PT Multi Bintang Indonesia Tbk (ISX:MLBI) Beneish M-Score : -3.61 (As of Sep. 22, 2024)

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What is PT Multi Bintang 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 -3.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MLBI' s Beneish M-Score Range Over the Past 10 Years
Min: -3.89 Med: -2.85 Max: 0.41
Current: -3.61

During the past 13 years, the highest Beneish M-Score of PT Multi Bintang Indonesia Tbk was 0.41. The lowest was -3.89. And the median was -2.85.

PT Multi Bintang Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Multi Bintang 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.

* Premium members only.

PT Multi Bintang Indonesia Tbk Beneish M-Score Chart

PT Multi Bintang Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.22

-3.89

-3.37

-3.15

-2.08

PT Multi Bintang Indonesia Tbk Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-1.93	-2.22	-2.08	-3.05	-3.61

Competitive Comparison of PT Multi Bintang Indonesia Tbk's Beneish M-Score

For the Beverages - Brewers subindustry, PT Multi Bintang 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 Multi Bintang Indonesia Tbk's Beneish M-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, PT Multi Bintang Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Multi Bintang 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 Multi Bintang 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 * 0.7386

0.528 * 1.0201

0.404 * 0.4429

0.892 * 0.9757

0.115 * 1.0718

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7277

4.679 * -0.143592

0.327 * 1.1065

-3.61

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was Rp406,965 Mil.
Revenue was 727934 + 660914 + 1052036 + 768899 = Rp3,209,783 Mil.
Gross Profit was 434427 + 391982 + 660608 + 457424 = Rp1,944,441 Mil.
Total Current Assets was Rp2,205,160 Mil.
Total Assets was Rp3,785,932 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,404,663 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,184 Mil.
Selling, General, & Admin. Expense(SGA) was Rp354,620 Mil.
Total Current Liabilities was Rp2,646,785 Mil.
Long-Term Debt & Capital Lease Obligation was Rp22,619 Mil.
Net Income was 239374 + 204806 + 373431 + 235011 = Rp1,052,622 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 177083 + 530510 + 425572 + 463086 = Rp1,596,251 Mil.

Total Receivables was Rp564,689 Mil.
Revenue was 761331 + 740016 + 995972 + 792312 = Rp3,289,631 Mil.
Gross Profit was 459451 + 442645 + 630987 + 499768 = Rp2,032,851 Mil.
Total Current Assets was Rp1,277,962 Mil.
Total Assets was Rp3,106,936 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,502,654 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp20,867 Mil.
Selling, General, & Admin. Expense(SGA) was Rp499,412 Mil.
Total Current Liabilities was Rp1,957,484 Mil.
Long-Term Debt & Capital Lease Obligation was Rp22,381 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)
	=	(406965 / 3209783)	/	(564689 / 3289631)
	=	0.126789	/	0.171657
	=	0.7386

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)
	=	(2032851 / 3289631)	/	(1944441 / 3209783)
	=	0.617957	/	0.605786
	=	1.0201

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 - (2205160 + 1404663) / 3785932)	/	(1 - (1277962 + 1502654) / 3106936)
	=	0.046517	/	0.10503
	=	0.4429

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
	=	3209783	/	3289631
	=	0.9757

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))
	=	(20867 / (20867 + 1502654))	/	(18184 / (18184 + 1404663))
	=	0.013697	/	0.01278
	=	1.0718

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)
	=	(354620 / 3209783)	/	(499412 / 3289631)
	=	0.110481	/	0.151814
	=	0.7277

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)
	=	((22619 + 2646785) / 3785932)	/	((22381 + 1957484) / 3106936)
	=	0.705085	/	0.63724
	=	1.1065

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
	=	(1052622 - 0	-	1596251)	/	3785932
	=	-0.143592

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 Multi Bintang Indonesia Tbk has a M-score of -3.61 suggests that the company is unlikely to be a manipulator.

PT Multi Bintang Indonesia Tbk Beneish M-Score Related Terms

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PT Multi Bintang Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » PT Multi Bintang Indonesia Tbk (ISX:MLBI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Let. Jend TB Simatupang Kavling 22 - 26, 20th Floor, Talavera Office Park Building, Jakarta, IDN, 12430

Website

https://www.multibintang.co.id

PT Multi Bintang Indonesia Tbk is a beverage company. The firm is involved in the production, distribution, and sale of beer, including low-alcohol and alcohol-free beer products, cider and carbonated soft drinks. Its brands include Heineken, Bintang, Bintang Radler, Bintang Zero, and Greensands. The firm has a Beverage business segment and operates mainly in Indonesia.

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