PT Catur Sentosa Adiprana Tbk (ISX:CSAP) Beneish M-Score : -2.58 (As of Jun. 18, 2025)

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What is PT Catur Sentosa Adiprana 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CSAP' s Beneish M-Score Range Over the Past 10 Years
Min: -2.98 Med: -2.39 Max: -1.97
Current: -2.58

During the past 13 years, the highest Beneish M-Score of PT Catur Sentosa Adiprana Tbk was -1.97. The lowest was -2.98. And the median was -2.39.

PT Catur Sentosa Adiprana Tbk Beneish M-Score Historical Data

The historical data trend for PT Catur Sentosa Adiprana 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 Catur Sentosa Adiprana Tbk Beneish M-Score Chart

PT Catur Sentosa Adiprana Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.98

-2.56

-2.31

-2.42

-2.56

PT Catur Sentosa Adiprana 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															-2.47	-2.49	-2.54	-2.56	-2.58

Competitive Comparison of PT Catur Sentosa Adiprana Tbk's Beneish M-Score

For the Industrial Distribution subindustry, PT Catur Sentosa Adiprana 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 Catur Sentosa Adiprana Tbk's Beneish M-Score Distribution in the Industrial Distribution Industry

For the Industrial Distribution industry and Industrials sector, PT Catur Sentosa Adiprana Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Catur Sentosa Adiprana Tbk's Beneish M-Score falls into.

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PT Catur Sentosa Adiprana 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 Catur Sentosa Adiprana 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 * 0.9687

0.528 * 0.9735

0.404 * 0.9775

0.892 * 1.0281

0.115 * 0.891

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0909

4.679 * -0.008854

0.327 * 1.0154

-2.58

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was Rp2,008,280 Mil.
Revenue was 4135472.923 + 4562871.494 + 4473806.228 + 3961414.499 = Rp17,133,565 Mil.
Gross Profit was 705424.271 + 741347.532 + 726098.086 + 658948.463 = Rp2,831,818 Mil.
Total Current Assets was Rp6,295,553 Mil.
Total Assets was Rp12,177,780 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,433,545 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp443,971 Mil.
Selling, General, & Admin. Expense(SGA) was Rp560,395 Mil.
Total Current Liabilities was Rp6,320,504 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,963,902 Mil.
Net Income was 4258.814 + 53885.654 + 50546.352 + 26583.761 = Rp135,275 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 89979.549 + 75126.892 + 119926.318 + -41932.888 = Rp243,100 Mil.

Total Receivables was Rp2,016,576 Mil.
Revenue was 4278543.601 + 4363677.113 + 4295777.618 + 3727332.189 = Rp16,665,331 Mil.
Gross Profit was 713696.915 + 692379.922 + 681792.539 + 593601.237 = Rp2,681,471 Mil.
Total Current Assets was Rp6,068,651 Mil.
Total Assets was Rp11,399,312 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,900,985 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp353,642 Mil.
Selling, General, & Admin. Expense(SGA) was Rp499,644 Mil.
Total Current Liabilities was Rp5,721,485 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,915,394 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)
	=	(2008279.805 / 17133565.144)	/	(2016576.199 / 16665330.521)
	=	0.117213	/	0.121004
	=	0.9687

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)
	=	(2681470.613 / 16665330.521)	/	(2831818.352 / 17133565.144)
	=	0.160901	/	0.165279
	=	0.9735

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 - (6295552.54 + 5433545.132) / 12177780.384)	/	(1 - (6068651.029 + 4900985.182) / 11399312.165)
	=	0.036844	/	0.037693
	=	0.9775

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
	=	17133565.144	/	16665330.521
	=	1.0281

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))
	=	(353641.71 / (353641.71 + 4900985.182))	/	(443971.134 / (443971.134 + 5433545.132))
	=	0.067301	/	0.075537
	=	0.891

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)
	=	(560395.467 / 17133565.144)	/	(499643.744 / 16665330.521)
	=	0.032707	/	0.029981
	=	1.0909

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)
	=	((1963901.876 + 6320504.269) / 12177780.384)	/	((1915394.322 + 5721485.392) / 11399312.165)
	=	0.680289	/	0.669942
	=	1.0154

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
	=	(135274.581 - 0	-	243099.871)	/	12177780.384
	=	-0.008854

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 Catur Sentosa Adiprana Tbk has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

PT Catur Sentosa Adiprana Tbk Beneish M-Score Related Terms

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PT Catur Sentosa Adiprana Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Distribution » PT Catur Sentosa Adiprana Tbk (ISX:CSAP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Daan Mogot Raya No. 234, Jakarta Barat, IDN, 11510

Website

https://www.csahome.com

PT Catur Sentosa Adiprana Tbk is an Indonesia-based holding company engaged in the building materials supply sector. It is involved in the trading of Building Material Distribution, Chemical Distribution, Consumer Goods Distribution, Building Materials & Home Improvement, and Modern Home Furnishings. The business activity of the firm functions through the Distribution and Modern Retail segments. The company derives revenue from the sale of these products.

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