PT Kirana Megatara Tbk (ISX:KMTR) Beneish M-Score : -1.50 (As of May. 01, 2024)

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What is PT Kirana Megatara 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 -1.5 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:KMTR' s Beneish M-Score Range Over the Past 10 Years
Min: -4.04 Med: -1.8 Max: -1.34
Current: -1.5

During the past 8 years, the highest Beneish M-Score of PT Kirana Megatara Tbk was -1.34. The lowest was -4.04. And the median was -1.80.

PT Kirana Megatara Tbk Beneish M-Score Historical Data

The historical data trend for PT Kirana Megatara 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 Kirana Megatara Tbk Beneish M-Score Chart

PT Kirana Megatara Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.87

-1.34

-1.73

-4.04

-1.50

PT Kirana Megatara Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-4.04	-4.08	-3.56	-3.38	-1.50

Competitive Comparison of PT Kirana Megatara Tbk's Beneish M-Score

For the Auto Parts subindustry, PT Kirana Megatara 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 Kirana Megatara Tbk's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, PT Kirana Megatara Tbk's Beneish M-Score distribution charts can be found below:

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

PT Kirana Megatara 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 Kirana Megatara 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 * 2.2468

0.528 * 1.0853

0.404 * 0.9741

0.892 * 0.7958

0.115 * 1.4193

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2018

4.679 * -0.007255

0.327 * 0.9837

-1.50

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp578,503 Mil.
Revenue was 2415703.254 + 2083386.366 + 2189561.517 + 2450895.004 = Rp9,139,546 Mil.
Gross Profit was 201661.541 + 92960.575 + 81795.716 + 126217.81 = Rp502,636 Mil.
Total Current Assets was Rp3,003,401 Mil.
Total Assets was Rp4,582,842 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,088,586 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp14,056 Mil.
Selling, General, & Admin. Expense(SGA) was Rp156,775 Mil.
Total Current Liabilities was Rp2,581,324 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was -14789.608 + -70655.822 + -27334.251 + 42384.62 = Rp-70,395 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -389113.976 + 446229.955 + -114027.502 + 19767.19 = Rp-37,144 Mil.

Total Receivables was Rp323,534 Mil.
Revenue was 1733655.201 + 2959177.611 + 3533387.667 + 3258074.366 = Rp11,484,295 Mil.
Gross Profit was 145512.549 + 145758.969 + 188338.28 + 205848.607 = Rp685,458 Mil.
Total Current Assets was Rp3,156,871 Mil.
Total Assets was Rp4,798,796 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,114,297 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp20,531 Mil.
Selling, General, & Admin. Expense(SGA) was Rp163,914 Mil.
Total Current Liabilities was Rp324,526 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,423,344 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)
	=	(578503.413 / 9139546.141)	/	(323533.585 / 11484294.845)
	=	0.063297	/	0.028172
	=	2.2468

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)
	=	(685458.405 / 11484294.845)	/	(502635.642 / 9139546.141)
	=	0.059687	/	0.054996
	=	1.0853

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 - (3003401.022 + 1088585.651) / 4582841.789)	/	(1 - (3156871.135 + 1114296.955) / 4798796.482)
	=	0.107107	/	0.10995
	=	0.9741

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
	=	9139546.141	/	11484294.845
	=	0.7958

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))
	=	(20530.783 / (20530.783 + 1114296.955))	/	(14055.578 / (14055.578 + 1088585.651))
	=	0.018092	/	0.012747
	=	1.4193

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)
	=	(156774.701 / 9139546.141)	/	(163914.222 / 11484294.845)
	=	0.017153	/	0.014273
	=	1.2018

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 + 2581324.361) / 4582841.789)	/	((2423343.561 + 324525.728) / 4798796.482)
	=	0.563258	/	0.572616
	=	0.9837

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
	=	(-70395.061 - 0	-	-37144.333)	/	4582841.789
	=	-0.007255

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 Kirana Megatara Tbk has a M-score of -1.50 signals that the company is likely to be a manipulator.

PT Kirana Megatara Tbk Beneish M-Score Related Terms

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PT Kirana Megatara Tbk (ISX:KMTR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » PT Kirana Megatara Tbk (ISX:KMTR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Dr. Ide Anak Agung Gde Agung, (Lingkar Mega Kuningan) Kav E.3.2 No. 1, Menara The East 21st Floor, Jakarta, Selatan, IDN, 12950

Website

https://www.kiranamegatara.com

PT Kirana Megatara Tbk is a producer of crumb rubber in Indonesia. It is engaged in the production and sales of crumb rubber of the type SIR-10, SIR-20, and SIR-20VK, to fulfill the demand of international and domestic tire industries. The company exports its products to Apollo, Bridgestone, Continental, Cooper Tires, Fate, Good Year, Gajah Tunggal, Hankook, Kumho Tyres, Michelin, Nexen, Pirelli, Sumitomo, Toyo Tires, and Yokohama Rubber. The company has operating segments into two groups: crumb rubber factory and agro business.

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