PT Jakarta Setiabudi Internasional Tbk (ISX:JSPT) Beneish M-Score : -2.57 (As of Jun. 24, 2024)

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What is PT Jakarta Setiabudi Internasional 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:JSPT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.96 Med: -2.52 Max: -0.9
Current: -2.57

During the past 13 years, the highest Beneish M-Score of PT Jakarta Setiabudi Internasional Tbk was -0.90. The lowest was -2.96. And the median was -2.52.

PT Jakarta Setiabudi Internasional Tbk Beneish M-Score Historical Data

The historical data trend for PT Jakarta Setiabudi Internasional 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 Jakarta Setiabudi Internasional Tbk Beneish M-Score Chart

PT Jakarta Setiabudi Internasional Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.60

-2.47

-2.83

-1.86

-2.69

PT Jakarta Setiabudi Internasional 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															-1.75	-1.74	-2.73	-2.69	-2.57

Competitive Comparison of PT Jakarta Setiabudi Internasional Tbk's Beneish M-Score

For the Real Estate Services subindustry, PT Jakarta Setiabudi Internasional 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 Jakarta Setiabudi Internasional Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Jakarta Setiabudi Internasional Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Jakarta Setiabudi Internasional Tbk's Beneish M-Score falls into.

PT Jakarta Setiabudi Internasional 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 Jakarta Setiabudi Internasional 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 * 1.0594

0.528 * 1.0022

0.404 * 1.0247

0.892 * 1.1574

0.115 * 1.0624

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3855

4.679 * -0.046211

0.327 * 1.0747

-2.57

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp104,557 Mil.
Revenue was 440681.803 + 490640.63 + 519354.222 + 404449.253 = Rp1,855,126 Mil.
Gross Profit was 304187.305 + 329584.042 + 355134.361 + 274128.538 = Rp1,263,034 Mil.
Total Current Assets was Rp1,775,025 Mil.
Total Assets was Rp6,212,160 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,011,341 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp241,825 Mil.
Selling, General, & Admin. Expense(SGA) was Rp126,991 Mil.
Total Current Liabilities was Rp893,236 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,570,175 Mil.
Net Income was -10577.585 + 134366.349 + 8002.532 + 10987.439 = Rp142,779 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 55861.904 + 192855.184 + 181180.246 + -48.193 = Rp429,849 Mil.

Total Receivables was Rp85,270 Mil.
Revenue was 360453.151 + 419079.259 + 598067.206 + 225174.258 = Rp1,602,774 Mil.
Gross Profit was 247165.126 + 292037.43 + 404588.847 + 149809.123 = Rp1,093,601 Mil.
Total Current Assets was Rp1,674,230 Mil.
Total Assets was Rp6,088,614 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,094,167 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp269,508 Mil.
Selling, General, & Admin. Expense(SGA) was Rp79,188 Mil.
Total Current Liabilities was Rp736,776 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,421,696 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)
	=	(104557.031 / 1855125.908)	/	(85270.151 / 1602773.874)
	=	0.056361	/	0.053202
	=	1.0594

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)
	=	(1093600.526 / 1602773.874)	/	(1263034.246 / 1855125.908)
	=	0.682317	/	0.680835
	=	1.0022

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 - (1775024.924 + 2011341.208) / 6212159.872)	/	(1 - (1674230.225 + 2094166.571) / 6088614.326)
	=	0.390491	/	0.381075
	=	1.0247

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
	=	1855125.908	/	1602773.874
	=	1.1574

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))
	=	(269508.288 / (269508.288 + 2094166.571))	/	(241825.37 / (241825.37 + 2011341.208))
	=	0.114021	/	0.107327
	=	1.0624

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)
	=	(126990.763 / 1855125.908)	/	(79187.987 / 1602773.874)
	=	0.068454	/	0.049407
	=	1.3855

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)
	=	((2570175.26 + 893235.904) / 6212159.872)	/	((2421696.051 + 736776.112) / 6088614.326)
	=	0.557521	/	0.518751
	=	1.0747

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
	=	(142778.735 - 0	-	429849.141)	/	6212159.872
	=	-0.046211

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 Jakarta Setiabudi Internasional Tbk has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

PT Jakarta Setiabudi Internasional Tbk Beneish M-Score Related Terms

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PT Jakarta Setiabudi Internasional Tbk (ISX:JSPT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Jakarta Setiabudi Internasional Tbk (ISX:JSPT) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan HR Rasuna Said Kav. 62, Setiabudi 2 Building, 3A Floor, Jakarta, IDN, 12920

Website

https://en.jsi.co.id

PT Jakarta Setiabudi Internasional Tbk is a real estate company. The company's business activities mainly cover the ownership, management, rental, and sales of office buildings, hotels, townhouses, real estate, shopping centers, and apartments, both directly as well as in collaboration with other parties. The company operates in four segments namely Hotel, Real estate, Rental of office space, and Rental of the retail center. It generates a majority of its revenue from the Hotel Segment.

PT Jakarta Setiabudi Internasional Tbk (ISX:JSPT) Headlines

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