PT Wulandari Bangun Laksana Tbk (ISX:BSBK) Beneish M-Score : -2.34 (As of Jun. 10, 2024)

View and export this data going back to 2022. Start your Free Trial

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 -2.34 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: -2.34 Max: -1.09
Current: -2.34

During the past 5 years, the highest Beneish M-Score of PT Wulandari Bangun Laksana Tbk was -1.09. The lowest was -2.43. And the median was -2.34.

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.

* Premium members only.

PT Wulandari Bangun Laksana Tbk Beneish M-Score Chart

PT Wulandari Bangun Laksana Tbk Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.43

PT Wulandari Bangun Laksana Tbk Quarterly Data
	Dec19	Dec20	Mar21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial								-1.09	-	-	-2.43	-2.34

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.

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 * 0.9313

0.528 * 0.9351

0.404 * 1.017

0.892 * 1.2305

0.115 * 0.8681

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0127

4.679 * -0.000437

0.327 * 0.8731

-2.34

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp46,835 Mil.
Revenue was 82515.207 + 112348.384 + 79141.257 + 78332.499 = Rp352,337 Mil.
Gross Profit was 59640.896 + 58098.686 + 53891.447 + 54442.388 = Rp226,073 Mil.
Total Current Assets was Rp296,741 Mil.
Total Assets was Rp2,501,129 Mil.
Property, Plant and Equipment(Net PPE) was Rp277,521 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp17,216 Mil.
Selling, General, & Admin. Expense(SGA) was Rp23,767 Mil.
Total Current Liabilities was Rp146,287 Mil.
Long-Term Debt & Capital Lease Obligation was Rp364,450 Mil.
Net Income was 17106.998 + 20590.004 + 5877.836 + 9349.189 = Rp52,924 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 10331.606 + -28101.664 + 26067.513 + 45719.223 = Rp54,017 Mil.

Total Receivables was Rp40,869 Mil.
Revenue was 77277.125 + 84756.882 + 60093.906 + 64213.897 = Rp286,342 Mil.
Gross Profit was 46519.506 + 41115.253 + 39264.318 + 44912.605 = Rp171,812 Mil.
Total Current Assets was Rp373,539 Mil.
Total Assets was Rp2,523,766 Mil.
Property, Plant and Equipment(Net PPE) was Rp238,363 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp12,732 Mil.
Selling, General, & Admin. Expense(SGA) was Rp19,072 Mil.
Total Current Liabilities was Rp186,856 Mil.
Long-Term Debt & Capital Lease Obligation was Rp403,429 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)
	=	(46835.06 / 352337.347)	/	(40868.969 / 286341.81)
	=	0.132927	/	0.142728
	=	0.9313

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)
	=	(171811.682 / 286341.81)	/	(226073.417 / 352337.347)
	=	0.600023	/	0.641639
	=	0.9351

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 - (296740.535 + 277521.284) / 2501128.501)	/	(1 - (373539.353 + 238363.136) / 2523766.213)
	=	0.770399	/	0.757544
	=	1.017

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
	=	352337.347	/	286341.81
	=	1.2305

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))
	=	(12731.977 / (12731.977 + 238363.136))	/	(17216.346 / (17216.346 + 277521.284))
	=	0.050706	/	0.058412
	=	0.8681

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)
	=	(23766.571 / 352337.347)	/	(19072.252 / 286341.81)
	=	0.067454	/	0.066607
	=	1.0127

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)
	=	((364450.445 + 146287.09) / 2501128.501)	/	((403428.896 + 186855.921) / 2523766.213)
	=	0.204203	/	0.23389
	=	0.8731

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
	=	(52924.027 - 0	-	54016.678)	/	2501128.501
	=	-0.000437

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 -2.34 suggests that the company is unlikely to be a manipulator.

PT Wulandari Bangun Laksana Tbk Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PT Wulandari Bangun Laksana Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PT Wulandari Bangun Laksana Tbk (ISX:BSBK) Business Description

Industry

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

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Jend. Sudirman Nomor 47 Tower G Komplek Balikpapan Superblock, Stall Kuda, Kelurahan Damai Bahagia, Kec. Balikpapan Selatan, Kota, Provinsi Kalimantan Timur, 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 Developer.