PT Modernland Realty Tbk (ISX:MDLN) Beneish M-Score : -2.85 (As of May. 27, 2024)

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What is PT Modernland Realty 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 -2.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MDLN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.83 Med: -1.88 Max: 0.08
Current: -2.85

During the past 13 years, the highest Beneish M-Score of PT Modernland Realty Tbk was 0.08. The lowest was -3.83. And the median was -1.88.

PT Modernland Realty Tbk Beneish M-Score Historical Data

The historical data trend for PT Modernland Realty 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 Modernland Realty Tbk Beneish M-Score Chart

PT Modernland Realty Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.83

-2.53

-1.64

-1.89

-2.67

PT Modernland Realty 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															-1.42	-1.68	-2.28	-2.67	-2.85

Competitive Comparison of PT Modernland Realty Tbk's Beneish M-Score

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

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

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

PT Modernland Realty 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 Modernland Realty 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 * 0.6817

0.528 * 1.0186

0.404 * 0.9705

0.892 * 1.2299

0.115 * 0.9343

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0212

4.679 * -0.053328

0.327 * 1.066

-2.85

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp103,124 Mil.
Revenue was 182151.294 + 369544.576 + 462294.509 + 112761.192 = Rp1,126,752 Mil.
Gross Profit was 79582.202 + 119643.736 + 267784.846 + 50152.234 = Rp517,163 Mil.
Total Current Assets was Rp2,841,497 Mil.
Total Assets was Rp13,717,143 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,936,969 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp27,512 Mil.
Selling, General, & Admin. Expense(SGA) was Rp215,872 Mil.
Total Current Liabilities was Rp3,380,413 Mil.
Long-Term Debt & Capital Lease Obligation was Rp6,046,933 Mil.
Net Income was -270063.109 + -38643.08 + -156183.087 + -103552.543 = Rp-568,442 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -38829.941 + 186391.854 + 61212.123 + -45711.765 = Rp163,062 Mil.

Total Receivables was Rp123,001 Mil.
Revenue was 207707.381 + 484305.414 + 147710.005 + 76415.405 = Rp916,138 Mil.
Gross Profit was 100218.137 + 216676.919 + 76860.687 + 34546.724 = Rp428,302 Mil.
Total Current Assets was Rp2,529,535 Mil.
Total Assets was Rp13,596,571 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,958,645 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp25,875 Mil.
Selling, General, & Admin. Expense(SGA) was Rp171,881 Mil.
Total Current Liabilities was Rp3,191,603 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,574,604 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)
	=	(103123.778 / 1126751.571)	/	(123001.196 / 916138.205)
	=	0.091523	/	0.134261
	=	0.6817

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)
	=	(428302.467 / 916138.205)	/	(517163.018 / 1126751.571)
	=	0.467509	/	0.458986
	=	1.0186

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 - (2841497.039 + 2936969.139) / 13717142.793)	/	(1 - (2529534.848 + 2958645.403) / 13596571.179)
	=	0.578741	/	0.596356
	=	0.9705

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
	=	1126751.571	/	916138.205
	=	1.2299

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))
	=	(25874.996 / (25874.996 + 2958645.403))	/	(27511.856 / (27511.856 + 2936969.139))
	=	0.00867	/	0.00928
	=	0.9343

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)
	=	(215871.75 / 1126751.571)	/	(171880.671 / 916138.205)
	=	0.191588	/	0.187614
	=	1.0212

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)
	=	((6046933.282 + 3380412.83) / 13717142.793)	/	((5574604.472 + 3191602.751) / 13596571.179)
	=	0.687267	/	0.644737
	=	1.066

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
	=	(-568441.819 - 0	-	163062.271)	/	13717142.793
	=	-0.053328

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 Modernland Realty Tbk has a M-score of -2.85 suggests that the company is unlikely to be a manipulator.

PT Modernland Realty Tbk Beneish M-Score Related Terms

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PT Modernland Realty Tbk (ISX:MDLN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Modernland Realty Tbk (ISX:MDLN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Gajah Mada No. 188, Commercial Area, 5th Floor, Green Central City, Jakarta Barat, Jakarta, IDN, 11120

Website

https://www.modernland.co.id

PT Modernland Realty Tbk is engaged in property development of residential housing, industrial areas, warehousing, and apartments; management of the hotel and office buildings; the panel manufacturing industry; golf-course services and management; and investment in property, facilities, and infrastructure. The company's segment comprises Residential, Industrial and Hospitality. The majority of its revenue gets derived from the Residential segment.

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