PT Mulia Industrindo Tbk (ISX:MLIA) Beneish M-Score : -2.53 (As of Dec. 15, 2024)

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What is PT Mulia Industrindo 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 -2.53 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MLIA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.5 Max: -0.58
Current: -2.53

During the past 13 years, the highest Beneish M-Score of PT Mulia Industrindo Tbk was -0.58. The lowest was -3.09. And the median was -2.50.

PT Mulia Industrindo Tbk Beneish M-Score Historical Data

The historical data trend for PT Mulia Industrindo 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 Mulia Industrindo Tbk Beneish M-Score Chart

PT Mulia Industrindo Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.58

-2.59

-2.61

-2.46

-2.32

PT Mulia Industrindo Tbk Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.14	-2.32	-2.60	-2.44	-2.53

Competitive Comparison of PT Mulia Industrindo Tbk's Beneish M-Score

For the Building Products & Equipment subindustry, PT Mulia Industrindo 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 Mulia Industrindo Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Mulia Industrindo Tbk's Beneish M-Score distribution charts can be found below:

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

PT Mulia Industrindo 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 Mulia Industrindo 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 * 1.0711

0.528 * 1.1469

0.404 * 0.85

0.892 * 0.9528

0.115 * 1.0082

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.075

4.679 * -0.029464

0.327 * 0.8271

-2.53

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp797,410 Mil.
Revenue was 1251859.58 + 1009032.625 + 1072478.617 + 1235330.632 = Rp4,568,701 Mil.
Gross Profit was 322354.934 + 210458.004 + 271743.003 + 332809.287 = Rp1,137,365 Mil.
Total Current Assets was Rp2,462,828 Mil.
Total Assets was Rp6,960,061 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,490,013 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp8,743 Mil.
Selling, General, & Admin. Expense(SGA) was Rp319,764 Mil.
Total Current Liabilities was Rp1,004,978 Mil.
Long-Term Debt & Capital Lease Obligation was Rp355,555 Mil.
Net Income was 89891.635 + 67799.744 + 105829.746 + 137688.679 = Rp401,210 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 80069.4 + 128783.224 + 69751.222 + 327673.888 = Rp606,278 Mil.

Total Receivables was Rp781,378 Mil.
Revenue was 1264921.889 + 1014097.133 + 1292061.652 + 1223851.665 = Rp4,794,932 Mil.
Gross Profit was 363151.361 + 307584.099 + 353902.468 + 344405.079 = Rp1,369,043 Mil.
Total Current Assets was Rp2,303,559 Mil.
Total Assets was Rp6,797,870 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,486,017 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp8,807 Mil.
Selling, General, & Admin. Expense(SGA) was Rp312,175 Mil.
Total Current Liabilities was Rp1,053,541 Mil.
Long-Term Debt & Capital Lease Obligation was Rp553,000 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)
	=	(797410.077 / 4568701.454)	/	(781378.236 / 4794932.339)
	=	0.174538	/	0.162959
	=	1.0711

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)
	=	(1369043.007 / 4794932.339)	/	(1137365.228 / 4568701.454)
	=	0.285519	/	0.248947
	=	1.1469

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 - (2462827.779 + 4490012.938) / 6960060.806)	/	(1 - (2303559.404 + 4486017.133) / 6797869.65)
	=	0.001037	/	0.00122
	=	0.85

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
	=	4568701.454	/	4794932.339
	=	0.9528

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))
	=	(8806.655 / (8806.655 + 4486017.133))	/	(8743.205 / (8743.205 + 4490012.938))
	=	0.001959	/	0.001943
	=	1.0082

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)
	=	(319763.756 / 4568701.454)	/	(312175.393 / 4794932.339)
	=	0.06999	/	0.065105
	=	1.075

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)
	=	((355554.606 + 1004977.544) / 6960060.806)	/	((552999.73 + 1053541.419) / 6797869.65)
	=	0.195477	/	0.23633
	=	0.8271

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
	=	(401209.804 - 0	-	606277.734)	/	6960060.806
	=	-0.029464

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 Mulia Industrindo Tbk has a M-score of -2.53 suggests that the company is unlikely to be a manipulator.

PT Mulia Industrindo Tbk Beneish M-Score Related Terms

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PT Mulia Industrindo Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Mulia Industrindo Tbk (ISX:MLIA) » Definitions » Beneish M-Score

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Address

Jalan H.R. Rasuna Said Kav, 2nd Floor, Atrium Mulia Building, B 10-11 Setiabudi, South Jakarta, Jakarta, IDN, 12910

Website

https://www.muliaindustrindo.com

PT Mulia Industrindo Tbk is an Indonesian company. The company operates in below business segments namely, Float glass, Glass containers segment which comprises of production of float glass, and glass containers. Glass blocks, and Safety Glass. The majority of its revenues are derived from its Float glass business unit from the Indonesian market. The group operates in Indonesia, Asia, Australia, Europe, America, and Africa.

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