PT Campina Ice Cream Industry Tbk (ISX:CAMP) Beneish M-Score : 0.30 (As of May. 23, 2024)

View and export this data going back to 2017. Start your Free Trial

What is PT Campina Ice Cream Industry 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 0.3 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for PT Campina Ice Cream Industry Tbk's Beneish M-Score or its related term are showing as below:

ISX:CAMP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65 Med: -3.01 Max: 0.3
Current: 0.3

During the past 8 years, the highest Beneish M-Score of PT Campina Ice Cream Industry Tbk was 0.30. The lowest was -3.65. And the median was -3.01.

PT Campina Ice Cream Industry Tbk Beneish M-Score Historical Data

The historical data trend for PT Campina Ice Cream Industry 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 Campina Ice Cream Industry Tbk Beneish M-Score Chart

PT Campina Ice Cream Industry Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.88

-3.39

-3.12

-2.70

PT Campina Ice Cream Industry 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															-2.71	-3.20	-2.88	-	0.30

Competitive Comparison of PT Campina Ice Cream Industry Tbk's Beneish M-Score

For the Packaged Foods subindustry, PT Campina Ice Cream Industry 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 Campina Ice Cream Industry Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Campina Ice Cream Industry Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Campina Ice Cream Industry Tbk's Beneish M-Score falls into.

PT Campina Ice Cream Industry 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 Campina Ice Cream Industry 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 * 1.048

0.528 * 0.9391

0.404 * 8.5805

0.892 * 0.984

0.115 * 1.0802

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1335

4.679 * -0.046373

0.327 * 1.1637

0.30

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp131,826 Mil.
Revenue was 256840.768 + 262813.383 + 287887.141 + 314999.468 = Rp1,122,541 Mil.
Gross Profit was 153581.191 + 159860.189 + 172320.049 + 180660.105 = Rp666,422 Mil.
Total Current Assets was Rp509,615 Mil.
Total Assets was Rp1,128,565 Mil.
Property, Plant and Equipment(Net PPE) was Rp308,326 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp67,549 Mil.
Selling, General, & Admin. Expense(SGA) was Rp260,319 Mil.
Total Current Liabilities was Rp97,919 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 19664.119 + 15217.337 + 46932.988 + 31097.799 = Rp112,912 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 20637.765 + 24324.203 + 59745.912 + 60539.054 = Rp165,247 Mil.

Total Receivables was Rp127,840 Mil.
Revenue was 270090.497 + 270624.041 + 293144.743 + 306968.16 = Rp1,140,827 Mil.
Gross Profit was 156923.201 + 147343.158 + 164399.039 + 167374.95 = Rp636,040 Mil.
Total Current Assets was Rp808,783 Mil.
Total Assets was Rp1,120,739 Mil.
Property, Plant and Equipment(Net PPE) was Rp276,006 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp66,485 Mil.
Selling, General, & Admin. Expense(SGA) was Rp233,398 Mil.
Total Current Liabilities was Rp83,561 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(131825.991 / 1122540.76)	/	(127839.576 / 1140827.441)
	=	0.117435	/	0.112059
	=	1.048

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)
	=	(636040.348 / 1140827.441)	/	(666421.534 / 1122540.76)
	=	0.557525	/	0.593672
	=	0.9391

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 - (509614.655 + 308326.321) / 1128565.158)	/	(1 - (808782.905 + 276006.421) / 1120739.367)
	=	0.275238	/	0.032077
	=	8.5805

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
	=	1122540.76	/	1140827.441
	=	0.984

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))
	=	(66484.848 / (66484.848 + 276006.421))	/	(67548.61 / (67548.61 + 308326.321))
	=	0.194121	/	0.17971
	=	1.0802

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)
	=	(260318.967 / 1122540.76)	/	(233397.527 / 1140827.441)
	=	0.231902	/	0.204586
	=	1.1335

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)
	=	((0 + 97918.522) / 1128565.158)	/	((0 + 83561.398) / 1120739.367)
	=	0.086764	/	0.074559
	=	1.1637

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
	=	(112912.243 - 0	-	165246.934)	/	1128565.158
	=	-0.046373

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 Campina Ice Cream Industry Tbk has a M-score of 0.30 signals that the company is likely to be a manipulator.

PT Campina Ice Cream Industry Tbk Beneish M-Score Related Terms

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

PT Campina Ice Cream Industry Tbk (ISX:CAMP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Campina Ice Cream Industry Tbk (ISX:CAMP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Rungkut Industri II/15-17, Kel. Tenggilis Mejoyo Kec. Tenggilis, Mejoyo, Surabaya, IDN, 60293

Website

https://www.campina.co.id

PT Campina Ice Cream Industry Tbk is an Indonesia-based company engaged in manufacturing ice cream. It offers the portfolio of various types of ice cream products in the form of cake, cone, cup, pack, Bulk, Es Potong and stick. It brands manufactured and marketed by the company consist of Tropicana, Chocolate Vanilla Choco Chunk, Concerto Olympia Cup, Hula Durian Cup and Concerto Bold Choco Brownie, and others.