PT Grand House Mulia Tbk (ISX:HOMI) Beneish M-Score : -2.44 (As of Jun. 24, 2024)

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What is PT Grand House Mulia 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:HOMI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.46 Med: -2.37 Max: 2.82
Current: -2.44

During the past 5 years, the highest Beneish M-Score of PT Grand House Mulia Tbk was 2.82. The lowest was -2.46. And the median was -2.37.

PT Grand House Mulia Tbk Beneish M-Score Historical Data

The historical data trend for PT Grand House Mulia 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 Grand House Mulia Tbk Beneish M-Score Chart

PT Grand House Mulia Tbk Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

2.82

-2.21

PT Grand House Mulia Tbk Quarterly Data
	Dec19	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												-2.30	-	-2.45	-2.21	-2.44

Competitive Comparison of PT Grand House Mulia Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Grand House Mulia 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 Grand House Mulia Tbk's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where PT Grand House Mulia Tbk's Beneish M-Score falls into.

PT Grand House Mulia 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 Grand House Mulia 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 * 1.3644

0.528 * 1.2806

0.404 * 1.1042

0.892 * 0.6737

0.115 * 0.7627

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7611

4.679 * -0.05896

0.327 * 0.7972

-2.44

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp1,902 Mil.
Revenue was 5858.842 + 16546.55 + 24138.834 + 8614.034 = Rp55,158 Mil.
Gross Profit was 2368.144 + 172.891 + 9526.058 + 4109.763 = Rp16,177 Mil.
Total Current Assets was Rp120,992 Mil.
Total Assets was Rp223,270 Mil.
Property, Plant and Equipment(Net PPE) was Rp173 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp105 Mil.
Selling, General, & Admin. Expense(SGA) was Rp5,592 Mil.
Total Current Liabilities was Rp89,253 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,420 Mil.
Net Income was 222.986 + -2081.824 + 3767.7 + 477.264 = Rp2,386 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -859.326 + 11132.756 + 5611.559 + -334.82 = Rp15,550 Mil.

Total Receivables was Rp2,069 Mil.
Revenue was 13980.24 + 22392.375 + 26423.52 + 19071.961 = Rp81,868 Mil.
Gross Profit was 5235.823 + 6656.067 + 10911.679 + 7944.552 = Rp30,748 Mil.
Total Current Assets was Rp155,758 Mil.
Total Assets was Rp266,351 Mil.
Property, Plant and Equipment(Net PPE) was Rp278 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp113 Mil.
Selling, General, & Admin. Expense(SGA) was Rp10,905 Mil.
Total Current Liabilities was Rp131,390 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,786 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)
	=	(1901.911 / 55158.26)	/	(2068.897 / 81868.096)
	=	0.034481	/	0.025271
	=	1.3644

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)
	=	(30748.121 / 81868.096)	/	(16176.856 / 55158.26)
	=	0.375581	/	0.293281
	=	1.2806

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 - (120991.61 + 172.666) / 223270.376)	/	(1 - (155757.623 + 277.691) / 266350.527)
	=	0.45732	/	0.414173
	=	1.1042

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
	=	55158.26	/	81868.096
	=	0.6737

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))
	=	(112.579 / (112.579 + 277.691))	/	(105.025 / (105.025 + 172.666))
	=	0.288464	/	0.378208
	=	0.7627

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)
	=	(5592.144 / 55158.26)	/	(10905.475 / 81868.096)
	=	0.101384	/	0.133208
	=	0.7611

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)
	=	((2420 + 89253.028) / 223270.376)	/	((5785.6 + 131389.788) / 266350.527)
	=	0.410592	/	0.515018
	=	0.7972

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
	=	(2386.126 - 0	-	15550.169)	/	223270.376
	=	-0.05896

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 Grand House Mulia Tbk has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.

PT Grand House Mulia Tbk Beneish M-Score Related Terms

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PT Grand House Mulia Tbk (ISX:HOMI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Grand House Mulia Tbk (ISX:HOMI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Pengasinan No. 99 RT 005/RW 003, Kecamatan Gunung Sindur, Jawa Barat, Java, IDN

Website

https://www.granddevelopment.id

PT Grand House Mulia Tbk is engaged in property development and services in Indonesia. The company is in the whole range of property development activities; these include land assessment, and acquisition, planning, architectural designing, construction, and effective property development of various types of projects. The main project currently being handled by the Company is Parkville Serpong, consisting of several clusters such as Canola, Astoria, Valencia, and the Toscana Cluster, located in the Bogor Regency area.

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