PT Dharma Polimetal Tbk (ISX:DRMA) Beneish M-Score : -2.75 (As of May. 24, 2024)

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What is PT Dharma Polimetal 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 -2.75 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:DRMA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.75 Med: -2 Max: -1.57
Current: -2.75

During the past 6 years, the highest Beneish M-Score of PT Dharma Polimetal Tbk was -1.57. The lowest was -2.75. And the median was -2.00.

PT Dharma Polimetal Tbk Beneish M-Score Historical Data

The historical data trend for PT Dharma Polimetal 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 Dharma Polimetal Tbk Beneish M-Score Chart

PT Dharma Polimetal Tbk Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.90

-2.67

PT Dharma Polimetal Tbk Quarterly Data
	Dec18	Dec19	Jun20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial												-2.00	-1.84	-2.28	-2.67	-2.75

Competitive Comparison of PT Dharma Polimetal Tbk's Beneish M-Score

For the Auto Parts subindustry, PT Dharma Polimetal 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 Dharma Polimetal Tbk's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, PT Dharma Polimetal Tbk's Beneish M-Score distribution charts can be found below:

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

PT Dharma Polimetal 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 Dharma Polimetal 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 * 0.7343

0.528 * 0.9348

0.404 * 1.1235

0.892 * 1.2263

0.115 * 0.7861

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0721

4.679 * -0.060989

0.327 * 0.7425

-2.75

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp671,792 Mil.
Revenue was 1335225.881 + 1295590.753 + 1505448.09 + 1298213.186 = Rp5,434,478 Mil.
Gross Profit was 246576.214 + 201876.878 + 285258.943 + 227549.814 = Rp961,262 Mil.
Total Current Assets was Rp1,615,151 Mil.
Total Assets was Rp3,573,033 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,720,761 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp11,579 Mil.
Selling, General, & Admin. Expense(SGA) was Rp90,345 Mil.
Total Current Liabilities was Rp982,466 Mil.
Long-Term Debt & Capital Lease Obligation was Rp302,120 Mil.
Net Income was 133401.883 + 92337.722 + 173554.981 + 129808.001 = Rp529,103 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 183003.278 + 215383.02 + 203874.147 + 144758.907 = Rp747,019 Mil.

Total Receivables was Rp746,076 Mil.
Revenue was 1441918.645 + 1246655.848 + 1068742.589 + 674218.755 = Rp4,431,536 Mil.
Gross Profit was 257970.193 + 209928.93 + 187711.993 + 77161.61 = Rp732,773 Mil.
Total Current Assets was Rp1,759,922 Mil.
Total Assets was Rp3,372,746 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,413,594 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,466 Mil.
Selling, General, & Admin. Expense(SGA) was Rp68,717 Mil.
Total Current Liabilities was Rp1,322,884 Mil.
Long-Term Debt & Capital Lease Obligation was Rp310,188 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)
	=	(671791.967 / 5434477.91)	/	(746075.854 / 4431535.837)
	=	0.123617	/	0.168356
	=	0.7343

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)
	=	(732772.726 / 4431535.837)	/	(961261.849 / 5434477.91)
	=	0.165354	/	0.176882
	=	0.9348

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 - (1615150.712 + 1720761.188) / 3573032.977)	/	(1 - (1759921.995 + 1413593.763) / 3372746.258)
	=	0.066364	/	0.059071
	=	1.1235

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
	=	5434477.91	/	4431535.837
	=	1.2263

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))
	=	(7466.077 / (7466.077 + 1413593.763))	/	(11579.003 / (11579.003 + 1720761.188))
	=	0.005254	/	0.006684
	=	0.7861

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)
	=	(90345.09 / 5434477.91)	/	(68716.732 / 4431535.837)
	=	0.016624	/	0.015506
	=	1.0721

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)
	=	((302119.79 + 982465.82) / 3573032.977)	/	((310188.375 + 1322883.768) / 3372746.258)
	=	0.359522	/	0.484197
	=	0.7425

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
	=	(529102.587 - 0	-	747019.352)	/	3573032.977
	=	-0.060989

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 Dharma Polimetal Tbk has a M-score of -2.75 suggests that the company is unlikely to be a manipulator.

PT Dharma Polimetal Tbk Beneish M-Score Related Terms

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PT Dharma Polimetal Tbk (ISX:DRMA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » PT Dharma Polimetal Tbk (ISX:DRMA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

No. 8 Delta Silicon 1 Cikarang, Jl. Angsana Raya Blok A9, West Java, IDN, 17550

Website

https://www.dharmagroup.co.id

PT Dharma Polimetal Tbk is engaged in the business of automotive components for motorcycles and cars. The Company's business activities are divided into three operating segments, such as two-wheel segment, four-wheel segment and other segments. The Company's business focus is manufacturing various Original Equipment Manufacturer (OEM) components for two-wheel and four-wheel vehicles.