PT Itama Ranoraya Tbk (ISX:IRRA) Beneish M-Score : 34.19 (As of May. 21, 2024)

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What is PT Itama Ranoraya 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 34.19 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:IRRA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.14 Med: 0.06 Max: 36
Current: 34.19

During the past 8 years, the highest Beneish M-Score of PT Itama Ranoraya Tbk was 36.00. The lowest was -2.14. And the median was 0.06.

PT Itama Ranoraya Tbk Beneish M-Score Historical Data

The historical data trend for PT Itama Ranoraya 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 Itama Ranoraya Tbk Beneish M-Score Chart

PT Itama Ranoraya Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.41

-0.02

-0.91

-1.97

PT Itama Ranoraya Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-0.91	-2.14	-2.14	-1.97	34.19

Competitive Comparison of PT Itama Ranoraya Tbk's Beneish M-Score

For the Medical Distribution subindustry, PT Itama Ranoraya 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 Itama Ranoraya Tbk's Beneish M-Score Distribution in the Medical Distribution Industry

For the Medical Distribution industry and Healthcare sector, PT Itama Ranoraya Tbk's Beneish M-Score distribution charts can be found below:

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

PT Itama Ranoraya 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 Itama Ranoraya 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 * 3.1477

0.528 * 1.226

0.404 * 87.8922

0.892 * 0.8432

0.115 * 0.3423

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7929

4.679 * 0.008162

0.327 * 1.6704

34.19

This Year (Mar24) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp609,005 Mil.
Revenue was 147861.86 + 390520.372 + 0 + 97053.091 = Rp635,435 Mil.
Gross Profit was 27572.527 + 61090.011 + 0 + 20839.487 = Rp109,502 Mil.
Total Current Assets was Rp810,965 Mil.
Total Assets was Rp1,071,781 Mil.
Property, Plant and Equipment(Net PPE) was Rp59,790 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,119 Mil.
Selling, General, & Admin. Expense(SGA) was Rp60,154 Mil.
Total Current Liabilities was Rp606,892 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 4315.463 + -10084.402 + 0 + 6480.545 = Rp712 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -45829.881 + 71687.923 + 0 + -33893.97 = Rp-8,036 Mil.

Total Receivables was Rp229,450 Mil.
Revenue was 199008.077 + 112404.411 + 172315.9 + 269843.154 = Rp753,572 Mil.
Gross Profit was 54932.128 + 24043.642 + 35487.295 + 44749.016 = Rp159,212 Mil.
Total Current Assets was Rp500,617 Mil.
Total Assets was Rp733,925 Mil.
Property, Plant and Equipment(Net PPE) was Rp231,742 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,605 Mil.
Selling, General, & Admin. Expense(SGA) was Rp39,788 Mil.
Total Current Liabilities was Rp248,796 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(609005.31 / 635435.323)	/	(229449.82 / 753571.542)
	=	0.958406	/	0.304483
	=	3.1477

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)
	=	(159212.081 / 753571.542)	/	(109502.025 / 635435.323)
	=	0.211277	/	0.172326
	=	1.226

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 - (810965.326 + 59789.948) / 1071781.104)	/	(1 - (500617.075 + 231741.84) / 733925.274)
	=	0.187562	/	0.002134
	=	87.8922

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
	=	635435.323	/	753571.542
	=	0.8432

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))
	=	(7604.771 / (7604.771 + 231741.84))	/	(6118.534 / (6118.534 + 59789.948))
	=	0.031773	/	0.092834
	=	0.3423

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)
	=	(60153.887 / 635435.323)	/	(39788.206 / 753571.542)
	=	0.094666	/	0.0528
	=	1.7929

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)
	=	((0 + 606891.797) / 1071781.104)	/	((0 + 248796.364) / 733925.274)
	=	0.566246	/	0.338994
	=	1.6704

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
	=	(711.606 - 0	-	-8035.928)	/	1071781.104
	=	0.008162

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 Itama Ranoraya Tbk has a M-score of 34.19 signals that the company is likely to be a manipulator.

PT Itama Ranoraya Tbk Beneish M-Score Related Terms

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PT Itama Ranoraya Tbk (ISX:IRRA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Distribution » PT Itama Ranoraya Tbk (ISX:IRRA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

MT. Haryono Square Lantai 1 Unit 101, Jl. Otto Iskandardinata Raya No. 390, No. 390 Jakarta Timur, Jakarta, IDN, 13330

Website

https://www.itama.co.id

PT Itama Ranoraya Tbk focuses on the trade and distribution of medical devices. The company distributes medical devices such as Oneject auto disable syringe, Abbott diagnostics, TerumoBCT, Ortho Clinical diagnostics and others. The key revenue generating segments of the company are Sterile Non-Electromedical Medical Equipment and In Vitro Diagnostic product.

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