PT Garuda Metalindo Tbk Beneish M-Score Historical Data
The historical data trend for PT Garuda Metalindo 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.
PT Garuda Metalindo Tbk Beneish M-Score Chart
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PT Garuda Metalindo Tbk Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.39 |
-2.98 |
-2.30 |
-2.18 |
-3.02 |
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PT Garuda Metalindo Tbk Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.38 |
-3.02 |
-2.75 |
-3.48 |
-2.81 |
Competitive Comparison of PT Garuda Metalindo Tbk's Beneish M-Score
For the Tools & Accessories subindustry, PT Garuda Metalindo 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 Garuda Metalindo Tbk's Beneish M-Score Distribution in the Industrial Products Industry
For the Industrial Products industry and Industrials sector, PT Garuda Metalindo Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Garuda Metalindo Tbk's Beneish M-Score falls into.
PT Garuda Metalindo 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 Garuda Metalindo 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 * 1.2694 | + | 0.528 * 1.1624 | + | 0.404 * 1.0038 | + | 0.892 * 0.9474 | + | 0.115 * 0.8348 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.5215 | + | 4.679 * -0.10915 | - | 0.327 * 0.9935 |
| = | -2.81 |
* 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 Rp259,765 Mil.
Revenue was 404316.638 + 337933.675 + 365386.64 + 333814.511 = Rp1,441,451 Mil.
Gross Profit was 86086.88 + 51993.541 + 55920.032 + 57510.789 = Rp251,511 Mil.
Total Current Assets was Rp731,333 Mil.
Total Assets was Rp1,350,272 Mil.
Property, Plant and Equipment(Net PPE) was Rp573,503 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,909 Mil.
Selling, General, & Admin. Expense(SGA) was Rp44,856 Mil.
Total Current Liabilities was Rp382,362 Mil.
Long-Term Debt & Capital Lease Obligation was Rp23,838 Mil.
Net Income was 36956.661 + 11792.895 + 17321.026 + 5846.649 = Rp71,917 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -17129.222 + 143405.546 + 679.743 + 92343.219 = Rp219,299 Mil.
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Total Receivables was Rp216,007 Mil.
Revenue was 366331.075 + 353606.929 + 411745.081 + 389813.275 = Rp1,521,496 Mil.
Gross Profit was 83519.733 + 61884.071 + 88146.325 + 75029.368 = Rp308,579 Mil.
Total Current Assets was Rp677,163 Mil.
Total Assets was Rp1,382,371 Mil.
Property, Plant and Equipment(Net PPE) was Rp658,871 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,702 Mil.
Selling, General, & Admin. Expense(SGA) was Rp31,117 Mil.
Total Current Liabilities was Rp360,122 Mil.
Long-Term Debt & Capital Lease Obligation was Rp58,460 Mil.
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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) |
| = | (259765.391 / 1441451.464) | / | (216006.566 / 1521496.36) |
| = | 0.180211 | / | 0.14197 |
| | = | 1.2694 |
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) |
| = | (308579.497 / 1521496.36) | / | (251511.242 / 1441451.464) |
| = | 0.202813 | / | 0.174485 |
| | = | 1.1624 |
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 - (731333.394 + 573503.095) / 1350272.086) | / | (1 - (677162.917 + 658870.718) / 1382371.288) |
| = | 0.033649 | / | 0.03352 |
| | = | 1.0038 |
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 |
| = | 1441451.464 | / | 1521496.36 |
| | = | 0.9474 |
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)) |
| = | (4701.92 / (4701.92 + 658870.718)) | / | (4909.343 / (4909.343 + 573503.095)) |
| = | 0.007086 | / | 0.008488 |
| | = | 0.8348 |
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) |
| = | (44855.597 / 1441451.464) | / | (31117.468 / 1521496.36) |
| = | 0.031118 | / | 0.020452 |
| | = | 1.5215 |
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) |
| = | ((23838.261 + 382362.408) / 1350272.086) | / | ((58459.825 + 360122.489) / 1382371.288) |
| = | 0.300829 | / | 0.3028 |
| | = | 0.9935 |
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 |
| = | (71917.231 - 0 | - | 219299.286) | / | 1350272.086 |
| | = | -0.10915 |
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 Garuda Metalindo Tbk has a M-score of -2.81 suggests that the company is unlikely to be a manipulator.
PT Garuda Metalindo Tbk Business Description
Traded in Other Exchanges
N/A
Address
Jalan Kapuk Kamal Raya No. 23, Jakarta Utara, Jakarta, IDN, 14470
PT Garuda Metalindo Tbk is an Indonesia-based company engaged in manufacturing components for motor vehicles. The company manufactures nails, nuts, and bolts as well as automotive components and spare parts for motor vehicles such as leaf springs, radiators, fuel tanks, muffles, brakes, gearboxes/ transmission, axles, road wheels, suspensions & shock absorbers, radiators, silencers, exhaust pipes, catalytic, etc. The company is also involved in the wholesale trade of automobile spare parts, components, and accessories such as rubber tires and inner tubes, spark plugs, batteries, bulbs, and other electronic parts. Its operating segments are Motorcycle parts, Auto parts, and Other industries.
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