M-Score Range Over the Past 10 Years
Min: -10.73   Med: -2.42   Max: -1.5
Current: -2.36

During the past 10 years, the highest Beneish M-Score of PT Bank Bumi Arta Tbk was -1.50. The lowest was -10.73. And the median was -2.42.


PT Bank Bumi Arta 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 Bank Bumi Arta Tbk for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1+0.528 * 1+0.404 * 1.0028+0.892 * 0.9448+0.115 * 0.9088
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0889+4.679 * 0.027779-0.327 * 0.8078
=-2.36

* 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.

This Year (Sep24) TTM:Last Year (Sep23) TTM:
Total Receivables was Rp0 Mil.
Revenue was 85423.049 + 87876.002 + 85974.841 + 91742.631 = Rp351,017 Mil.
Gross Profit was 85423.049 + 87876.002 + 85974.841 + 91742.631 = Rp351,017 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp8,302,290 Mil.
Property, Plant and Equipment(Net PPE) was Rp782,721 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp27,384 Mil.
Selling, General, & Admin. Expense(SGA) was Rp67,873 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp29,073 Mil.
Net Income was 16511.209 + 14184.866 + 29158.691 + 13054.297 = Rp72,909 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -256482.333 + -299937.744 + 433545.533 + -34843.758 = Rp-157,718 Mil.
Total Receivables was Rp0 Mil.
Revenue was 83755.806 + 96354.079 + 98268.769 + 93160.967 = Rp371,540 Mil.
Gross Profit was 83755.806 + 96354.079 + 98268.769 + 93160.967 = Rp371,540 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp8,179,919 Mil.
Property, Plant and Equipment(Net PPE) was Rp792,016 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp25,101 Mil.
Selling, General, & Admin. Expense(SGA) was Rp65,975 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp35,457 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)
=(0 / 351016.523) / (0 / 371539.621)
=0 / 0
=1

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)
=(371539.621 / 371539.621) / (351016.523 / 351016.523)
=1 / 1
=1

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 - (0 + 782720.904) / 8302289.846) / (1 - (0 + 792015.504) / 8179919.155)
=0.905722 / 0.903176
=1.0028

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
=351016.523 / 371539.621
=0.9448

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))
=(25100.651 / (25100.651 + 792015.504)) / (27383.779 / (27383.779 + 782720.904))
=0.030719 / 0.033803
=0.9088

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)
=(67873.404 / 351016.523) / (65974.717 / 371539.621)
=0.193362 / 0.177571
=1.0889

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)
=((29073.291 + 0) / 8302289.846) / ((35457.436 + 0) / 8179919.155)
=0.003502 / 0.004335
=0.8078

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
=(72909.063 - 0 - -157718.302) / 8302289.846
=0.027779

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 Bank Bumi Arta Tbk has a M-score of -2.36 suggests that the company is unlikely to be a manipulator.


PT Bank Bumi Arta Tbk Beneish M-Score Related Terms

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PT Bank Bumi Arta Tbk Business Description

Traded in Other Exchanges
N/A
Address
Jalan. K.H. Wahid Hasyim, Number 234-236, Jakarta Pusat, Jakarta, IDN, 10250
PT Bank Bumi Arta Tbk operates as a commercial bank in Indonesia. It offers various funding and financing products. The bank also offers services including ATM (automated teller machine) and debit card facilities, phone banking and internet banking. It operates in two geographic areas: the Special District of Jakarta (DKI Jakarta), and outside DKI Jakarta.