PT Greenwood Sejahtera Tbk (ISX:GWSA) Beneish M-Score : 0.05 (As of Jun. 25, 2024)

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What is PT Greenwood Sejahtera 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 0.05 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:GWSA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58 Med: -1.82 Max: 0.63
Current: 0.05

During the past 13 years, the highest Beneish M-Score of PT Greenwood Sejahtera Tbk was 0.63. The lowest was -3.58. And the median was -1.82.

PT Greenwood Sejahtera Tbk Beneish M-Score Historical Data

The historical data trend for PT Greenwood Sejahtera 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 Greenwood Sejahtera Tbk Beneish M-Score Chart

PT Greenwood Sejahtera Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.58

-2.49

-1.52

-3.01

-1.52

PT Greenwood Sejahtera 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															-3.23	-2.95	-2.97	-1.52	0.05

Competitive Comparison of PT Greenwood Sejahtera Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Greenwood Sejahtera 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 Greenwood Sejahtera Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Greenwood Sejahtera Tbk's Beneish M-Score distribution charts can be found below:

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

PT Greenwood Sejahtera 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 Greenwood Sejahtera 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 * 3.2951

0.528 * 0.9645

0.404 * 0.955

0.892 * 1.2764

0.115 * 1.0014

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4838

4.679 * 0.025615

0.327 * 1

0.05

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp4,688 Mil.
Revenue was 14546.165 + 30098.707 + 15460.254 + 14257.454 = Rp74,363 Mil.
Gross Profit was 7309.56 + 13186.55 + 8080.74 + 7067.247 = Rp35,644 Mil.
Total Current Assets was Rp1,767,105 Mil.
Total Assets was Rp7,885,597 Mil.
Property, Plant and Equipment(Net PPE) was Rp164,832 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,445 Mil.
Selling, General, & Admin. Expense(SGA) was Rp22,493 Mil.
Total Current Liabilities was Rp145,873 Mil.
Long-Term Debt & Capital Lease Obligation was Rp433,632 Mil.
Net Income was 29214.313 + 4058.445 + 25871.342 + 12022.431 = Rp71,167 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -30719.54 + -28065.672 + -39566.198 + -32471.452 = Rp-130,823 Mil.

Total Receivables was Rp1,115 Mil.
Revenue was 11986.384 + 13378.059 + 22871.496 + 10022.079 = Rp58,258 Mil.
Gross Profit was 5694.208 + 6594.005 + 10146.688 + 4498.929 = Rp26,934 Mil.
Total Current Assets was Rp1,471,216 Mil.
Total Assets was Rp7,817,044 Mil.
Property, Plant and Equipment(Net PPE) was Rp166,082 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,467 Mil.
Selling, General, & Admin. Expense(SGA) was Rp36,426 Mil.
Total Current Liabilities was Rp111,835 Mil.
Long-Term Debt & Capital Lease Obligation was Rp462,623 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)
	=	(4688.497 / 74362.58)	/	(1114.699 / 58258.018)
	=	0.063049	/	0.019134
	=	3.2951

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)
	=	(26933.83 / 58258.018)	/	(35644.097 / 74362.58)
	=	0.46232	/	0.479328
	=	0.9645

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 - (1767104.943 + 164832.137) / 7885596.728)	/	(1 - (1471215.629 + 166081.92) / 7817044.039)
	=	0.755004	/	0.790548
	=	0.955

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
	=	74362.58	/	58258.018
	=	1.2764

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))
	=	(2467.368 / (2467.368 + 166081.92))	/	(2445.18 / (2445.18 + 164832.137))
	=	0.014639	/	0.014618
	=	1.0014

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)
	=	(22492.899 / 74362.58)	/	(36426.431 / 58258.018)
	=	0.302476	/	0.62526
	=	0.4838

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)
	=	((433631.824 + 145872.557) / 7885596.728)	/	((462622.615 + 111835.303) / 7817044.039)
	=	0.073489	/	0.073488
	=	1

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
	=	(71166.531 - 0	-	-130822.862)	/	7885596.728
	=	0.025615

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 Greenwood Sejahtera Tbk has a M-score of 0.05 signals that the company is likely to be a manipulator.

PT Greenwood Sejahtera Tbk Beneish M-Score Related Terms

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PT Greenwood Sejahtera Tbk (ISX:GWSA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Greenwood Sejahtera Tbk (ISX:GWSA) » Definitions » Beneish M-Score

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Address

Jalan K.H. Mas Mansyur Kavling 126, TCC-Batavia Tower One Lantai 35, Jakarta Pusat, Jakarta, IDN, 10220

Website

https://www.greenwoodsejahtera.com

PT Greenwood Sejahtera Tbk is a real estate development company. The Company is engaged in the sector of construction and development, investment, trade, industry and transportation service. Its operating segments are Office, Apartment, and Hotel. It generated majority of its revenue from the Hotel segment. Some of its projects are Holiday Inn Express Pluit, TCC Batavia Tower 2, and Capital Square Surabaya, TCC Batavia 1, Seneyan City among others.

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