PT Colorpak Indonesia Tbk (ISX:CLPI) Beneish M-Score : -2.54 (As of Jun. 22, 2025)

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What is PT Colorpak 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CLPI' s Beneish M-Score Range Over the Past 10 Years
Min: -4.29 Med: -2.65 Max: -0.79
Current: -2.54

During the past 13 years, the highest Beneish M-Score of PT Colorpak Indonesia Tbk was -0.79. The lowest was -4.29. And the median was -2.65.

PT Colorpak Indonesia Tbk Beneish M-Score Historical Data

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

PT Colorpak Indonesia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-3.12

-3.16

-1.51

-3.23

-2.33

PT Colorpak Indonesia Tbk Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.74	-2.77	-2.51	-2.33	-2.54

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

For the Specialty Chemicals subindustry, PT Colorpak 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 Colorpak Indonesia Tbk's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, PT Colorpak Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Colorpak 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 Colorpak 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 * 0.9843

0.528 * 0.9984

0.404 * 0.6966

0.892 * 1.0751

0.115 * 1.0282

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2541

4.679 * 0.008756

0.327 * 0.9563

-2.54

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was Rp280,132 Mil.
Revenue was 224708.928 + 231617.709 + 244264.853 + 205840.62 = Rp906,432 Mil.
Gross Profit was 32698.927 + 33215.528 + 31976.42 + 25885.368 = Rp123,776 Mil.
Total Current Assets was Rp720,158 Mil.
Total Assets was Rp828,511 Mil.
Property, Plant and Equipment(Net PPE) was Rp92,638 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp3,270 Mil.
Selling, General, & Admin. Expense(SGA) was Rp26,170 Mil.
Total Current Liabilities was Rp226,273 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 14816.489 + 16744.1 + 15515.539 + 7220.444 = Rp54,297 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 18447.629 + 38278.938 + 2488.962 + -12173.456 = Rp47,042 Mil.

Total Receivables was Rp264,718 Mil.
Revenue was 232178.293 + 209795.279 + 218778.324 + 182378.644 = Rp843,131 Mil.
Gross Profit was 31426.72 + 29698.946 + 31067.462 + 22756.441 = Rp114,950 Mil.
Total Current Assets was Rp699,288 Mil.
Total Assets was Rp819,162 Mil.
Property, Plant and Equipment(Net PPE) was Rp97,568 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp3,544 Mil.
Selling, General, & Admin. Expense(SGA) was Rp19,410 Mil.
Total Current Liabilities was Rp233,082 Mil.
Long-Term Debt & Capital Lease Obligation was Rp868 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)
	=	(280132.11 / 906432.11)	/	(264717.628 / 843130.54)
	=	0.309049	/	0.31397
	=	0.9843

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)
	=	(114949.569 / 843130.54)	/	(123776.243 / 906432.11)
	=	0.136337	/	0.136553
	=	0.9984

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 - (720158.372 + 92637.82) / 828511.472)	/	(1 - (699288.271 + 97567.768) / 819161.736)
	=	0.018968	/	0.02723
	=	0.6966

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
	=	906432.11	/	843130.54
	=	1.0751

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))
	=	(3544.388 / (3544.388 + 97567.768))	/	(3269.688 / (3269.688 + 92637.82))
	=	0.035054	/	0.034092
	=	1.0282

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)
	=	(26169.689 / 906432.11)	/	(19410.371 / 843130.54)
	=	0.028871	/	0.023022
	=	1.2541

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)
	=	((0 + 226272.523) / 828511.472)	/	((867.905 + 233081.721) / 819161.736)
	=	0.273107	/	0.285596
	=	0.9563

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
	=	(54296.572 - 0	-	47042.073)	/	828511.472
	=	0.008756

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 Colorpak Indonesia Tbk has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.

PT Colorpak Indonesia Tbk Beneish M-Score Related Terms

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PT Colorpak Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » PT Colorpak Indonesia Tbk (ISX:CLPI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Industri II Blok F No. 7 Pasir Jaya, Jatiuwung, Tangerang, IDN, 15135

Website

https://www.colorpak.co.id

PT Colorpak Indonesia Tbk is in the field of manufacturing printing ink and its related products. The company classifies its business activities into four divisions, namely Gravure, Film, Adhesive, and Coating. A majority of its revenue is generated from the Gravure division. It produces Ink for flexible packaging and cigarette packaging, environmentally friendly ink, and coating for packaging. The company also trades the products which are not directly manufactured by them, which include Films (BOPP, PET, NYLON, MPET, Aluminium foil, and special film) and adhesives (solvent-based, solventless). It markets its products all around Indonesia.

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