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PT Metro Healthcare Indonesia Tbk (ISX:CARE) Beneish M-Score : -2.32 (As of Mar. 27, 2025)


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What is PT Metro Healthcare Indonesia 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 -2.32 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Metro Healthcare Indonesia Tbk's Beneish M-Score or its related term are showing as below:

ISX:CARE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.93   Med: -2.66   Max: 1.09
Current: -2.32

During the past 8 years, the highest Beneish M-Score of PT Metro Healthcare Indonesia Tbk was 1.09. The lowest was -3.93. And the median was -2.66.


PT Metro Healthcare Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Metro Healthcare Indonesia 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 Metro Healthcare Indonesia Tbk Beneish M-Score Chart

PT Metro Healthcare Indonesia Tbk Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - -2.62 -3.54 -3.10 -2.01

PT Metro Healthcare Indonesia Tbk Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.70 -2.01 -2.09 -2.37 -2.32

Competitive Comparison of PT Metro Healthcare Indonesia Tbk's Beneish M-Score

For the Medical Care Facilities subindustry, PT Metro Healthcare Indonesia 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 Metro Healthcare Indonesia Tbk's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, PT Metro Healthcare Indonesia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Metro Healthcare Indonesia Tbk's Beneish M-Score falls into.


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PT Metro Healthcare Indonesia 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 Metro Healthcare Indonesia 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 * 0.9699+0.528 * 1.0368+0.404 * 0.7627+0.892 * 1.1863+0.115 * 1
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.4516+4.679 * -0.000883-0.327 * 0.9864
=-2.32

* 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 Rp35,523 Mil.
Revenue was 72932.406 + 84568.475 + 80882.35 + 70333.345 = Rp308,717 Mil.
Gross Profit was 21714.962 + 23943.366 + 28383.709 + 26771.5 = Rp100,814 Mil.
Total Current Assets was Rp559,040 Mil.
Total Assets was Rp4,014,238 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,446,385 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp6,164 Mil.
Total Current Liabilities was Rp872,135 Mil.
Long-Term Debt & Capital Lease Obligation was Rp106,169 Mil.
Net Income was -24027.419 + -23270.663 + -22101.003 + -19986.947 = Rp-89,386 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -14801.996 + -18450.336 + -45097.884 + -7492.763 = Rp-85,843 Mil.
Total Receivables was Rp30,874 Mil.
Revenue was 65572.525 + 54733.901 + 52041.028 + 87894.273 = Rp260,242 Mil.
Gross Profit was 14302.179 + 29653.124 + 18927.466 + 25228.578 = Rp88,111 Mil.
Total Current Assets was Rp805,749 Mil.
Total Assets was Rp4,151,660 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,333,963 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp11,506 Mil.
Total Current Liabilities was Rp235,862 Mil.
Long-Term Debt & Capital Lease Obligation was Rp789,838 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)
=(35523.178 / 308716.576) / (30874.183 / 260241.727)
=0.115067 / 0.118637
=0.9699

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)
=(88111.347 / 260241.727) / (100813.537 / 308716.576)
=0.338575 / 0.326557
=1.0368

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 - (559040.172 + 3446385.274) / 4014238.193) / (1 - (805748.589 + 3333962.833) / 4151659.828)
=0.002195 / 0.002878
=0.7627

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
=308716.576 / 260241.727
=1.1863

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))
=(0 / (0 + 3333962.833)) / (0 / (0 + 3446385.274))
=0 / 0
=1

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)
=(6164.363 / 308716.576) / (11506.316 / 260241.727)
=0.019968 / 0.044214
=0.4516

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)
=((106168.997 + 872135.259) / 4014238.193) / ((789838.078 + 235862.112) / 4151659.828)
=0.243709 / 0.247058
=0.9864

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
=(-89386.032 - 0 - -85842.979) / 4014238.193
=-0.000883

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 Metro Healthcare Indonesia Tbk has a M-score of -2.32 suggests that the company is unlikely to be a manipulator.


PT Metro Healthcare Indonesia Tbk Beneish M-Score Related Terms

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PT Metro Healthcare Indonesia Tbk Business Description

Traded in Other Exchanges
N/A
Address
Jalan Raya Serang Km 16,8, RT / RW 005/001, Kel. Sukamulya, Kec. Cikupa, Tangerang, IDN, 15710
PT Metro Healthcare Indonesia Tbk provides integrated health services that consist of hospital and technology-based health services and training centers to produce professionals in health services. The company manages hospitals that are members of the Metro Hospital Group. Its business segment comprises Inpatient and Outpatient. The majority of revenue is derived from the inpatient segment.