PT Wulandari Bangun Laksana Tbk (ISX:BSBK) Beneish M-Score : -1.80 (As of Apr. 03, 2025)

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What is PT Wulandari Bangun Laksana 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 -1.8 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BSBK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.43 Med: -2.12 Max: -1.8
Current: -1.8

During the past 6 years, the highest Beneish M-Score of PT Wulandari Bangun Laksana Tbk was -1.80. The lowest was -2.43. And the median was -2.12.

PT Wulandari Bangun Laksana Tbk Beneish M-Score Historical Data

The historical data trend for PT Wulandari Bangun Laksana 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 Wulandari Bangun Laksana Tbk Beneish M-Score Chart

PT Wulandari Bangun Laksana Tbk Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.43

-1.80

PT Wulandari Bangun Laksana Tbk Quarterly Data
	Dec19	Dec20	Mar21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial										-	-2.43	-2.34	-2.40	-1.80

Competitive Comparison of PT Wulandari Bangun Laksana Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Wulandari Bangun Laksana 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 Wulandari Bangun Laksana Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Wulandari Bangun Laksana Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Wulandari Bangun Laksana 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 Wulandari Bangun Laksana 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 * 1.129

0.528 * 0.9859

0.404 * 1.1364

0.892 * 0.9168

0.115 * 0.8879

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0222

4.679 * 0.112078

0.327 * 0.7599

-1.80

This Year (Dec24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp47,603 Mil.
Revenue was 98064.481 + 0 + 82515.207 + 112348.384 = Rp292,928 Mil.
Gross Profit was 64503.075 + 0 + 59640.896 + 58098.686 = Rp182,243 Mil.
Total Current Assets was Rp205,948 Mil.
Total Assets was Rp2,866,621 Mil.
Property, Plant and Equipment(Net PPE) was Rp166,340 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp12,550 Mil.
Selling, General, & Admin. Expense(SGA) was Rp21,811 Mil.
Total Current Liabilities was Rp156,582 Mil.
Long-Term Debt & Capital Lease Obligation was Rp334,455 Mil.
Net Income was 287478.025 + 0 + 17106.998 + 20590.004 = Rp325,175 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 20659.746 + 0 + 10331.606 + -27101.664 = Rp3,890 Mil.

Total Receivables was Rp45,991 Mil.
Revenue was 79141.257 + 78332.499 + 77277.125 + 84756.882 = Rp319,508 Mil.
Gross Profit was 53891.447 + 54442.388 + 46519.506 + 41115.253 = Rp195,969 Mil.
Total Current Assets was Rp334,243 Mil.
Total Assets was Rp2,517,475 Mil.
Property, Plant and Equipment(Net PPE) was Rp255,602 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,979 Mil.
Selling, General, & Admin. Expense(SGA) was Rp23,272 Mil.
Total Current Liabilities was Rp182,356 Mil.
Long-Term Debt & Capital Lease Obligation was Rp385,140 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)
	=	(47602.767 / 292928.072)	/	(45991.016 / 319507.763)
	=	0.162507	/	0.143943
	=	1.129

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)
	=	(195968.594 / 319507.763)	/	(182242.657 / 292928.072)
	=	0.613345	/	0.622141
	=	0.9859

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 - (205948.282 + 166340.462) / 2866621.351)	/	(1 - (334242.839 + 255601.955) / 2517474.87)
	=	0.87013	/	0.7657
	=	1.1364

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
	=	292928.072	/	319507.763
	=	0.9168

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))
	=	(16978.858 / (16978.858 + 255601.955))	/	(12549.824 / (12549.824 + 166340.462))
	=	0.062289	/	0.070154
	=	0.8879

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)
	=	(21810.788 / 292928.072)	/	(23272.387 / 319507.763)
	=	0.074458	/	0.072838
	=	1.0222

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)
	=	((334454.522 + 156581.73) / 2866621.351)	/	((385140.324 + 182355.679) / 2517474.87)
	=	0.171294	/	0.225423
	=	0.7599

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
	=	(325175.027 - 0	-	3889.688)	/	2866621.351
	=	0.112078

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 Wulandari Bangun Laksana Tbk has a M-score of -1.80 suggests that the company is unlikely to be a manipulator.

PT Wulandari Bangun Laksana Tbk Beneish M-Score Related Terms

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PT Wulandari Bangun Laksana Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Wulandari Bangun Laksana Tbk (ISX:BSBK) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jalan Jendral Sudirman No. 47, Tower G, Komplek Balikpapan Superblock Stall Kuda, Kel. Damai Bahagia, Kec. Balikpapan Selatan, Kalimantan Timur Province, Balikpapan, IDN, 76114

Website

https://www.balikpapansuperblock.com

PT Wulandari Bangun Laksana Tbk is a real estate developer. It is engaged in the property at the gate of East Kalimantan, Balikpapan City. It has five operating segments Developer, Mall Pentacity, Mall E-Walk, Estate Management, and Other Operating Segments. It generates the majority of its revenue from the Developer segment.