PT AirAsia Indonesia Tbk (ISX:CMPP) Beneish M-Score : -3.36 (As of Jun. 13, 2024)

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What is PT AirAsia 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 -3.36 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CMPP' s Beneish M-Score Range Over the Past 10 Years
Min: -6.89 Med: -2.49 Max: 32.99
Current: -3.36

During the past 12 years, the highest Beneish M-Score of PT AirAsia Indonesia Tbk was 32.99. The lowest was -6.89. And the median was -2.49.

PT AirAsia Indonesia Tbk Beneish M-Score Historical Data

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

PT AirAsia Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.62

-6.89

-4.82

13.47

-3.36

PT AirAsia Indonesia 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															13.47	38.72	18.02	3.92	-3.36

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

For the Airlines subindustry, PT AirAsia 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 AirAsia Indonesia Tbk's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, PT AirAsia Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT AirAsia 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 AirAsia 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 * 0.8054

0.528 * 0.9577

0.404 * 0.3936

0.892 * 1.7525

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8389

4.679 * -0.241453

0.327 * 1.0009

-3.36

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp126,651 Mil.
Revenue was 1691463.825 + 1885351.492 + 1675006.229 + 1373499.28 = Rp6,625,321 Mil.
Gross Profit was -421190.165 + 45022.732 + -93733.22 + -129728.094 = Rp-599,629 Mil.
Total Current Assets was Rp332,000 Mil.
Total Assets was Rp6,116,295 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,709,830 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp449,766 Mil.
Total Current Liabilities was Rp8,578,184 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,182,294 Mil.
Net Income was -205907.34 + -701204.539 + -194858.178 + 20642.659 = Rp-1,081,327 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -125900.058 + 177.28 + 251857.196 + 269335.788 = Rp395,470 Mil.

Total Receivables was Rp89,727 Mil.
Revenue was 1272693.216 + 1362558.253 + 868563.146 + 276711.305 = Rp3,780,526 Mil.
Gross Profit was 53314.913 + 30655.424 + -93153.523 + -318488.385 = Rp-327,672 Mil.
Total Current Assets was Rp287,482 Mil.
Total Assets was Rp5,356,963 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,903,773 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp305,929 Mil.
Total Current Liabilities was Rp7,454,518 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,586,804 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)
	=	(126650.998 / 6625320.826)	/	(89726.508 / 3780525.92)
	=	0.019116	/	0.023734
	=	0.8054

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)
	=	(-327671.571 / 3780525.92)	/	(-599628.747 / 6625320.826)
	=	-0.086674	/	-0.090506
	=	0.9577

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 - (332000.477 + 5709830.365) / 6116294.571)	/	(1 - (287482.121 + 4903773.192) / 5356962.889)
	=	0.012175	/	0.030933
	=	0.3936

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
	=	6625320.826	/	3780525.92
	=	1.7525

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))
	=	(0 / (0 + 4903773.192))	/	(0 / (0 + 5709830.365))
	=	0	/	0
	=	1

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)
	=	(449766.191 / 6625320.826)	/	(305928.583 / 3780525.92)
	=	0.067886	/	0.080922
	=	0.8389

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)
	=	((5182293.537 + 8578183.745) / 6116294.571)	/	((4586804.236 + 7454518.137) / 5356962.889)
	=	2.249806	/	2.247789
	=	1.0009

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
	=	(-1081327.398 - 0	-	395470.206)	/	6116294.571
	=	-0.241453

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 AirAsia Indonesia Tbk has a M-score of -3.36 suggests that the company is unlikely to be a manipulator.

PT AirAsia Indonesia Tbk Beneish M-Score Related Terms

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PT AirAsia Indonesia Tbk (ISX:CMPP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT AirAsia Indonesia Tbk (ISX:CMPP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Marsekal Suryadharma No. 1, Selapajang Jaya, Neglasari, Tangerang Banten, IDN, 15127

Website

https://ir.aaid.co.id

PT AirAsia Indonesia Tbk is an Indonesia-based company that engages in the provision of air transportation services. The company offers ticket booking, flight schedules, online airline status checking, and other related services. It operates through the following segments: Flight Operations; Ancillary and others. The Flight Operations segment generates maximum revenue for the company.

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