PT Energi Mega Persada Tbk (ISX:ENRG) Beneish M-Score : -3.04 (As of Mar. 27, 2025)

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What is PT Energi Mega Persada 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 -3.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ENRG' s Beneish M-Score Range Over the Past 10 Years
Min: -5.09 Med: -2.97 Max: -1.57
Current: -3.04

During the past 13 years, the highest Beneish M-Score of PT Energi Mega Persada Tbk was -1.57. The lowest was -5.09. And the median was -2.97.

PT Energi Mega Persada Tbk Beneish M-Score Historical Data

The historical data trend for PT Energi Mega Persada 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 Energi Mega Persada Tbk Beneish M-Score Chart

PT Energi Mega Persada Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.53

-2.94

-2.72

-2.71

-3.04

PT Energi Mega Persada 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															-2.71	-2.88	-2.87	-2.38	-3.04

Competitive Comparison of PT Energi Mega Persada Tbk's Beneish M-Score

For the Oil & Gas E&P subindustry, PT Energi Mega Persada 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 Energi Mega Persada Tbk's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PT Energi Mega Persada Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Energi Mega Persada Tbk's Beneish M-Score falls into.

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PT Energi Mega Persada 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 Energi Mega Persada 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 * 1.199

0.528 * 1.093

0.404 * 0.7529

0.892 * 1.1509

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 3.259

4.679 * -0.085322

0.327 * 1.1225

-3.04

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp1,651,112 Mil.
Revenue was 2369532.588 + 1807094.323 + 1707876.504 + 1527832.529 = Rp7,412,336 Mil.
Gross Profit was 932643.152 + 387723.347 + 513455.096 + 521187.525 = Rp2,355,009 Mil.
Total Current Assets was Rp4,099,461 Mil.
Total Assets was Rp25,388,853 Mil.
Property, Plant and Equipment(Net PPE) was Rp17,132,748 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp16,138 Mil.
Total Current Liabilities was Rp6,972,550 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,664,066 Mil.
Net Income was 386815.992 + 272205.82 + 258996.728 + 277516.455 = Rp1,195,535 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 2063152.257 + -367636.678 + 1295522.369 + 370728.689 = Rp3,361,767 Mil.

Total Receivables was Rp1,196,535 Mil.
Revenue was 1929768.761 + 1611572.406 + 1317846.028 + 1581371.499 = Rp6,440,559 Mil.
Gross Profit was 648629.695 + 560296.498 + 409938.742 + 617725.394 = Rp2,236,590 Mil.
Total Current Assets was Rp3,760,473 Mil.
Total Assets was Rp21,236,579 Mil.
Property, Plant and Equipment(Net PPE) was Rp12,858,169 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,303 Mil.
Total Current Liabilities was Rp5,640,484 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,030,450 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)
	=	(1651111.924 / 7412335.944)	/	(1196534.518 / 6440558.694)
	=	0.222752	/	0.185781
	=	1.199

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)
	=	(2236590.329 / 6440558.694)	/	(2355009.12 / 7412335.944)
	=	0.347267	/	0.317715
	=	1.093

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 - (4099460.555 + 17132747.705) / 25388852.541)	/	(1 - (3760472.78 + 12858169.079) / 21236579.326)
	=	0.163719	/	0.217452
	=	0.7529

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
	=	7412335.944	/	6440558.694
	=	1.1509

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))
	=	(0 / (0 + 12858169.079))	/	(0 / (0 + 17132747.705))
	=	0	/	0
	=	1

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)
	=	(16138.239 / 7412335.944)	/	(4302.545 / 6440558.694)
	=	0.002177	/	0.000668
	=	3.259

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)
	=	((4664065.657 + 6972549.887) / 25388852.541)	/	((3030450.19 + 5640484.199) / 21236579.326)
	=	0.458336	/	0.408302
	=	1.1225

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
	=	(1195534.995 - 0	-	3361766.637)	/	25388852.541
	=	-0.085322

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 Energi Mega Persada Tbk has a M-score of -3.04 suggests that the company is unlikely to be a manipulator.

PT Energi Mega Persada Tbk Beneish M-Score Related Terms

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PT Energi Mega Persada Tbk Business Description

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HFK:Germany

Address

Jalan HR Rasuna Said, Bakrie Tower 27th, 28th, 30th, 31st & 32nd Floor, Rasuna Epicentrum, Jakarta Selatan, Jakarta, IDN, 12940

Website

https://www.emp.id

PT Energi Mega Persada Tbk is an upstream oil and gas company. Its business activities include exploration, development, and production of crude oil, natural gas, and coal bed methane. The company's segments consist of exploration and production of crude oil and natural gas and services. Its projects include the Malacca Strait Block, Kangean Block, Bentu Block, and others. The majority of the revenue is generated from the sale of crude oil and natural gas.