PT Indonesia Pondasi Raya Tbk (ISX:IDPR) Beneish M-Score : -2.47 (As of Jun. 20, 2024)

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What is PT Indonesia Pondasi Raya 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:IDPR' s Beneish M-Score Range Over the Past 10 Years
Min: -10.62 Med: -2.62 Max: 2.08
Current: -2.47

During the past 10 years, the highest Beneish M-Score of PT Indonesia Pondasi Raya Tbk was 2.08. The lowest was -10.62. And the median was -2.62.

PT Indonesia Pondasi Raya Tbk Beneish M-Score Historical Data

The historical data trend for PT Indonesia Pondasi Raya 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 Indonesia Pondasi Raya Tbk Beneish M-Score Chart

PT Indonesia Pondasi Raya Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.50

-3.78

-10.62

-2.93

-2.22

PT Indonesia Pondasi Raya 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															-2.28	-2.31	-2.38	-2.22	-2.47

Competitive Comparison of PT Indonesia Pondasi Raya Tbk's Beneish M-Score

For the Engineering & Construction subindustry, PT Indonesia Pondasi Raya 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 Indonesia Pondasi Raya Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Indonesia Pondasi Raya Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Indonesia Pondasi Raya Tbk's Beneish M-Score falls into.

PT Indonesia Pondasi Raya 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 Indonesia Pondasi Raya 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 * 0.9616

0.528 * 0.7593

0.404 * 0.8787

0.892 * 1.2436

0.115 * 1.0508

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.3705

4.679 * -0.024415

0.327 * 0.9878

-2.47

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp862,489 Mil.
Revenue was 259249.13 + 363990.877 + 315716.6 + 360847.339 = Rp1,299,804 Mil.
Gross Profit was 40252.225 + 82628.846 + 53990.723 + 38364.855 = Rp215,237 Mil.
Total Current Assets was Rp1,119,364 Mil.
Total Assets was Rp1,767,289 Mil.
Property, Plant and Equipment(Net PPE) was Rp599,378 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp17,891 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,280 Mil.
Total Current Liabilities was Rp888,365 Mil.
Long-Term Debt & Capital Lease Obligation was Rp164,170 Mil.
Net Income was 460.456 + 40336.272 + 12887.744 + -3090.546 = Rp50,594 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 45603.017 + -7476.601 + 38774.449 + 16840.707 = Rp93,742 Mil.

Total Receivables was Rp721,241 Mil.
Revenue was 249028.109 + 242607.37 + 291785.101 + 261804.94 = Rp1,045,226 Mil.
Gross Profit was 17768.587 + 39708.288 + 46086.636 + 27860.093 = Rp131,424 Mil.
Total Current Assets was Rp932,966 Mil.
Total Assets was Rp1,647,878 Mil.
Property, Plant and Equipment(Net PPE) was Rp663,395 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp20,838 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,948 Mil.
Total Current Liabilities was Rp772,915 Mil.
Long-Term Debt & Capital Lease Obligation was Rp220,659 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)
	=	(862488.914 / 1299803.946)	/	(721240.877 / 1045225.52)
	=	0.663553	/	0.690034
	=	0.9616

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)
	=	(131423.604 / 1045225.52)	/	(215236.649 / 1299803.946)
	=	0.125737	/	0.165592
	=	0.7593

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 - (1119363.71 + 599377.766) / 1767289.488)	/	(1 - (932965.864 + 663394.851) / 1647877.986)
	=	0.02747	/	0.031263
	=	0.8787

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
	=	1299803.946	/	1045225.52
	=	1.2436

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))
	=	(20837.541 / (20837.541 + 663394.851))	/	(17890.552 / (17890.552 + 599377.766))
	=	0.030454	/	0.028983
	=	1.0508

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)
	=	(2279.605 / 1299803.946)	/	(4947.828 / 1045225.52)
	=	0.001754	/	0.004734
	=	0.3705

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)
	=	((164169.929 + 888365.462) / 1767289.488)	/	((220658.506 + 772915.481) / 1647877.986)
	=	0.595565	/	0.602941
	=	0.9878

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
	=	(50593.926 - 0	-	93741.572)	/	1767289.488
	=	-0.024415

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 Indonesia Pondasi Raya Tbk has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.

PT Indonesia Pondasi Raya Tbk Beneish M-Score Related Terms

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PT Indonesia Pondasi Raya Tbk (ISX:IDPR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Indonesia Pondasi Raya Tbk (ISX:IDPR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Pegangsaan Dua KM 4,5, Kelapa Gading, North Jakarta, Jakarta, IDN, 14250

Website

https://www.indopora.com

PT Indonesia Pondasi Raya Tbk is an Indonesia-based company. It is engaged in the planning and construction of buildings, and foundation construction works. The company operates in five segments namely Foundation construction, Retaining Walls construction, Structure, Piling, and Precast Walls. The majority of the revenue is generated from the Foundation construction segment. The company also offers services such as land Structure Improvement, pile testing, slurry walls, ground anchor, excavation, and other construction-related works. It offers construction services for various building and infrastructure projects, ranging from housings, the house of worships, hospitals, and skyscrapers to roads, underpasses, and others.

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