PT Mega Manunggal Property Tbk (ISX:MMLP) Beneish M-Score : -2.59 (As of Jun. 17, 2024)

View and export this data going back to 2015. Start your Free Trial

What is PT Mega Manunggal Property 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MMLP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.6 Med: -2.36 Max: 2.19
Current: -2.59

During the past 13 years, the highest Beneish M-Score of PT Mega Manunggal Property Tbk was 2.19. The lowest was -3.60. And the median was -2.36.

PT Mega Manunggal Property Tbk Beneish M-Score Historical Data

The historical data trend for PT Mega Manunggal Property 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 Mega Manunggal Property Tbk Beneish M-Score Chart

PT Mega Manunggal Property Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.36

-1.87

-2.21

-2.88

-2.49

PT Mega Manunggal Property 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															-3.57	-2.94	-2.97	-2.49	-2.59

Competitive Comparison of PT Mega Manunggal Property Tbk's Beneish M-Score

For the Real Estate Services subindustry, PT Mega Manunggal Property 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 Mega Manunggal Property Tbk's Beneish M-Score Distribution in the Real Estate Industry

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

* The bar in red indicates where PT Mega Manunggal Property Tbk's Beneish M-Score falls into.

PT Mega Manunggal Property 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 Mega Manunggal Property 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 * 0.8548

0.528 * 0.9926

0.404 * 1.0586

0.892 * 1.0285

0.115 * 0.6233

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6106

4.679 * -0.021172

0.327 * 0.8486

-2.59

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp57,320 Mil.
Revenue was 87111.854 + 87043.003 + 88252.139 + 86825.312 = Rp349,232 Mil.
Gross Profit was 87111.854 + 87043.003 + 88252.139 + 86825.312 = Rp349,232 Mil.
Total Current Assets was Rp332,855 Mil.
Total Assets was Rp6,303,742 Mil.
Property, Plant and Equipment(Net PPE) was Rp35,395 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,297 Mil.
Selling, General, & Admin. Expense(SGA) was Rp11,252 Mil.
Total Current Liabilities was Rp296,883 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,381,934 Mil.
Net Income was 29666.678 + 27337.461 + 21054.325 + 27613.829 = Rp105,672 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 79713.341 + 82200.783 + 9497.068 + 67726.725 = Rp239,138 Mil.

Total Receivables was Rp65,199 Mil.
Revenue was 86228.511 + 85269.487 + 84134.259 + 83917.04 = Rp339,549 Mil.
Gross Profit was 86228.511 + 84411.352 + 83297.245 + 83093.236 = Rp337,030 Mil.
Total Current Assets was Rp665,697 Mil.
Total Assets was Rp6,580,845 Mil.
Property, Plant and Equipment(Net PPE) was Rp61,973 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,396 Mil.
Selling, General, & Admin. Expense(SGA) was Rp17,917 Mil.
Total Current Liabilities was Rp682,937 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,382,299 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)
	=	(57319.964 / 349232.308)	/	(65198.533 / 339549.297)
	=	0.164131	/	0.192015
	=	0.8548

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)
	=	(337030.344 / 339549.297)	/	(349232.308 / 349232.308)
	=	0.992581	/	1
	=	0.9926

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 - (332854.534 + 35394.733) / 6303742.381)	/	(1 - (665697.434 + 61973.147) / 6580844.942)
	=	0.941582	/	0.889426
	=	1.0586

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
	=	349232.308	/	339549.297
	=	1.0285

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))
	=	(1396.08 / (1396.08 + 61973.147))	/	(1296.801 / (1296.801 + 35394.733))
	=	0.022031	/	0.035343
	=	0.6233

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)
	=	(11251.894 / 349232.308)	/	(17916.701 / 339549.297)
	=	0.032219	/	0.052766
	=	0.6106

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)
	=	((1381933.678 + 296883.443) / 6303742.381)	/	((1382299.372 + 682936.549) / 6580844.942)
	=	0.266321	/	0.313825
	=	0.8486

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
	=	(105672.293 - 0	-	239137.917)	/	6303742.381
	=	-0.021172

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 Mega Manunggal Property Tbk has a M-score of -2.59 suggests that the company is unlikely to be a manipulator.

PT Mega Manunggal Property Tbk Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PT Mega Manunggal Property Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PT Mega Manunggal Property Tbk (ISX:MMLP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Mega Manunggal Property Tbk (ISX:MMLP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Cililitan Besar No. 454, Grha Intirub, 2nd Floor, Intirub Business Park, Jakarta Timur, Jakarta, IDN, 13650

Website

https://www.mmproperty.com

PT Mega Manunggal Property Tbk is a warehouse provider that supports industrial property needs in Indonesia by providing well-built office buildings and logistics warehouses in Indonesia. The group operates in one business segment which is warehouse and office space leasing. The company's revenue is derived from the lease of a warehouse, office space and its supporting facilities.