PT Clipan Finance Indonesia Tbk (ISX:CFIN) Beneish M-Score : -2.18 (As of Mar. 27, 2025)

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What is PT Clipan Finance 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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CFIN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37 Med: -2.07 Max: 0.93
Current: -2.18

During the past 13 years, the highest Beneish M-Score of PT Clipan Finance Indonesia Tbk was 0.93. The lowest was -3.37. And the median was -2.07.

PT Clipan Finance Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Clipan Finance 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 Clipan Finance Indonesia Tbk Beneish M-Score Chart

PT Clipan Finance Indonesia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.53

-3.37

0.93

-1.47

-2.18

PT Clipan Finance Indonesia 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															-1.47	4.39	-1.81	1.59	-2.18

Competitive Comparison of PT Clipan Finance Indonesia Tbk's Beneish M-Score

For the Credit Services subindustry, PT Clipan Finance 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 Clipan Finance Indonesia Tbk's Beneish M-Score Distribution in the Credit Services Industry

For the Credit Services industry and Financial Services sector, PT Clipan Finance Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Clipan Finance 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 Clipan Finance 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 * 1.1444

0.528 * 1.0783

0.404 * 0.9138

0.892 * 1.0273

0.115 * 0.9438

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9391

4.679 * 0.025366

0.327 * 0.9694

-2.18

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp4,115,052 Mil.
Revenue was 390916.895 + 391202.404 + 401246.768 + 418246.509 = Rp1,601,613 Mil.
Gross Profit was 254682.025 + 240601.038 + 248204.368 + 268612.206 = Rp1,012,100 Mil.
Total Current Assets was Rp4,148,331 Mil.
Total Assets was Rp10,117,766 Mil.
Property, Plant and Equipment(Net PPE) was Rp217,537 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp49,801 Mil.
Selling, General, & Admin. Expense(SGA) was Rp124,957 Mil.
Total Current Liabilities was Rp203,654 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,033,661 Mil.
Net Income was 54140.662 + 32453.379 + 42115.012 + 86092.008 = Rp214,801 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 147133.023 + 72533.23 + 58125.785 + -319634.804 = Rp-41,843 Mil.

Total Receivables was Rp3,500,297 Mil.
Revenue was 426227.869 + 383807.346 + 373643.371 + 375327.651 = Rp1,559,006 Mil.
Gross Profit was 288112.774 + 253873.195 + 253022.142 + 267276.614 = Rp1,062,285 Mil.
Total Current Assets was Rp3,537,942 Mil.
Total Assets was Rp9,911,254 Mil.
Property, Plant and Equipment(Net PPE) was Rp207,321 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp44,224 Mil.
Selling, General, & Admin. Expense(SGA) was Rp129,518 Mil.
Total Current Liabilities was Rp717,140 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,564,505 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)
	=	(4115051.91 / 1601612.576)	/	(3500297.024 / 1559006.237)
	=	2.569318	/	2.24521
	=	1.1444

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)
	=	(1062284.725 / 1559006.237)	/	(1012099.637 / 1601612.576)
	=	0.681386	/	0.631925
	=	1.0783

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 - (4148331.082 + 217536.61) / 10117766.411)	/	(1 - (3537942.436 + 207320.754) / 9911254.148)
	=	0.568495	/	0.62212
	=	0.9138

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
	=	1601612.576	/	1559006.237
	=	1.0273

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))
	=	(44224.445 / (44224.445 + 207320.754))	/	(49800.825 / (49800.825 + 217536.61))
	=	0.175811	/	0.186285
	=	0.9438

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)
	=	(124956.546 / 1601612.576)	/	(129517.586 / 1559006.237)
	=	0.078019	/	0.083077
	=	0.9391

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)
	=	((4033660.633 + 203654.473) / 10117766.411)	/	((3564505.058 + 717140.463) / 9911254.148)
	=	0.418799	/	0.431998
	=	0.9694

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
	=	(214801.061 - 0	-	-41842.766)	/	10117766.411
	=	0.025366

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 Clipan Finance Indonesia Tbk has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.

PT Clipan Finance Indonesia Tbk Beneish M-Score Related Terms

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PT Clipan Finance Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Credit Services » PT Clipan Finance Indonesia Tbk (ISX:CFIN) » Definitions » Beneish M-Score

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Address

Jalan Letjen. S. Parman, Kav. 12, Wisma Slipi Lantai 6, Jakarta, IDN, 11480

Website

https://www.clipan.co.id

PT Clipan Finance Indonesia Tbk is engaged in providing financial services. Its segments are Finance Lease in this category it includes investment financing and working capital financing. Sale and Leaseback includes investment financing and working capital financing, consumer financing includes investment financing, working capital financing dan multi-purpose financing, and factoring includes working capital financing. It focuses on funding commercial and non-commercial pre-owned four-wheeled cars with high resale value.

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