PT Bukit Uluwatu Villa Tbk (ISX:BUVA) Beneish M-Score : -2.64 (As of Jun. 18, 2024)

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What is PT Bukit Uluwatu Villa 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Bukit Uluwatu Villa Tbk's Beneish M-Score or its related term are showing as below:

ISX:BUVA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.04 Med: -2.44 Max: 9.38
Current: -2.64

During the past 13 years, the highest Beneish M-Score of PT Bukit Uluwatu Villa Tbk was 9.38. The lowest was -4.04. And the median was -2.44.

PT Bukit Uluwatu Villa Tbk Beneish M-Score Historical Data

The historical data trend for PT Bukit Uluwatu Villa 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 Bukit Uluwatu Villa Tbk Beneish M-Score Chart

PT Bukit Uluwatu Villa Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.58

-4.04

-1.16

-2.51

PT Bukit Uluwatu Villa Tbk Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-1.62	-1.52	-2.04	-2.51	-2.64

Competitive Comparison of PT Bukit Uluwatu Villa Tbk's Beneish M-Score

For the Lodging subindustry, PT Bukit Uluwatu Villa 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 Bukit Uluwatu Villa Tbk's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, PT Bukit Uluwatu Villa Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Bukit Uluwatu Villa Tbk's Beneish M-Score falls into.

PT Bukit Uluwatu Villa 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 Bukit Uluwatu Villa 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 * 0.4372

0.528 * 1.0001

0.404 * 0.6011

0.892 * 1.3495

0.115 * 1.0445

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3339

4.679 * 0.01126

0.327 * 0.3783

-2.64

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp45,347 Mil.
Revenue was 65345.411 + 92697.591 + 115562.148 + 95131.953 = Rp368,737 Mil.
Gross Profit was 42529.662 + 66109.439 + 85506.05 + 68224.963 = Rp262,370 Mil.
Total Current Assets was Rp134,143 Mil.
Total Assets was Rp1,628,295 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,139,090 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp41,458 Mil.
Selling, General, & Admin. Expense(SGA) was Rp67,343 Mil.
Total Current Liabilities was Rp216,168 Mil.
Long-Term Debt & Capital Lease Obligation was Rp447,921 Mil.
Net Income was -10768.746 + -22288.565 + 46950.484 + 11989.808 = Rp25,883 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 5563.367 + -45.357 + -9232.088 + 11262.499 = Rp7,548 Mil.

Total Receivables was Rp76,854 Mil.
Revenue was 67893.062 + 78345.95 + 82520.605 + 44477.908 = Rp273,238 Mil.
Gross Profit was 45361.636 + 59811.945 + 59208.762 + 30053.002 = Rp194,435 Mil.
Total Current Assets was Rp92,640 Mil.
Total Assets was Rp1,835,089 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,076,759 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp41,002 Mil.
Selling, General, & Admin. Expense(SGA) was Rp37,412 Mil.
Total Current Liabilities was Rp1,977,691 Mil.
Long-Term Debt & Capital Lease Obligation was Rp813 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)
	=	(45347.441 / 368737.103)	/	(76854.303 / 273237.525)
	=	0.12298	/	0.281273
	=	0.4372

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)
	=	(194435.345 / 273237.525)	/	(262370.114 / 368737.103)
	=	0.711598	/	0.711537
	=	1.0001

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 - (134143.08 + 1139090.035) / 1628294.906)	/	(1 - (92639.758 + 1076758.631) / 1835088.841)
	=	0.218057	/	0.362757
	=	0.6011

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
	=	368737.103	/	273237.525
	=	1.3495

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))
	=	(41002.032 / (41002.032 + 1076758.631))	/	(41458.274 / (41458.274 + 1139090.035))
	=	0.036682	/	0.035118
	=	1.0445

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)
	=	(67343.41 / 368737.103)	/	(37411.961 / 273237.525)
	=	0.182633	/	0.136921
	=	1.3339

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)
	=	((447921.108 + 216168.486) / 1628294.906)	/	((812.672 + 1977690.795) / 1835088.841)
	=	0.407844	/	1.078151
	=	0.3783

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
	=	(25882.981 - 0	-	7548.421)	/	1628294.906
	=	0.01126

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 Bukit Uluwatu Villa Tbk has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.

PT Bukit Uluwatu Villa Tbk Beneish M-Score Related Terms

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PT Bukit Uluwatu Villa Tbk (ISX:BUVA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » PT Bukit Uluwatu Villa Tbk (ISX:BUVA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Belimbing Sari, Br. Tambyak Desa, Pecatu, Kec. Kuta Selatan, Kab. Badung, Bali, IDN

Website

https://www.buvagroup.com

PT Bukit Uluwatu Villa Tbk is an Indonesia based company engaged in the development of hotels and resorts. Also, the company is involved in the food and beverage business line. It has the following business segments namely, Hotel, Lifestyle, recreation, and entertainment, and Real estate. The company's properties include Alila Ubud, Alila Villas Uluwatu, Alila SCBD, The Cliff - Alila Villas Uluwatu, Alila Villas Bintan, and Alila Manggis among others.

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