PT MAP Boga Adiperkasa Tbk (ISX:MAPB) Beneish M-Score : -3.24 (As of May. 25, 2024)

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What is PT MAP Boga Adiperkasa 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 -3.24 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MAPB' s Beneish M-Score Range Over the Past 10 Years
Min: -4.35 Med: -3.37 Max: -1.77
Current: -3.24

During the past 11 years, the highest Beneish M-Score of PT MAP Boga Adiperkasa Tbk was -1.77. The lowest was -4.35. And the median was -3.37.

PT MAP Boga Adiperkasa Tbk Beneish M-Score Historical Data

The historical data trend for PT MAP Boga Adiperkasa 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 MAP Boga Adiperkasa Tbk Beneish M-Score Chart

PT MAP Boga Adiperkasa Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.23

-3.99

-3.41

-3.23

-3.54

PT MAP Boga Adiperkasa 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															-3.77	-3.48	-3.34	-3.54	-3.24

Competitive Comparison of PT MAP Boga Adiperkasa Tbk's Beneish M-Score

For the Restaurants subindustry, PT MAP Boga Adiperkasa 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 MAP Boga Adiperkasa Tbk's Beneish M-Score Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, PT MAP Boga Adiperkasa Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT MAP Boga Adiperkasa Tbk's Beneish M-Score falls into.

PT MAP Boga Adiperkasa 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 MAP Boga Adiperkasa 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 * 1.0232

0.528 * 0.9826

0.404 * 0.8567

0.892 * 1.0396

0.115 * 1.0088

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.029

4.679 * -0.169857

0.327 * 0.8385

-3.24

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp58,535 Mil.
Revenue was 787631 + 927573 + 1072674 + 1042377 = Rp3,830,255 Mil.
Gross Profit was 550221 + 639103 + 753991 + 714101 = Rp2,657,416 Mil.
Total Current Assets was Rp706,669 Mil.
Total Assets was Rp3,101,576 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,152,100 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp577,688 Mil.
Selling, General, & Admin. Expense(SGA) was Rp792,675 Mil.
Total Current Liabilities was Rp1,046,682 Mil.
Long-Term Debt & Capital Lease Obligation was Rp258,279 Mil.
Net Income was -22234 + -16694 + 63123 + 44567 = Rp68,762 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 58838 + 138898 + 180781 + 217068 = Rp595,585 Mil.

Total Receivables was Rp55,028 Mil.
Revenue was 956829 + 979054 + 900847 + 847597 = Rp3,684,327 Mil.
Gross Profit was 653200 + 662537 + 613305 + 582648 = Rp2,511,690 Mil.
Total Current Assets was Rp532,123 Mil.
Total Assets was Rp2,627,788 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,855,527 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp503,657 Mil.
Selling, General, & Admin. Expense(SGA) was Rp740,989 Mil.
Total Current Liabilities was Rp1,079,570 Mil.
Long-Term Debt & Capital Lease Obligation was Rp238,989 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)
	=	(58535 / 3830255)	/	(55028 / 3684327)
	=	0.015282	/	0.014936
	=	1.0232

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)
	=	(2511690 / 3684327)	/	(2657416 / 3830255)
	=	0.681723	/	0.693796
	=	0.9826

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 - (706669 + 2152100) / 3101576)	/	(1 - (532123 + 1855527) / 2627788)
	=	0.078285	/	0.091384
	=	0.8567

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
	=	3830255	/	3684327
	=	1.0396

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))
	=	(503657 / (503657 + 1855527))	/	(577688 / (577688 + 2152100))
	=	0.213488	/	0.211624
	=	1.0088

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)
	=	(792675 / 3830255)	/	(740989 / 3684327)
	=	0.206951	/	0.201119
	=	1.029

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)
	=	((258279 + 1046682) / 3101576)	/	((238989 + 1079570) / 2627788)
	=	0.420741	/	0.501775
	=	0.8385

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
	=	(68762 - 0	-	595585)	/	3101576
	=	-0.169857

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 MAP Boga Adiperkasa Tbk has a M-score of -3.24 suggests that the company is unlikely to be a manipulator.

PT MAP Boga Adiperkasa Tbk Beneish M-Score Related Terms

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PT MAP Boga Adiperkasa Tbk (ISX:MAPB) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Restaurants » PT MAP Boga Adiperkasa Tbk (ISX:MAPB) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Jend. Sudirman Kav. 86, 27th Floor, Gedung Sahid Sudirman Center, Karet Tengsih, Tanah Abang, Jakarta, IDN, 10220

Website

https://www.mbai.co.id

PT MAP Boga Adiperkasa Tbk is a retail trading of food and beverage company based in Indonesia. It has three reportable segments: Beverages; Foods; and Others. It generate the majority of its revenue from Beverages.

PT MAP Boga Adiperkasa Tbk (ISX:MAPB) Headlines

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