PT Ciputra Development Tbk (ISX:CTRA) Beneish M-Score : -2.40 (As of Apr. 01, 2025)

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What is PT Ciputra Development 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CTRA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.85 Med: -2.45 Max: -2.02
Current: -2.4

During the past 13 years, the highest Beneish M-Score of PT Ciputra Development Tbk was -2.02. The lowest was -2.85. And the median was -2.45.

PT Ciputra Development Tbk Beneish M-Score Historical Data

The historical data trend for PT Ciputra Development 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 Ciputra Development Tbk Beneish M-Score Chart

PT Ciputra Development Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.57

-2.61

-2.85

-2.77

-2.40

PT Ciputra Development Tbk Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.77	-2.70	-2.65	-2.57	-2.40

Competitive Comparison of PT Ciputra Development Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Ciputra Development 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 Ciputra Development Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Ciputra Development Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Ciputra Development 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 Ciputra Development 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 * 0.9291

0.528 * 1.0484

0.404 * 1.0592

0.892 * 1.2101

0.115 * 1.0345

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9733

4.679 * -0.018271

0.327 * 1.0551

-2.40

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp2,215,380 Mil.
Revenue was 4070188 + 2080027 + 2721233 + 2316117 = Rp11,187,565 Mil.
Gross Profit was 1840705 + 973689 + 1270315 + 1177826 = Rp5,262,535 Mil.
Total Current Assets was Rp26,429,775 Mil.
Total Assets was Rp47,022,702 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,429,839 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp156,368 Mil.
Selling, General, & Admin. Expense(SGA) was Rp800,187 Mil.
Total Current Liabilities was Rp13,308,121 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,041,080 Mil.
Net Income was 849119 + 247929 + 545843 + 483397 = Rp2,126,288 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 745906 + 392155 + 993008 + 854383 = Rp2,985,452 Mil.

Total Receivables was Rp1,970,361 Mil.
Revenue was 2655889 + 2119647 + 2338700 + 2130796 = Rp9,245,032 Mil.
Gross Profit was 1438606 + 1012871 + 1074602 + 1033082 = Rp4,559,161 Mil.
Total Current Assets was Rp25,747,833 Mil.
Total Assets was Rp44,115,215 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,166,096 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp149,563 Mil.
Selling, General, & Admin. Expense(SGA) was Rp679,413 Mil.
Total Current Liabilities was Rp10,625,396 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,469,366 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)
	=	(2215380 / 11187565)	/	(1970361 / 9245032)
	=	0.198022	/	0.213126
	=	0.9291

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)
	=	(4559161 / 9245032)	/	(5262535 / 11187565)
	=	0.493147	/	0.470391
	=	1.0484

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 - (26429775 + 3429839) / 47022702)	/	(1 - (25747833 + 3166096) / 44115215)
	=	0.364996	/	0.344581
	=	1.0592

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
	=	11187565	/	9245032
	=	1.2101

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))
	=	(149563 / (149563 + 3166096))	/	(156368 / (156368 + 3429839))
	=	0.045108	/	0.043603
	=	1.0345

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)
	=	(800187 / 11187565)	/	(679413 / 9245032)
	=	0.071525	/	0.07349
	=	0.9733

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)
	=	((7041080 + 13308121) / 47022702)	/	((7469366 + 10625396) / 44115215)
	=	0.432753	/	0.410171
	=	1.0551

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
	=	(2126288 - 0	-	2985452)	/	47022702
	=	-0.018271

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 Ciputra Development Tbk has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.

PT Ciputra Development Tbk Beneish M-Score Related Terms

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PT Ciputra Development Tbk Business Description

Industry

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Traded in Other Exchanges

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Address

Jalan Prof. Dr. Satrio Kav. 3-5, 39th Floor, Ciputra World 1, DBS Bank Tower, Jakarta, IDN, 12940

Website

https://www.ciputradevelopment.com

PT Ciputra Development Tbk is a property company in Indonesia. The company's portfolio and land holdings are diverse in terms of product, location, and market segment. The company targets the mid-high-income segment and has developed numerous projects in cities throughout Indonesia. For business purposes, the group is classified into two reportable segments; Residential and Commercial Property. It generates maximum revenue from the Residential.