PT Nusantara Sejahtera Raya Tbk (ISX:CNMA) Beneish M-Score : -2.67 (As of Apr. 06, 2025)

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What is PT Nusantara Sejahtera Raya 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CNMA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.67 Med: -2.5 Max: -2.33
Current: -2.67

During the past 6 years, the highest Beneish M-Score of PT Nusantara Sejahtera Raya Tbk was -2.33. The lowest was -2.67. And the median was -2.50.

PT Nusantara Sejahtera Raya Tbk Beneish M-Score Historical Data

The historical data trend for PT Nusantara Sejahtera Raya 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 Nusantara Sejahtera Raya Tbk Beneish M-Score Chart

PT Nusantara Sejahtera Raya Tbk Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.33

-2.67

PT Nusantara Sejahtera Raya Tbk Quarterly Data
	Dec19	Dec20	Dec21	Mar22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial									-2.33	-2.74	-	-3.39	-2.67

Competitive Comparison of PT Nusantara Sejahtera Raya Tbk's Beneish M-Score

For the Entertainment subindustry, PT Nusantara Sejahtera Raya 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 Nusantara Sejahtera Raya Tbk's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, PT Nusantara Sejahtera Raya Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Nusantara Sejahtera Raya Tbk's Beneish M-Score falls into.

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PT Nusantara Sejahtera Raya 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 Nusantara Sejahtera Raya 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 * 1.343

0.528 * 1.0034

0.404 * 1.0623

0.892 * 1.092

0.115 * 0.9771

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8815

4.679 * -0.130526

0.327 * 1.0545

-2.67

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp75,035 Mil.
Revenue was 1437794 + 1317464 + 1653122 + 1303402 = Rp5,711,782 Mil.
Gross Profit was 868732 + 789780 + 980215 + 770991 = Rp3,409,718 Mil.
Total Current Assets was Rp2,253,436 Mil.
Total Assets was Rp7,008,510 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,572,580 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp760,726 Mil.
Selling, General, & Admin. Expense(SGA) was Rp101,998 Mil.
Total Current Liabilities was Rp695,563 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,579,003 Mil.
Net Income was 199180 + 140583 + 247625 + 141562 = Rp728,950 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 454122 + 329862 + 512951 + 346806 = Rp1,643,741 Mil.

Total Receivables was Rp51,166 Mil.
Revenue was 1419508 + 1383560 + 1544455 + 883255 = Rp5,230,778 Mil.
Gross Profit was 858781 + 832128 + 919869 + 522433 = Rp3,133,211 Mil.
Total Current Assets was Rp2,857,622 Mil.
Total Assets was Rp7,370,131 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,331,862 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp701,486 Mil.
Selling, General, & Admin. Expense(SGA) was Rp105,962 Mil.
Total Current Liabilities was Rp670,956 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,597,305 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)
	=	(75035 / 5711782)	/	(51166 / 5230778)
	=	0.013137	/	0.009782
	=	1.343

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)
	=	(3133211 / 5230778)	/	(3409718 / 5711782)
	=	0.598995	/	0.596962
	=	1.0034

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 - (2253436 + 4572580) / 7008510)	/	(1 - (2857622 + 4331862) / 7370131)
	=	0.026039	/	0.024511
	=	1.0623

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
	=	5711782	/	5230778
	=	1.092

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))
	=	(701486 / (701486 + 4331862))	/	(760726 / (760726 + 4572580))
	=	0.139368	/	0.142637
	=	0.9771

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)
	=	(101998 / 5711782)	/	(105962 / 5230778)
	=	0.017857	/	0.020257
	=	0.8815

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)
	=	((1579003 + 695563) / 7008510)	/	((1597305 + 670956) / 7370131)
	=	0.324543	/	0.307764
	=	1.0545

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
	=	(728950 - 0	-	1643741)	/	7008510
	=	-0.130526

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 Nusantara Sejahtera Raya Tbk has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.

PT Nusantara Sejahtera Raya Tbk Beneish M-Score Related Terms

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PT Nusantara Sejahtera Raya Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » PT Nusantara Sejahtera Raya Tbk (ISX:CNMA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan KH Wahid Hasyim, No.96-A, Jakarta, IDN, 10340

Website

https://www.cinema21.co.id

PT Nusantara Sejahtera Raya Tbk is a company that focuses on screening films and providing F&B to provide a high-quality entertainment experience. Its main business activities consist of cinema business activities, F&B sales, as well as organizing events and advertising.

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