PT Citra Marga Nusaphala Persada Tbk (ISX:CMNP) Beneish M-Score : -2.23 (As of May. 24, 2024)

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What is PT Citra Marga Nusaphala Persada 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 -2.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Citra Marga Nusaphala Persada Tbk's Beneish M-Score or its related term are showing as below:

ISX:CMNP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.16 Max: 2.02
Current: -2.23

During the past 13 years, the highest Beneish M-Score of PT Citra Marga Nusaphala Persada Tbk was 2.02. The lowest was -2.98. And the median was -2.16.

PT Citra Marga Nusaphala Persada Tbk Beneish M-Score Historical Data

The historical data trend for PT Citra Marga Nusaphala Persada 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 Citra Marga Nusaphala Persada Tbk Beneish M-Score Chart

PT Citra Marga Nusaphala Persada Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.80

-2.68

-2.19

-2.98

-2.23

PT Citra Marga Nusaphala Persada Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.98	-3.08	-2.85	-3.24	-2.23

Competitive Comparison of PT Citra Marga Nusaphala Persada Tbk's Beneish M-Score

For the Infrastructure Operations subindustry, PT Citra Marga Nusaphala Persada 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 Citra Marga Nusaphala Persada Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Citra Marga Nusaphala Persada Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Citra Marga Nusaphala Persada Tbk's Beneish M-Score falls into.

PT Citra Marga Nusaphala Persada 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 Citra Marga Nusaphala Persada 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 * 0.3282

0.528 * 1.2771

0.404 * 1.0494

0.892 * 1.7138

0.115 * 1.262

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.359

4.679 * -0.014833

0.327 * 1.0219

-2.23

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp474,812 Mil.
Revenue was 4472565.609 + 17832.529 + 1558493.837 + 1600820.117 = Rp7,649,712 Mil.
Gross Profit was 455458.672 + 588020.499 + 427796.209 + 414812.976 = Rp1,886,088 Mil.
Total Current Assets was Rp1,302,495 Mil.
Total Assets was Rp21,575,965 Mil.
Property, Plant and Equipment(Net PPE) was Rp255,480 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp13,621 Mil.
Selling, General, & Admin. Expense(SGA) was Rp41,298 Mil.
Total Current Liabilities was Rp3,512,193 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,270,898 Mil.
Net Income was 98423.26 + 430964.258 + 240238.094 + 253338.898 = Rp1,022,965 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 185513.962 + 648898.934 + 237734.177 + 270859.576 = Rp1,343,007 Mil.

Total Receivables was Rp844,173 Mil.
Revenue was 1275911.739 + 1453197.269 + 511969.606 + 1222518.784 = Rp4,463,597 Mil.
Gross Profit was 412352.256 + 350104.174 + 336436.857 + 306634.338 = Rp1,405,528 Mil.
Total Current Assets was Rp1,929,828 Mil.
Total Assets was Rp18,386,596 Mil.
Property, Plant and Equipment(Net PPE) was Rp201,554 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp13,754 Mil.
Selling, General, & Admin. Expense(SGA) was Rp67,124 Mil.
Total Current Liabilities was Rp4,071,419 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,418,856 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)
	=	(474812.388 / 7649712.092)	/	(844172.628 / 4463597.398)
	=	0.062069	/	0.189124
	=	0.3282

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)
	=	(1405527.625 / 4463597.398)	/	(1886088.356 / 7649712.092)
	=	0.314887	/	0.246557
	=	1.2771

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 - (1302495.042 + 255480.253) / 21575964.536)	/	(1 - (1929827.944 + 201554.352) / 18386596.16)
	=	0.927791	/	0.88408
	=	1.0494

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
	=	7649712.092	/	4463597.398
	=	1.7138

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))
	=	(13753.557 / (13753.557 + 201554.352))	/	(13621.342 / (13621.342 + 255480.253))
	=	0.063879	/	0.050618
	=	1.262

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)
	=	(41298.001 / 7649712.092)	/	(67123.887 / 4463597.398)
	=	0.005399	/	0.015038
	=	0.359

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)
	=	((4270897.576 + 3512193.293) / 21575964.536)	/	((2418855.942 + 4071419.245) / 18386596.16)
	=	0.36073	/	0.352989
	=	1.0219

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
	=	(1022964.51 - 0	-	1343006.649)	/	21575964.536
	=	-0.014833

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 Citra Marga Nusaphala Persada Tbk has a M-score of -2.23 suggests that the company is unlikely to be a manipulator.

PT Citra Marga Nusaphala Persada Tbk Beneish M-Score Related Terms

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PT Citra Marga Nusaphala Persada Tbk (ISX:CMNP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Citra Marga Nusaphala Persada Tbk (ISX:CMNP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

J7K:Germany

Address

Jalan Yos Sudarso, Kavling 28, Gedung Citra Marga, Sunter, Jakarta, IDN, 14350

Website

http://www.citramarga.com

PT Citra Marga Nusaphala Persada Tbk is engaged in the operation of highways. Its activity includes planning, constructing, and operating toll roads. Also, it provides consultancy services in the field of management, investment, information technology and telecommunications, transportation, project development, construction, and operation of toll roads, property management, and real estate. The firm's segments are Jakarta Intra Urban Toll, Toll Simpang Susun Waru-juanda, Toll Soreang Pasir Koja, Toll Depok Antasari, and others.

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