PT Puradelta Lestari tbk (ISX:DMAS) Beneish M-Score : 7.21 (As of Apr. 04, 2025)

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What is PT Puradelta Lestari 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.

Warning Sign:

Beneish M-Score 7.21 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for PT Puradelta Lestari tbk's Beneish M-Score or its related term are showing as below:

ISX:DMAS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.67 Med: -1.2 Max: 6893.31
Current: 7.21

During the past 11 years, the highest Beneish M-Score of PT Puradelta Lestari tbk was 6893.31. The lowest was -4.67. And the median was -1.20.

PT Puradelta Lestari tbk Beneish M-Score Historical Data

The historical data trend for PT Puradelta Lestari 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 Puradelta Lestari tbk Beneish M-Score Chart

PT Puradelta Lestari tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-4.67

-3.15

6,893.31

-3.66

7.21

PT Puradelta Lestari 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															-3.66	-3.34	-1.98	1.37	7.21

Competitive Comparison of PT Puradelta Lestari tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Puradelta Lestari 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 Puradelta Lestari tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Puradelta Lestari tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Puradelta Lestari tbk's Beneish M-Score falls into.

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PT Puradelta Lestari 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 Puradelta Lestari 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 * 11.2762

0.528 * 0.9909

0.404 * 0.7262

0.892 * 1.0579

0.115 * 1.0719

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1129

4.679 * 0.070901

0.327 * 1.0652

7.21

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp5,478 Mil.
Revenue was 342925.19 + 485255.477 + 655444.897 + 549052.319 = Rp2,032,678 Mil.
Gross Profit was 234512.939 + 340083.192 + 467716.829 + 373161.856 = Rp1,415,475 Mil.
Total Current Assets was Rp6,040,233 Mil.
Total Assets was Rp8,254,678 Mil.
Property, Plant and Equipment(Net PPE) was Rp455,063 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp30,792 Mil.
Selling, General, & Admin. Expense(SGA) was Rp111,946 Mil.
Total Current Liabilities was Rp953,094 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 210490.291 + 319888.918 + 437155.73 + 366122.546 = Rp1,333,657 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -172535.246 + 99066.907 + 420955.39 + 400904.889 = Rp748,392 Mil.

Total Receivables was Rp459 Mil.
Revenue was 937819.626 + 14953.768 + 745024.854 + 223623.427 = Rp1,921,422 Mil.
Gross Profit was 648492.308 + 10657.441 + 510933.709 + 155734.558 = Rp1,325,818 Mil.
Total Current Assets was Rp4,341,846 Mil.
Total Assets was Rp6,718,508 Mil.
Property, Plant and Equipment(Net PPE) was Rp404,762 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp29,502 Mil.
Selling, General, & Admin. Expense(SGA) was Rp95,082 Mil.
Total Current Liabilities was Rp727,710 Mil.
Long-Term Debt & Capital Lease Obligation was Rp532 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)
	=	(5478.389 / 2032677.883)	/	(459.121 / 1921421.675)
	=	0.002695	/	0.000239
	=	11.2762

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)
	=	(1325818.016 / 1921421.675)	/	(1415474.816 / 2032677.883)
	=	0.690019	/	0.69636
	=	0.9909

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 - (6040232.958 + 455062.557) / 8254678.434)	/	(1 - (4341846.21 + 404762.415) / 6718508.462)
	=	0.213138	/	0.293503
	=	0.7262

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
	=	2032677.883	/	1921421.675
	=	1.0579

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))
	=	(29502.21 / (29502.21 + 404762.415))	/	(30792.13 / (30792.13 + 455062.557))
	=	0.067936	/	0.063377
	=	1.0719

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)
	=	(111945.662 / 2032677.883)	/	(95082.197 / 1921421.675)
	=	0.055073	/	0.049485
	=	1.1129

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)
	=	((0 + 953093.583) / 8254678.434)	/	((531.939 + 727709.866) / 6718508.462)
	=	0.115461	/	0.108393
	=	1.0652

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
	=	(1333657.485 - 0	-	748391.94)	/	8254678.434
	=	0.070901

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 Puradelta Lestari tbk has a M-score of 7.21 signals that the company is likely to be a manipulator.

PT Puradelta Lestari tbk Beneish M-Score Related Terms

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PT Puradelta Lestari tbk Business Description

Industry

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Address

Jalan Kali Besar Barat No. 8, Kel. Roa Malaka, Kec. Tambora, Jakarta Barat, Jakarta, IDN

Website

https://www.deltamas.id

PT Puradelta Lestari tbk is a property development company operating in Indonesia. The company develops residential, commercial, and industrial real estate. Many of its projects have a foothold in Eastern Jakarta. Its business segment includes Industrial, residential, rental, Commercial, Financing component and hotel. The industrial segment derives maximum revenue.

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