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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
Get a 7-Day Free Trial Premium Member Only Premium Member Only -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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -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:

M=-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

* 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.

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

Traded in Other Exchanges
N/A
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
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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