PT Bakrie & Brothers Tbk (ISX:BNBR) Beneish M-Score : -1.18 (As of Apr. 03, 2025)

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What is PT Bakrie & Brothers 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.

Warning Sign:

Beneish M-Score -1.18 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:BNBR' s Beneish M-Score Range Over the Past 10 Years
Min: -7.12 Med: -2.4 Max: 0.92
Current: -1.18

During the past 13 years, the highest Beneish M-Score of PT Bakrie & Brothers Tbk was 0.92. The lowest was -7.12. And the median was -2.40.

PT Bakrie & Brothers Tbk Beneish M-Score Historical Data

The historical data trend for PT Bakrie & Brothers 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 Bakrie & Brothers Tbk Beneish M-Score Chart

PT Bakrie & Brothers Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.35

-2.50

-2.65

-2.21

-1.68

PT Bakrie & Brothers 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															-1.98	-1.68	-2.02	-1.72	-1.18

Competitive Comparison of PT Bakrie & Brothers Tbk's Beneish M-Score

For the Conglomerates subindustry, PT Bakrie & Brothers 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 Bakrie & Brothers Tbk's Beneish M-Score Distribution in the Conglomerates Industry

For the Conglomerates industry and Industrials sector, PT Bakrie & Brothers Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Bakrie & Brothers 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 Bakrie & Brothers 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 * 1.2395

0.528 * 0.754

0.404 * 2.636

0.892 * 0.7788

0.115 * 0.6664

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4598

4.679 * 0.140325

0.327 * 0.3758

-1.18

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp1,269,022 Mil.
Revenue was 930381 + 937849 + 854328 + 680044 = Rp3,402,602 Mil.
Gross Profit was 243663 + 206670 + 205333 + 269474 = Rp925,140 Mil.
Total Current Assets was Rp3,899,292 Mil.
Total Assets was Rp7,083,502 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,808,221 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,576 Mil.
Selling, General, & Admin. Expense(SGA) was Rp260,778 Mil.
Total Current Liabilities was Rp2,130,440 Mil.
Long-Term Debt & Capital Lease Obligation was Rp159,411 Mil.
Net Income was 496440 + 86815 + 53017 + 114341 = Rp750,613 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -21105 + -144631 + -150091 + 72445 = Rp-243,382 Mil.

Total Receivables was Rp1,314,653 Mil.
Revenue was 1112408 + 1131667 + 835365 + 1289640 = Rp4,369,080 Mil.
Gross Profit was 228417 + 232516 + 152968 + 281834 = Rp895,735 Mil.
Total Current Assets was Rp16,896,430 Mil.
Total Assets was Rp20,098,468 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,720,929 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,166 Mil.
Selling, General, & Admin. Expense(SGA) was Rp229,387 Mil.
Total Current Liabilities was Rp17,224,227 Mil.
Long-Term Debt & Capital Lease Obligation was Rp63,503 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)
	=	(1269022 / 3402602)	/	(1314653 / 4369080)
	=	0.372956	/	0.300899
	=	1.2395

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)
	=	(895735 / 4369080)	/	(925140 / 3402602)
	=	0.205017	/	0.271892
	=	0.754

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 - (3899292 + 1808221) / 7083502)	/	(1 - (16896430 + 1720929) / 20098468)
	=	0.194253	/	0.073693
	=	2.636

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
	=	3402602	/	4369080
	=	0.7788

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))
	=	(4166 / (4166 + 1720929))	/	(6576 / (6576 + 1808221))
	=	0.002415	/	0.003624
	=	0.6664

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)
	=	(260778 / 3402602)	/	(229387 / 4369080)
	=	0.076641	/	0.052502
	=	1.4598

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)
	=	((159411 + 2130440) / 7083502)	/	((63503 + 17224227) / 20098468)
	=	0.323265	/	0.860152
	=	0.3758

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
	=	(750613 - 0	-	-243382)	/	7083502
	=	0.140325

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 Bakrie & Brothers Tbk has a M-score of -1.18 signals that the company is likely to be a manipulator.

PT Bakrie & Brothers Tbk Beneish M-Score Related Terms

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PT Bakrie & Brothers Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Conglomerates » PT Bakrie & Brothers Tbk (ISX:BNBR) » Definitions » Beneish M-Score

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LFU2:Germany

Address

Jalan HR Rasuna Said, Bakrie Tower, 35th, 36th, 37th Floor, Rasuna Epicentrum Complex, Jakarta, IDN, 12940

Website

https://www.bakrie-brothers.com

PT Bakrie & Brothers Tbk is an investment holding company. Its activities comprise general trading, construction, agriculture, mining, steel pipe manufacturing, building materials and other construction products, telecommunication systems, electronic and electrical goods, and investment including equity investment in other companies. The company's operating segment includes Infrastructure and Manufacturing, Fabrication and Construction services, Trading, Services and Investment. It generates maximum revenue from the Infrastructure and Manufacturing segment.

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