PT Mark Dynamics Indonesia Tbk (ISX:MARK) Beneish M-Score : -2.22 (As of Apr. 05, 2025)

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What is PT Mark Dynamics 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 -2.22 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MARK' s Beneish M-Score Range Over the Past 10 Years
Min: -2.76 Med: -2.12 Max: -1.26
Current: -2.22

During the past 11 years, the highest Beneish M-Score of PT Mark Dynamics Indonesia Tbk was -1.26. The lowest was -2.76. And the median was -2.12.

PT Mark Dynamics Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Mark Dynamics 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.

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PT Mark Dynamics Indonesia Tbk Beneish M-Score Chart

PT Mark Dynamics Indonesia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.76

-1.55

-2.22

-1.26

-2.22

PT Mark Dynamics Indonesia 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															-1.26	-1.79	-4.85	6.07	-2.22

Competitive Comparison of PT Mark Dynamics Indonesia Tbk's Beneish M-Score

For the Medical Instruments & Supplies subindustry, PT Mark Dynamics 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 Mark Dynamics Indonesia Tbk's Beneish M-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, PT Mark Dynamics Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Mark Dynamics 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 Mark Dynamics 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 * 0.6593

0.528 * 0.9711

0.404 * 1.7425

0.892 * 1.6265

0.115 * 0.8757

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2139

4.679 * -0.056592

0.327 * 0.8532

-2.22

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp166,888 Mil.
Revenue was 211875.926 + 242757.876 + 243360.444 + 211991.932 = Rp909,986 Mil.
Gross Profit was 84325.028 + 118080.106 + 124660.718 + 114587.451 = Rp441,653 Mil.
Total Current Assets was Rp430,265 Mil.
Total Assets was Rp955,841 Mil.
Property, Plant and Equipment(Net PPE) was Rp501,527 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp11,015 Mil.
Selling, General, & Admin. Expense(SGA) was Rp40,946 Mil.
Total Current Liabilities was Rp81,027 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,596 Mil.
Net Income was 65402.827 + 73927.388 + 74974.962 + 72229.905 = Rp286,535 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 64990.424 + 50463.477 + 147401.843 + 77772.416 = Rp340,628 Mil.

Total Receivables was Rp155,635 Mil.
Revenue was 158393.32 + 138459.571 + 132606.733 + 130009.353 = Rp559,469 Mil.
Gross Profit was 83520.996 + 59422.825 + 61680.954 + 59073.418 = Rp263,698 Mil.
Total Current Assets was Rp423,036 Mil.
Total Assets was Rp951,551 Mil.
Property, Plant and Equipment(Net PPE) was Rp514,775 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp9,874 Mil.
Selling, General, & Admin. Expense(SGA) was Rp20,737 Mil.
Total Current Liabilities was Rp79,295 Mil.
Long-Term Debt & Capital Lease Obligation was Rp21,774 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)
	=	(166887.934 / 909986.178)	/	(155634.896 / 559468.977)
	=	0.183396	/	0.278183
	=	0.6593

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)
	=	(263698.193 / 559468.977)	/	(441653.303 / 909986.178)
	=	0.471337	/	0.485341
	=	0.9711

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 - (430265.057 + 501527.119) / 955841.009)	/	(1 - (423036.125 + 514775.158) / 951550.724)
	=	0.02516	/	0.014439
	=	1.7425

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
	=	909986.178	/	559468.977
	=	1.6265

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))
	=	(9873.613 / (9873.613 + 514775.158))	/	(11014.74 / (11014.74 + 501527.119))
	=	0.018819	/	0.02149
	=	0.8757

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)
	=	(40946.169 / 909986.178)	/	(20737.336 / 559468.977)
	=	0.044996	/	0.037066
	=	1.2139

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)
	=	((5596.134 + 81027.033) / 955841.009)	/	((21773.92 + 79294.933) / 951550.724)
	=	0.090625	/	0.106215
	=	0.8532

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
	=	(286535.082 - 0	-	340628.16)	/	955841.009
	=	-0.056592

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 Mark Dynamics Indonesia Tbk has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.

PT Mark Dynamics Indonesia Tbk Beneish M-Score Related Terms

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PT Mark Dynamics Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Devices & Instruments » PT Mark Dynamics Indonesia Tbk (ISX:MARK) » Definitions » Beneish M-Score

Comparable Companies

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Address

Jalan Raya Medan Lubuk Pakam Km. 19,5, Jalan Pelita Barat No. 2, Deli Serdang, Kawas Insdustri Medan Star, Tanjung Morawa, North Sumatera, Medan, IDN, 20362

Website

http://www.markdynamicsindo.com

PT Mark Dynamics Indonesia Tbk is a manufacturer of hand former or glove molds in Indonesia. The company's products include examination formers, surgical formers, household formers, custom-made formers, and industrial formers for export purposes. The products of the company are mainly exported to nitrile and latex glove manufacturers in Malaysia, Thailand, China, and the United States. The company also distributes its products in Indonesia. The company generates the majority of its revenue from the sale of Glove Mould.