PT Sumber Energi Andalan Tbk (ISX:ITMA) Beneish M-Score : 4.90 (As of Dec. 16, 2024)

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What is PT Sumber Energi Andalan 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 4.9 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:ITMA' s Beneish M-Score Range Over the Past 10 Years
Min: -16.1 Med: -2.45 Max: 56.5
Current: 4.9

During the past 13 years, the highest Beneish M-Score of PT Sumber Energi Andalan Tbk was 56.50. The lowest was -16.10. And the median was -2.45.

PT Sumber Energi Andalan Tbk Beneish M-Score Historical Data

The historical data trend for PT Sumber Energi Andalan 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 Sumber Energi Andalan Tbk Beneish M-Score Chart

PT Sumber Energi Andalan Tbk Annual Data

Trend

Mar14

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.42

-4.57

-12.05

-1.63

-2.49

PT Sumber Energi Andalan Tbk Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-1.90	-2.49	-2.48	56.50	4.90

Competitive Comparison of PT Sumber Energi Andalan Tbk's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, PT Sumber Energi Andalan 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 Sumber Energi Andalan Tbk's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, PT Sumber Energi Andalan Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Sumber Energi Andalan Tbk's Beneish M-Score falls into.

PT Sumber Energi Andalan 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 Sumber Energi Andalan 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 * 9.4266

0.528 * 1.0992

0.404 * 0.9228

0.892 * 1.0322

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.3535

4.679 * 0.009479

0.327 * 1.7095

4.90

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp2,266 Mil.
Revenue was 832.464 + 971.208 + 847.88 + 986.624 = Rp3,638 Mil.
Gross Profit was 709.136 + 709.136 + 847.88 + 940.376 = Rp3,207 Mil.
Total Current Assets was Rp16,973 Mil.
Total Assets was Rp3,869,214 Mil.
Property, Plant and Equipment(Net PPE) was Rp288,680 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,187 Mil.
Total Current Liabilities was Rp39,881 Mil.
Long-Term Debt & Capital Lease Obligation was Rp227,818 Mil.
Net Income was 2497.391 + 12517.786 + 8247.556 + 13041.93 = Rp36,305 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -21304.902 + 10174.555 + 11639.075 + -878.712 = Rp-370 Mil.

Total Receivables was Rp233 Mil.
Revenue was 1024.716 + 1021.768 + 722.976 + 755.089 = Rp3,525 Mil.
Gross Profit was 1024.716 + 1021.768 + 722.976 + 644.972 = Rp3,414 Mil.
Total Current Assets was Rp6,878 Mil.
Total Assets was Rp3,478,336 Mil.
Property, Plant and Equipment(Net PPE) was Rp0 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp156 Mil.
Selling, General, & Admin. Expense(SGA) was Rp489 Mil.
Total Current Liabilities was Rp26,984 Mil.
Long-Term Debt & Capital Lease Obligation was Rp113,790 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)
	=	(2266.151 / 3638.176)	/	(232.89 / 3524.549)
	=	0.622881	/	0.066077
	=	9.4266

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)
	=	(3414.432 / 3524.549)	/	(3206.528 / 3638.176)
	=	0.968757	/	0.881356
	=	1.0992

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 - (16973.008 + 288679.882) / 3869213.8)	/	(1 - (6878.017 + 0) / 3478335.799)
	=	0.921004	/	0.998023
	=	0.9228

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
	=	3638.176	/	3524.549
	=	1.0322

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))
	=	(155.555 / (155.555 + 0))	/	(0 / (0 + 288679.882))
	=	1	/	0
	=	1

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)
	=	(1187.032 / 3638.176)	/	(488.622 / 3524.549)
	=	0.326271	/	0.138634
	=	2.3535

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)
	=	((227817.542 + 39881.174) / 3869213.8)	/	((113790.036 + 26984.184) / 3478335.799)
	=	0.069187	/	0.040472
	=	1.7095

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
	=	(36304.663 - 0	-	-369.984)	/	3869213.8
	=	0.009479

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 Sumber Energi Andalan Tbk has a M-score of 4.90 signals that the company is likely to be a manipulator.

PT Sumber Energi Andalan Tbk Beneish M-Score Related Terms

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PT Sumber Energi Andalan Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » PT Sumber Energi Andalan Tbk (ISX:ITMA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Mega Kuningan Barat III, Lot.10 1-6, Sopo Del Office & Lifestyle Tower B, Lantai 21, Kawasan Mega Kuningan, Jakarta Selatan, Jakarta, IDN, 12950

Website

https://www.energi-andalan.co.id

PT Sumber Energi Andalan Tbk is an Indonesia-based company mainly engaged in trading, export-import, consultation service, and contracting in the mining and energy sector. It also provides integrated construction services including planning, procurement, and execution/construction works in power generation and other energy-related segments. The company generates the majority of its revenue from the service of the mining segment.

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