PT Clipan Finance Indonesia Tbk (ISX:CFIN) Beneish M-Score : 4.37 (As of Jun. 07, 2024)

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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.

Warning Sign:

Beneish M-Score 4.37 higher than -1.78, which implies that the company might have manipulated its financial results.

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: -4.22 Med: -1.76 Max: 37.95
Current: 4.37

During the past 13 years, the highest Beneish M-Score of PT Clipan Finance Indonesia Tbk was 37.95. The lowest was -4.22. And the median was -1.76.

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

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.89

-2.50

-3.37

0.92

-1.50

PT Clipan Finance Indonesia 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															-1.73	-1.59	-1.18	-1.50	4.37

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.

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 * 0.4006

0.528 * 1.0618

0.404 * 17.0012

0.892 * 1.1637

0.115 * 0.9703

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9542

4.679 * 0.173372

0.327 * 1.173

4.37

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp3,540,190 Mil.
Revenue was 418246.509 + 426227.869 + 383807.346 + 373643.371 = Rp1,601,925 Mil.
Gross Profit was 268612.206 + 288112.774 + 253873.195 + 253022.142 = Rp1,063,620 Mil.
Total Current Assets was Rp3,898,884 Mil.
Total Assets was Rp10,307,854 Mil.
Property, Plant and Equipment(Net PPE) was Rp206,999 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp44,684 Mil.
Selling, General, & Admin. Expense(SGA) was Rp137,179 Mil.
Total Current Liabilities was Rp728,993 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,868,559 Mil.
Net Income was 86092.008 + 97516.735 + 67840.213 + 544565.079 = Rp796,014 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -319634.804 + -442249.744 + -310106.35 + 80908.386 = Rp-991,083 Mil.

Total Receivables was Rp7,593,927 Mil.
Revenue was 375327.651 + 354283.655 + 334972.181 + 311943.078 = Rp1,376,527 Mil.
Gross Profit was 267276.614 + 250294.401 + 240448.393 + 212419.036 = Rp970,438 Mil.
Total Current Assets was Rp8,079,836 Mil.
Total Assets was Rp8,593,007 Mil.
Property, Plant and Equipment(Net PPE) was Rp209,066 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp43,511 Mil.
Selling, General, & Admin. Expense(SGA) was Rp123,535 Mil.
Total Current Liabilities was Rp499,965 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,767,376 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)
	=	(3540190.388 / 1601925.095)	/	(7593927.367 / 1376526.565)
	=	2.20996	/	5.516731
	=	0.4006

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)
	=	(970438.444 / 1376526.565)	/	(1063620.317 / 1601925.095)
	=	0.704991	/	0.663964
	=	1.0618

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 - (3898883.526 + 206998.723) / 10307853.825)	/	(1 - (8079836.463 + 209065.525) / 8593007.421)
	=	0.601674	/	0.03539
	=	17.0012

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
	=	1601925.095	/	1376526.565
	=	1.1637

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))
	=	(43510.98 / (43510.98 + 209065.525))	/	(44684.487 / (44684.487 + 206998.723))
	=	0.172269	/	0.177543
	=	0.9703

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)
	=	(137178.569 / 1601925.095)	/	(123535.471 / 1376526.565)
	=	0.085634	/	0.089744
	=	0.9542

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)
	=	((3868558.73 + 728992.972) / 10307853.825)	/	((2767375.673 + 499965.331) / 8593007.421)
	=	0.446024	/	0.380233
	=	1.173

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
	=	(796014.035 - 0	-	-991082.512)	/	10307853.825
	=	0.173372

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 4.37 signals that the company is likely to be a manipulator.

PT Clipan Finance Indonesia Tbk Beneish M-Score Related Terms

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PT Clipan Finance Indonesia Tbk (ISX:CFIN) 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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Traded in Other Exchanges

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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, Sale and Leaseback, consumer financing, and factoring. It focuses on financing both commercial and non-commercial pre-owned four-wheeled cars with high resale value.

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