PT Dafam Property Indonesia Tbk (ISX:DFAM) Beneish M-Score : -2.88 (As of May. 24, 2024)

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What is PT Dafam Property 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:DFAM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.84 Max: -1.78
Current: -2.88

During the past 9 years, the highest Beneish M-Score of PT Dafam Property Indonesia Tbk was -1.78. The lowest was -3.07. And the median was -2.84.

PT Dafam Property Indonesia Tbk Beneish M-Score Historical Data

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

PT Dafam Property Indonesia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.91

-2.46

-2.68

-2.78

-3.07

PT Dafam Property Indonesia Tbk Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.88	-2.84	-2.99	-3.07	-2.88

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

For the Real Estate Services subindustry, PT Dafam Property 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 Dafam Property Indonesia Tbk's Beneish M-Score Distribution in the Real Estate Industry

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

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

PT Dafam Property 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 Dafam Property 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 * 1.0003

0.528 * 0.9211

0.404 * 1.0062

0.892 * 0.9518

0.115 * 1.0347

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.86

4.679 * -0.069076

0.327 * 1.0555

-2.88

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp9,375 Mil.
Revenue was 13573.213 + 18073.726 + 16605.932 + 18716.47 = Rp66,969 Mil.
Gross Profit was 6772.126 + 10254.795 + 9018.399 + 10028.505 = Rp36,074 Mil.
Total Current Assets was Rp84,511 Mil.
Total Assets was Rp246,135 Mil.
Property, Plant and Equipment(Net PPE) was Rp120,056 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp829 Mil.
Selling, General, & Admin. Expense(SGA) was Rp17,192 Mil.
Total Current Liabilities was Rp66,424 Mil.
Long-Term Debt & Capital Lease Obligation was Rp141,424 Mil.
Net Income was -3755.252 + -3241.537 + -3887.117 + -3000.038 = Rp-13,884 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 549.889 + 1750.412 + 609.621 + 208.059 = Rp3,118 Mil.

Total Receivables was Rp9,847 Mil.
Revenue was 15942.661 + 19351.443 + 20582.519 + 14487.5 = Rp70,364 Mil.
Gross Profit was 8104.991 + 9849.279 + 9542.132 + 7415.354 = Rp34,912 Mil.
Total Current Assets was Rp86,935 Mil.
Total Assets was Rp257,609 Mil.
Property, Plant and Equipment(Net PPE) was Rp127,437 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp911 Mil.
Selling, General, & Admin. Expense(SGA) was Rp21,005 Mil.
Total Current Liabilities was Rp55,796 Mil.
Long-Term Debt & Capital Lease Obligation was Rp150,306 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)
	=	(9375.394 / 66969.341)	/	(9847.404 / 70364.123)
	=	0.139995	/	0.139949
	=	1.0003

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)
	=	(34911.756 / 70364.123)	/	(36073.825 / 66969.341)
	=	0.496158	/	0.538662
	=	0.9211

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 - (84510.993 + 120055.579) / 246134.914)	/	(1 - (86934.858 + 127436.74) / 257608.699)
	=	0.168884	/	0.16784
	=	1.0062

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
	=	66969.341	/	70364.123
	=	0.9518

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))
	=	(910.795 / (910.795 + 127436.74))	/	(829.076 / (829.076 + 120055.579))
	=	0.007096	/	0.006858
	=	1.0347

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)
	=	(17192.03 / 66969.341)	/	(21005.161 / 70364.123)
	=	0.256715	/	0.298521
	=	0.86

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)
	=	((141423.932 + 66424.146) / 246134.914)	/	((150305.853 + 55796.32) / 257608.699)
	=	0.844448	/	0.800059
	=	1.0555

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
	=	(-13883.944 - 0	-	3117.981)	/	246134.914
	=	-0.069076

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 Dafam Property Indonesia Tbk has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.

PT Dafam Property Indonesia Tbk Beneish M-Score Related Terms

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PT Dafam Property Indonesia Tbk (ISX:DFAM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Dafam Property Indonesia Tbk (ISX:DFAM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Raung Nomor 15, Gajahmungkur, Jawa Tengah, Semarang, IDN, 50232

Website

https://www.dafamproperty.com

PT Dafam Property Indonesia Tbk is engaged in developing commercial and residential properties as well as hotels and resorts. The company's project includes Jatayu Residence Pekalongan, Hotel Dafam Pekalongan, Gaia Residence Batang, Gaia Residence Semarang, Puri Junction, and others. The company's operating segments are Hotel, Sale of residential, and Hotel management services.

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