PT Industri Dan Perdagangan Bintraco Dharma Tbk (ISX:CARS) Beneish M-Score : -2.19 (As of Apr. 06, 2025)

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What is PT Industri Dan Perdagangan Bintraco Dharma 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Industri Dan Perdagangan Bintraco Dharma Tbk's Beneish M-Score or its related term are showing as below:

ISX:CARS' s Beneish M-Score Range Over the Past 10 Years
Min: -5.52 Med: -2.85 Max: -1.29
Current: -2.19

During the past 12 years, the highest Beneish M-Score of PT Industri Dan Perdagangan Bintraco Dharma Tbk was -1.29. The lowest was -5.52. And the median was -2.85.

PT Industri Dan Perdagangan Bintraco Dharma Tbk Beneish M-Score Historical Data

The historical data trend for PT Industri Dan Perdagangan Bintraco Dharma 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 Industri Dan Perdagangan Bintraco Dharma Tbk Beneish M-Score Chart

PT Industri Dan Perdagangan Bintraco Dharma Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-5.52

-4.83

-3.12

-2.58

-2.19

PT Industri Dan Perdagangan Bintraco Dharma Tbk Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.58	-2.53	-2.63	-2.70	-2.19

Competitive Comparison of PT Industri Dan Perdagangan Bintraco Dharma Tbk's Beneish M-Score

For the Auto & Truck Dealerships subindustry, PT Industri Dan Perdagangan Bintraco Dharma 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 Industri Dan Perdagangan Bintraco Dharma Tbk's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, PT Industri Dan Perdagangan Bintraco Dharma Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Industri Dan Perdagangan Bintraco Dharma Tbk's Beneish M-Score falls into.

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PT Industri Dan Perdagangan Bintraco Dharma 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 Industri Dan Perdagangan Bintraco Dharma 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 * 1.0636

0.528 * 0.9926

0.404 * 1.0211

0.892 * 0.9538

0.115 * 2.0914

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1503

4.679 * 0.027561

0.327 * 0.8901

-2.19

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp1,006,572 Mil.
Revenue was 1626011.038 + 1545643.201 + 1362997.444 + 1650533.08 = Rp6,185,185 Mil.
Gross Profit was 186844.936 + 187045.577 + 168614.322 + 206518.099 = Rp749,023 Mil.
Total Current Assets was Rp1,802,539 Mil.
Total Assets was Rp3,497,680 Mil.
Property, Plant and Equipment(Net PPE) was Rp908,168 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp48,894 Mil.
Selling, General, & Admin. Expense(SGA) was Rp114,760 Mil.
Total Current Liabilities was Rp2,212,861 Mil.
Long-Term Debt & Capital Lease Obligation was Rp128,616 Mil.
Net Income was 73570.168 + 59485.22 + 26485.238 + 50905.284 = Rp210,446 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -8555.291 + 62040.602 + 13612.637 + 46946.907 = Rp114,045 Mil.

Total Receivables was Rp992,299 Mil.
Revenue was 1883109.637 + 1641880.269 + 1507440.675 + 1452590.449 = Rp6,485,021 Mil.
Gross Profit was 214004.035 + 205895.736 + 182034.638 + 177593.746 = Rp779,528 Mil.
Total Current Assets was Rp2,209,040 Mil.
Total Assets was Rp3,868,921 Mil.
Property, Plant and Equipment(Net PPE) was Rp807,367 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp96,582 Mil.
Selling, General, & Admin. Expense(SGA) was Rp104,607 Mil.
Total Current Liabilities was Rp2,663,378 Mil.
Long-Term Debt & Capital Lease Obligation was Rp246,433 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)
	=	(1006571.581 / 6185184.763)	/	(992299.302 / 6485021.03)
	=	0.162739	/	0.153014
	=	1.0636

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)
	=	(779528.155 / 6485021.03)	/	(749022.934 / 6185184.763)
	=	0.120204	/	0.1211
	=	0.9926

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 - (1802539.033 + 908168.004) / 3497679.635)	/	(1 - (2209039.935 + 807366.863) / 3868921.058)
	=	0.224998	/	0.220349
	=	1.0211

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
	=	6185184.763	/	6485021.03
	=	0.9538

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))
	=	(96581.66 / (96581.66 + 807366.863))	/	(48894.011 / (48894.011 + 908168.004))
	=	0.106844	/	0.051088
	=	2.0914

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)
	=	(114760.264 / 6185184.763)	/	(104606.53 / 6485021.03)
	=	0.018554	/	0.01613
	=	1.1503

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)
	=	((128616.006 + 2212860.967) / 3497679.635)	/	((246433.495 + 2663378.003) / 3868921.058)
	=	0.669437	/	0.752099
	=	0.8901

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
	=	(210445.91 - 0	-	114044.855)	/	3497679.635
	=	0.027561

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 Industri Dan Perdagangan Bintraco Dharma Tbk has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.

PT Industri Dan Perdagangan Bintraco Dharma Tbk Beneish M-Score Related Terms

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PT Industri Dan Perdagangan Bintraco Dharma Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » PT Industri Dan Perdagangan Bintraco Dharma Tbk (ISX:CARS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Sunburst CBD Lot II No. 3, BSD City, Gedung Carsworld Lantai 8, Lengkong Gudang, Serpong, Banten, South Tangerang Selatan, IDN, 15321

Website

https://www.bintracodharma.com

PT Industri Dan Perdagangan Bintraco Dharma Tbk is an Indonesia-based company engaged in automotive, financing, and other businesses. Its services include the sale of vehicles, the repair of vehicles, financing services related to motor vehicles, spare parts distribution, repair services, and trading activities as well as electronic system management services related to automotive that can be accessed through websites and mobile devices. It also provides services that include general repair and body repair and paint of motor vehicles and sells spare parts and accessories for Toyota vehicles as part of its after-sales services. The company operates into segments namely, Automotive, Financing, and After-sales services. It generates the majority of its revenue from the Automotive segment.