PT Lippo Cikarang Tbk (ISX:LPCK) Beneish M-Score : -2.40 (As of Apr. 15, 2025)

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What is PT Lippo Cikarang 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:LPCK' s Beneish M-Score Range Over the Past 10 Years
Min: -5.69 Med: -2.11 Max: -0.79
Current: -2.4

During the past 13 years, the highest Beneish M-Score of PT Lippo Cikarang Tbk was -0.79. The lowest was -5.69. And the median was -2.11.

PT Lippo Cikarang Tbk Beneish M-Score Historical Data

The historical data trend for PT Lippo Cikarang 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 Lippo Cikarang Tbk Beneish M-Score Chart

PT Lippo Cikarang Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-5.69

-2.11

-2.37

-2.52

-2.40

PT Lippo Cikarang Tbk Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.52	-2.33	-2.76	-2.15	-2.40

Competitive Comparison of PT Lippo Cikarang Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Lippo Cikarang 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 Lippo Cikarang Tbk's Beneish M-Score Distribution in the Real Estate Industry

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

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

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PT Lippo Cikarang 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 Lippo Cikarang 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 * 0.3951

0.528 * 1.6567

0.404 * 0.3698

0.892 * 1.8377

0.115 * 6.7588

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7239

4.679 * -0.124473

0.327 * 1.9952

-2.40

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp15,453 Mil.
Revenue was 929242 + 284847 + 251863 + 424655 = Rp1,890,607 Mil.
Gross Profit was 126929 + 142041 + 105843 + 157842 = Rp532,655 Mil.
Total Current Assets was Rp11,608,063 Mil.
Total Assets was Rp13,608,274 Mil.
Property, Plant and Equipment(Net PPE) was Rp559,466 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp11,499 Mil.
Selling, General, & Admin. Expense(SGA) was Rp150,115 Mil.
Total Current Liabilities was Rp5,729,733 Mil.
Long-Term Debt & Capital Lease Obligation was Rp55,000 Mil.
Net Income was -8181 + -1675434 + 11479 + 59647 = Rp-1,612,489 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -29508 + -53808 + -82768 + 247454 = Rp81,370 Mil.

Total Receivables was Rp21,282 Mil.
Revenue was 243891 + 218836 + 410669 + 155420 = Rp1,028,816 Mil.
Gross Profit was 110523 + 113388 + 179271 + 77013 = Rp480,195 Mil.
Total Current Assets was Rp6,841,039 Mil.
Total Assets was Rp9,681,725 Mil.
Property, Plant and Equipment(Net PPE) was Rp68,635 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,815 Mil.
Selling, General, & Admin. Expense(SGA) was Rp112,837 Mil.
Total Current Liabilities was Rp1,852,774 Mil.
Long-Term Debt & Capital Lease Obligation was Rp210,000 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)
	=	(15453 / 1890607)	/	(21282 / 1028816)
	=	0.008174	/	0.020686
	=	0.3951

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)
	=	(480195 / 1028816)	/	(532655 / 1890607)
	=	0.466745	/	0.281738
	=	1.6567

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 - (11608063 + 559466) / 13608274)	/	(1 - (6841039 + 68635) / 9681725)
	=	0.105873	/	0.286318
	=	0.3698

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
	=	1890607	/	1028816
	=	1.8377

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))
	=	(10815 / (10815 + 68635))	/	(11499 / (11499 + 559466))
	=	0.136123	/	0.02014
	=	6.7588

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)
	=	(150115 / 1890607)	/	(112837 / 1028816)
	=	0.0794	/	0.109677
	=	0.7239

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)
	=	((55000 + 5729733) / 13608274)	/	((210000 + 1852774) / 9681725)
	=	0.425089	/	0.213059
	=	1.9952

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
	=	(-1612489 - 0	-	81370)	/	13608274
	=	-0.124473

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 Lippo Cikarang Tbk has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.

PT Lippo Cikarang Tbk Beneish M-Score Related Terms

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PT Lippo Cikarang Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Lippo Cikarang Tbk (ISX:LPCK) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Gunung Panderman Kavling 05, Easton Commercial Centre, Lippo Cikarang, Bekasi, IDN, 17550

Website

https://www.lippo-cikarang.com

PT Lippo Cikarang Tbk is a real estate company. The company is engaged in the development of real estate and industrial estate, development of infrastructure and public facilities, and providing support services. The company's segments include Residential, Industrial, Commercial, and Town management. The company offers a variety of commercial areas, ranging from ready-to-build business areas to shophouses and shopping centers and constantly paying attention to opportunities and creating diversity to facilitate stakeholder interests.

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