PT Kioson Komersial Indonesia Tbk (ISX:KIOS) Beneish M-Score : -4.83 (As of Dec. 14, 2024)

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What is PT Kioson Komersial Indonesia 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 -4.83 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:KIOS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.83 Med: -1.9 Max: 42.85
Current: -4.83

During the past 9 years, the highest Beneish M-Score of PT Kioson Komersial Indonesia Tbk was 42.85. The lowest was -4.83. And the median was -1.90.

PT Kioson Komersial Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Kioson Komersial Indonesia 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 Kioson Komersial Indonesia Tbk Beneish M-Score Chart

PT Kioson Komersial Indonesia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.72

-2.79

-3.23

-2.17

-3.06

PT Kioson Komersial Indonesia Tbk Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.98	-3.06	-0.04	-4.21	-4.83

Competitive Comparison of PT Kioson Komersial Indonesia Tbk's Beneish M-Score

For the Software - Application subindustry, PT Kioson Komersial Indonesia 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 Kioson Komersial Indonesia Tbk's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, PT Kioson Komersial Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Kioson Komersial Indonesia 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 Kioson Komersial Indonesia 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 * 1.2683

0.528 * -0.8764

0.404 * 1.2307

0.892 * 0.3753

0.115 * 1.4051

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.4679

4.679 * -0.186531

0.327 * 1.1906

-4.83

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp1,760 Mil.
Revenue was 51093.682 + 20232.346 + 20132.355 + 39274.34 = Rp130,733 Mil.
Gross Profit was 1132.316 + 264.151 + 652.861 + -14772.24 = Rp-12,723 Mil.
Total Current Assets was Rp54,699 Mil.
Total Assets was Rp154,322 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,026 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,163 Mil.
Selling, General, & Admin. Expense(SGA) was Rp8,354 Mil.
Total Current Liabilities was Rp12,970 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was -2437.867 + -3935.446 + -4568.528 + -19097.049 = Rp-30,039 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1152.766 + -575.902 + 392.4 + -2222.32 = Rp-1,253 Mil.

Total Receivables was Rp3,698 Mil.
Revenue was 39334.818 + 67097.118 + 125585.352 + 116327.156 = Rp348,344 Mil.
Gross Profit was 6905.62 + 9116.215 + 7201.76 + 6486.907 = Rp29,711 Mil.
Total Current Assets was Rp87,900 Mil.
Total Assets was Rp183,986 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,542 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,075 Mil.
Selling, General, & Admin. Expense(SGA) was Rp9,019 Mil.
Total Current Liabilities was Rp12,987 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)
	=	(1760.055 / 130732.723)	/	(3697.551 / 348344.444)
	=	0.013463	/	0.010615
	=	1.2683

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)
	=	(29710.502 / 348344.444)	/	(-12722.912 / 130732.723)
	=	0.085291	/	-0.09732
	=	-0.8764

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 - (54699.152 + 2026.328) / 154322.206)	/	(1 - (87900.371 + 1541.64) / 183986.424)
	=	0.632422	/	0.513866
	=	1.2307

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
	=	130732.723	/	348344.444
	=	0.3753

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))
	=	(4074.681 / (4074.681 + 1541.64))	/	(2163.323 / (2163.323 + 2026.328))
	=	0.725507	/	0.516349
	=	1.4051

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)
	=	(8353.549 / 130732.723)	/	(9019.323 / 348344.444)
	=	0.063898	/	0.025892
	=	2.4679

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 + 12969.501) / 154322.206)	/	((0 + 12987.265) / 183986.424)
	=	0.084042	/	0.070588
	=	1.1906

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
	=	(-30038.89 - 0	-	-1253.056)	/	154322.206
	=	-0.186531

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 Kioson Komersial Indonesia Tbk has a M-score of -4.83 suggests that the company is unlikely to be a manipulator.

PT Kioson Komersial Indonesia Tbk Beneish M-Score Related Terms

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PT Kioson Komersial Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » PT Kioson Komersial Indonesia Tbk (ISX:KIOS) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan Alaydrus Nomor 66 BC, Lantai 3 Kelurahan Petojo Utara, Kecamatan Gambir Jakarta Pusat, DKI Jakarta, Jakarta, IDN, 10130

Website

https://www.kioson.com

PT Kioson Komersial Indonesia Tbk is a technology company that provides platform software and hardware to support micro, small, and middle businesses in Indonesia. The company offers products across four categories, including e-commerce items such as fashion, office supplies, health and beauty devices, and electronics; non-e-commerce digital products like credits, telephone, and electricity tokens; payment services covering telephone and utility bill payments; and financial services acting as agents for banks, Laku Pandai, insurance, and multifinance.

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