PT Fap Agri Tbk (ISX:FAPA) Beneish M-Score : -2.97 (As of Dec. 14, 2024)

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What is PT Fap Agri 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 -2.97 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:FAPA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.48 Max: -1.95
Current: -2.97

During the past 7 years, the highest Beneish M-Score of PT Fap Agri Tbk was -1.95. The lowest was -3.33. And the median was -2.48.

PT Fap Agri Tbk Beneish M-Score Historical Data

The historical data trend for PT Fap Agri 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 Fap Agri Tbk Beneish M-Score Chart

PT Fap Agri Tbk Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.07

-2.08

-1.95

PT Fap Agri Tbk Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.09	-1.95	-2.46	-3.33	-2.97

Competitive Comparison of PT Fap Agri Tbk's Beneish M-Score

For the Farm Products subindustry, PT Fap Agri 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 Fap Agri Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

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

PT Fap Agri 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 Fap Agri 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 * 1.0608

0.528 * 0.9911

0.404 * 0.9406

0.892 * 1.1503

0.115 * 0.9496

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9046

4.679 * -0.143173

0.327 * 0.9885

-2.97

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp184,370 Mil.
Revenue was 1548050.814 + 1288610.491 + 1198430.547 + 1575442.539 = Rp5,610,534 Mil.
Gross Profit was 381877.643 + 354096.992 + 122811.539 + 262232.166 = Rp1,121,018 Mil.
Total Current Assets was Rp2,069,115 Mil.
Total Assets was Rp8,854,410 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,641,401 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,256 Mil.
Selling, General, & Admin. Expense(SGA) was Rp354,725 Mil.
Total Current Liabilities was Rp2,724,121 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,762,964 Mil.
Net Income was 200892.754 + 123717.056 + -40667.369 + 40944.668 = Rp324,887 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 459387.46 + 398222.343 + 359717.231 + 375270.754 = Rp1,592,598 Mil.

Total Receivables was Rp151,093 Mil.
Revenue was 1028566.1 + 1141528.864 + 1316706.237 + 1390637.044 = Rp4,877,438 Mil.
Gross Profit was 202698.854 + 187872.184 + 180110.918 + 395218.617 = Rp965,901 Mil.
Total Current Assets was Rp1,726,063 Mil.
Total Assets was Rp8,541,040 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,565,352 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,079 Mil.
Selling, General, & Admin. Expense(SGA) was Rp340,891 Mil.
Total Current Liabilities was Rp2,386,556 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,992,123 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)
	=	(184369.544 / 5610534.391)	/	(151092.893 / 4877438.245)
	=	0.032861	/	0.030978
	=	1.0608

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)
	=	(965900.573 / 4877438.245)	/	(1121018.34 / 5610534.391)
	=	0.198034	/	0.199806
	=	0.9911

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 - (2069114.895 + 2641400.601) / 8854410.379)	/	(1 - (1726063.114 + 2565352.243) / 8541039.867)
	=	0.468003	/	0.497554
	=	0.9406

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
	=	5610534.391	/	4877438.245
	=	1.1503

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))
	=	(2078.567 / (2078.567 + 2565352.243))	/	(2256.172 / (2256.172 + 2641400.601))
	=	0.00081	/	0.000853
	=	0.9496

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)
	=	(354725.095 / 5610534.391)	/	(340890.614 / 4877438.245)
	=	0.063225	/	0.069891
	=	0.9046

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)
	=	((1762963.785 + 2724120.839) / 8854410.379)	/	((1992122.929 + 2386556.418) / 8541039.867)
	=	0.506763	/	0.512663
	=	0.9885

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
	=	(324887.109 - 0	-	1592597.788)	/	8854410.379
	=	-0.143173

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 Fap Agri Tbk has a M-score of -2.97 suggests that the company is unlikely to be a manipulator.

PT Fap Agri Tbk Beneish M-Score Related Terms

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PT Fap Agri Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Fap Agri Tbk (ISX:FAPA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Liberty Tower 16th Floor A-H, Gold Coast Building, Jl. Pantai Indah Kapuk, RT06/RW02, Kamal Muara, Penjaringan, Jakarta North, IDN, 14470

Website

https://www.fap-agri.com

PT Fap Agri Tbk is involved in the production of agricultural products. It engaged in Wholesale Fruit Containing Oil; Oil and Vegetable Fat; Holding Company Activities; Other Management Consultant Activities; and Head Office Activities. Its product portfolio is Fresh Fruit Bunches, Crude Palm Oil, Palm Kernel Oil, Palm Kernel Expeller, Cooking Oil , Its segments are Plantation, Manufacturing, and Others.

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