PT Centratama Telekomunikasi Indonesia Tbk (ISX:CENT) Beneish M-Score : -3.20 (As of Mar. 15, 2025)

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What is PT Centratama Telekomunikasi 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 -3.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CENT' s Beneish M-Score Range Over the Past 10 Years
Min: -4.07 Med: -2.57 Max: 3.94
Current: -3.2

During the past 13 years, the highest Beneish M-Score of PT Centratama Telekomunikasi Indonesia Tbk was 3.94. The lowest was -4.07. And the median was -2.57.

PT Centratama Telekomunikasi Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Centratama Telekomunikasi 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.

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PT Centratama Telekomunikasi Indonesia Tbk Beneish M-Score Chart

PT Centratama Telekomunikasi Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.80

-3.39

-2.19

-3.59

-2.84

PT Centratama Telekomunikasi 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															-4.07	-2.84	-3.24	-3.39	-3.20

Competitive Comparison of PT Centratama Telekomunikasi Indonesia Tbk's Beneish M-Score

For the Telecom Services subindustry, PT Centratama Telekomunikasi 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 Centratama Telekomunikasi Indonesia Tbk's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, PT Centratama Telekomunikasi Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Centratama Telekomunikasi 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 Centratama Telekomunikasi Indonesia 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 * 0.9229

0.528 * 1.0221

0.404 * 0.8903

0.892 * 1.0406

0.115 * 0.6218

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5819

4.679 * -0.142637

0.327 * 1.0355

-3.20

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp769,023 Mil.
Revenue was 621535 + 614278 + 618575 + 675492 = Rp2,529,880 Mil.
Gross Profit was 286502 + 284015 + 284464 + 312098 = Rp1,167,079 Mil.
Total Current Assets was Rp1,639,377 Mil.
Total Assets was Rp20,060,181 Mil.
Property, Plant and Equipment(Net PPE) was Rp17,311,432 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp21,130 Mil.
Selling, General, & Admin. Expense(SGA) was Rp68,716 Mil.
Total Current Liabilities was Rp2,849,462 Mil.
Long-Term Debt & Capital Lease Obligation was Rp18,922,269 Mil.
Net Income was 404078 + -634940 + -551507 + -118327 = Rp-900,696 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 384677 + 540501 + 603812 + 431629 = Rp1,960,619 Mil.

Total Receivables was Rp800,717 Mil.
Revenue was 624600 + 621579 + 601273 + 583722 = Rp2,431,174 Mil.
Gross Profit was 292523 + 304212 + 293562 + 256050 = Rp1,146,347 Mil.
Total Current Assets was Rp1,395,675 Mil.
Total Assets was Rp19,853,004 Mil.
Property, Plant and Equipment(Net PPE) was Rp17,224,188 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp13,074 Mil.
Selling, General, & Admin. Expense(SGA) was Rp113,483 Mil.
Total Current Liabilities was Rp2,667,091 Mil.
Long-Term Debt & Capital Lease Obligation was Rp18,142,077 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)
	=	(769023 / 2529880)	/	(800717 / 2431174)
	=	0.303976	/	0.329354
	=	0.9229

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)
	=	(1146347 / 2431174)	/	(1167079 / 2529880)
	=	0.47152	/	0.461318
	=	1.0221

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 - (1639377 + 17311432) / 20060181)	/	(1 - (1395675 + 17224188) / 19853004)
	=	0.055302	/	0.062114
	=	0.8903

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
	=	2529880	/	2431174
	=	1.0406

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))
	=	(13074 / (13074 + 17224188))	/	(21130 / (21130 + 17311432))
	=	0.000758	/	0.001219
	=	0.6218

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)
	=	(68716 / 2529880)	/	(113483 / 2431174)
	=	0.027162	/	0.046678
	=	0.5819

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)
	=	((18922269 + 2849462) / 20060181)	/	((18142077 + 2667091) / 19853004)
	=	1.085321	/	1.048162
	=	1.0355

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
	=	(-900696 - 0	-	1960619)	/	20060181
	=	-0.142637

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 Centratama Telekomunikasi Indonesia Tbk has a M-score of -3.20 suggests that the company is unlikely to be a manipulator.

PT Centratama Telekomunikasi Indonesia Tbk Beneish M-Score Related Terms

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PT Centratama Telekomunikasi Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » PT Centratama Telekomunikasi Indonesia Tbk (ISX:CENT) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan KH. Mas Mansyur Kav. 126, TCC Batavia Tower One 16th and 19th Floor, Jakarta Pusat, Jakarta, IDN, 10220

Website

https://www.centratamagroup.com

PT Centratama Telekomunikasi Indonesia Tbk is an Indonesia-based company mainly engaged in provisioning telecommunication infrastructure solutions and services. It operates through the following segments: Towers Lease, and In-Building-Coverage Lease & Internet Services. It provides services, leases, and management of telecommunication towers and tools, consultation services in the telecommunication field, management consulting services, and business administration. Geographically, it operates through the region of Indonesia and derives revenue from the Tower lease segment.