PT Intiland Development Tbk (ISX:DILD) Beneish M-Score : -2.48 (As of Jun. 07, 2024)

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What is PT Intiland 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:DILD' s Beneish M-Score Range Over the Past 10 Years
Min: -2.94 Med: -2.13 Max: -1.08
Current: -2.48

During the past 13 years, the highest Beneish M-Score of PT Intiland Development Tbk was -1.08. The lowest was -2.94. And the median was -2.13.

PT Intiland Development Tbk Beneish M-Score Historical Data

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

PT Intiland Development Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.27

-2.94

-2.10

-1.62

-2.48

PT Intiland Development 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															-1.62	-1.83	-1.98	-2.07	-2.48

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

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

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

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

PT Intiland 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 Intiland 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 * 0.3008

0.528 * 0.9972

0.404 * 1.0948

0.892 * 1.2408

0.115 * 2.9722

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7714

4.679 * 0.018377

0.327 * 0.8877

-2.48

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp193,679 Mil.
Revenue was 553038.182 + 854301.364 + 956419.275 + 1543067.578 = Rp3,906,826 Mil.
Gross Profit was 165891.002 + 349371.992 + 323796.385 + 746736.438 = Rp1,585,796 Mil.
Total Current Assets was Rp4,734,770 Mil.
Total Assets was Rp14,603,908 Mil.
Property, Plant and Equipment(Net PPE) was Rp363,778 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,891 Mil.
Selling, General, & Admin. Expense(SGA) was Rp93,578 Mil.
Total Current Liabilities was Rp4,152,717 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,161,245 Mil.
Net Income was 74306.037 + 60239.849 + 9176.186 + 30386.335 = Rp174,108 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 91579.644 + -19895.356 + -145944.516 + -20002.286 = Rp-94,263 Mil.

Total Receivables was Rp518,871 Mil.
Revenue was 1225470.482 + 962877.423 + 397935.27 + 562471.791 = Rp3,148,755 Mil.
Gross Profit was 516049.241 + 420691.703 + 127668.585 + 210132.737 = Rp1,274,542 Mil.
Total Current Assets was Rp6,459,626 Mil.
Total Assets was Rp16,351,848 Mil.
Property, Plant and Equipment(Net PPE) was Rp171,001 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,019 Mil.
Selling, General, & Admin. Expense(SGA) was Rp97,769 Mil.
Total Current Liabilities was Rp6,191,313 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,033,542 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)
	=	(193679.108 / 3906826.399)	/	(518870.816 / 3148754.966)
	=	0.049575	/	0.164786
	=	0.3008

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)
	=	(1274542.266 / 3148754.966)	/	(1585795.817 / 3906826.399)
	=	0.404777	/	0.405904
	=	0.9972

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 - (4734769.828 + 363778.449) / 14603908.143)	/	(1 - (6459625.889 + 171001.004) / 16351848.378)
	=	0.650878	/	0.594503
	=	1.0948

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
	=	3906826.399	/	3148754.966
	=	1.2408

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))
	=	(7019.065 / (7019.065 + 171001.004))	/	(4890.838 / (4890.838 + 363778.449))
	=	0.039429	/	0.013266
	=	2.9722

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)
	=	(93577.863 / 3906826.399)	/	(97769.131 / 3148754.966)
	=	0.023952	/	0.03105
	=	0.7714

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)
	=	((3161245.14 + 4152716.614) / 14603908.143)	/	((3033542.308 + 6191313.428) / 16351848.378)
	=	0.500822	/	0.564148
	=	0.8877

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
	=	(174108.407 - 0	-	-94262.514)	/	14603908.143
	=	0.018377

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 Intiland Development Tbk has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

PT Intiland Development Tbk Beneish M-Score Related Terms

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PT Intiland Development Tbk (ISX:DILD) Business Description

Industry

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DIIA:Germany

Address

Jalan Jendral Sudirman 32, Intiland Tower, Penthouse Floor, Jakarta, IDN, 10220

Website

https://www.intiland.com

PT Intiland Development Tbk is a property development company. Its business activities engaged in four core segments portfolio namely the development of mixed-use and high-rise buildings, residential estates, industrial estate, and investment properties in the Greater Jakarta area (Jakarta, Bogor, Depok, Tangerang, and Bekasi) as well as Surabaya and its surrounding areas. The company generates the majority of its revenue from the High-rise segment.

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