PT Diamond Food Indonesia Tbk (ISX:DMND) Beneish M-Score : -2.16 (As of Jun. 11, 2024)

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What is PT Diamond Food 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 -2.16 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:DMND' s Beneish M-Score Range Over the Past 10 Years
Min: -3.26 Med: -2.31 Max: -1.89
Current: -2.16

During the past 8 years, the highest Beneish M-Score of PT Diamond Food Indonesia Tbk was -1.89. The lowest was -3.26. And the median was -2.31.

PT Diamond Food Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Diamond Food 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 Diamond Food Indonesia Tbk Beneish M-Score Chart

PT Diamond Food Indonesia Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.80

-2.61

-1.89

-2.29

PT Diamond Food 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															-2.09	-2.28	-2.53	-2.29	-2.16

Competitive Comparison of PT Diamond Food Indonesia Tbk's Beneish M-Score

For the Packaged Foods subindustry, PT Diamond Food 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 Diamond Food Indonesia Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Diamond Food Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Diamond Food 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 Diamond Food 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 * 1.1398

0.528 * 0.976

0.404 * 1.126

0.892 * 1.0792

0.115 * 1.0789

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.126

4.679 * 0.007088

0.327 * 0.8166

-2.16

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp1,171,699 Mil.
Revenue was 2427027 + 2449452 + 2276019 + 2249796 = Rp9,402,294 Mil.
Gross Profit was 517511 + 579869 + 477662 + 479885 = Rp2,054,927 Mil.
Total Current Assets was Rp4,154,842 Mil.
Total Assets was Rp7,128,350 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,723,603 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp64,891 Mil.
Selling, General, & Admin. Expense(SGA) was Rp795,655 Mil.
Total Current Liabilities was Rp1,055,141 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,755 Mil.
Net Income was 65476 + 87040 + 43818 + 93407 = Rp289,741 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 102366 + -88953 + 171772 + 54032 = Rp239,217 Mil.

Total Receivables was Rp952,505 Mil.
Revenue was 2264659 + 2300292 + 2110575 + 2036758 = Rp8,712,284 Mil.
Gross Profit was 489636 + 478281 + 434192 + 456349 = Rp1,858,458 Mil.
Total Current Assets was Rp4,219,013 Mil.
Total Assets was Rp6,915,278 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,480,950 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp63,890 Mil.
Selling, General, & Admin. Expense(SGA) was Rp654,752 Mil.
Total Current Liabilities was Rp1,255,074 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,584 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)
	=	(1171699 / 9402294)	/	(952505 / 8712284)
	=	0.124618	/	0.109329
	=	1.1398

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)
	=	(1858458 / 8712284)	/	(2054927 / 9402294)
	=	0.213315	/	0.218556
	=	0.976

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 - (4154842 + 2723603) / 7128350)	/	(1 - (4219013 + 2480950) / 6915278)
	=	0.035058	/	0.031136
	=	1.126

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
	=	9402294	/	8712284
	=	1.0792

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))
	=	(63890 / (63890 + 2480950))	/	(64891 / (64891 + 2723603))
	=	0.025106	/	0.023271
	=	1.0789

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)
	=	(795655 / 9402294)	/	(654752 / 8712284)
	=	0.084623	/	0.075153
	=	1.126

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)
	=	((7755 + 1055141) / 7128350)	/	((7584 + 1255074) / 6915278)
	=	0.149108	/	0.18259
	=	0.8166

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
	=	(289741 - 0	-	239217)	/	7128350
	=	0.007088

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 Diamond Food Indonesia Tbk has a M-score of -2.16 suggests that the company is unlikely to be a manipulator.

PT Diamond Food Indonesia Tbk Beneish M-Score Related Terms

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PT Diamond Food Indonesia Tbk (ISX:DMND) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Diamond Food Indonesia Tbk (ISX:DMND) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan KH Mas Mansyur Kav, 126TCC Batavia Tower One, 15th Floor, Unit 03 and 05, TCC Batavia Tower One, Jakarta Pusat, Jakarta, IDN, 10220

Website

https://www.diamondfoodindonesia.com

PT Diamond Food Indonesia Tbk is engaged in the manufacturing and distribution of consumer goods. Its products include dairy, confectionery, meats and seafood, bakery, groceries as well as fruits and vegetables. The company categorizes its business into two segments that are branded products and non-branded products, out of which the majority of the revenue is generated from branded products. Some of the company's brands include Biggy, Biokul, Diamond Juice, Popeye, and Magic. It also collaborates with international brands and distributes its products. Geographically the company generates the majority of revenue in Indonesia and also exports internationally.