PT Madusari Murni Indah Tbk (ISX:MOLI) Beneish M-Score : -2.48 (As of Dec. 14, 2024)

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What is PT Madusari Murni Indah 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 -2.48 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MOLI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.26 Max: -0.26
Current: -2.48

During the past 9 years, the highest Beneish M-Score of PT Madusari Murni Indah Tbk was -0.26. The lowest was -2.92. And the median was -2.26.

PT Madusari Murni Indah Tbk Beneish M-Score Historical Data

The historical data trend for PT Madusari Murni Indah 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 Madusari Murni Indah Tbk Beneish M-Score Chart

PT Madusari Murni Indah Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.95

-1.64

-2.57

-2.72

-2.26

PT Madusari Murni Indah 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															-2.32	-2.26	-2.60	-2.69	-2.48

Competitive Comparison of PT Madusari Murni Indah Tbk's Beneish M-Score

For the Chemicals subindustry, PT Madusari Murni Indah 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 Madusari Murni Indah Tbk's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, PT Madusari Murni Indah Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Madusari Murni Indah Tbk's Beneish M-Score falls into.

PT Madusari Murni Indah 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 Madusari Murni Indah 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 * 1.0949

0.528 * 1.0082

0.404 * 0.8983

0.892 * 0.9765

0.115 * 0.9828

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9415

4.679 * -0.011281

0.327 * 0.9655

-2.48

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp299,262 Mil.
Revenue was 423354.077 + 316555.819 + 306183.31 + 368687.611 = Rp1,414,781 Mil.
Gross Profit was 93819.623 + 77293.87 + 78972.208 + 102470.616 = Rp352,556 Mil.
Total Current Assets was Rp1,203,653 Mil.
Total Assets was Rp2,056,946 Mil.
Property, Plant and Equipment(Net PPE) was Rp718,180 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,607 Mil.
Selling, General, & Admin. Expense(SGA) was Rp137,171 Mil.
Total Current Liabilities was Rp617,942 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,842 Mil.
Net Income was 14222.025 + 3243.327 + 5777.644 + 10542.053 = Rp33,785 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -103873.478 + 70828.501 + 57473.124 + 32562.331 = Rp56,990 Mil.

Total Receivables was Rp279,890 Mil.
Revenue was 383443.765 + 322098.546 + 373998.695 + 369249.058 = Rp1,448,790 Mil.
Gross Profit was 100474.394 + 81346.267 + 89751.874 + 92436.609 = Rp364,009 Mil.
Total Current Assets was Rp1,156,966 Mil.
Total Assets was Rp2,037,762 Mil.
Property, Plant and Equipment(Net PPE) was Rp731,793 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,619 Mil.
Selling, General, & Admin. Expense(SGA) was Rp149,195 Mil.
Total Current Liabilities was Rp617,184 Mil.
Long-Term Debt & Capital Lease Obligation was Rp21,842 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)
	=	(299262.296 / 1414780.817)	/	(279889.945 / 1448790.064)
	=	0.211526	/	0.193189
	=	1.0949

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)
	=	(364009.144 / 1448790.064)	/	(352556.317 / 1414780.817)
	=	0.25125	/	0.249195
	=	1.0082

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 - (1203653.162 + 718180.478) / 2056946.17)	/	(1 - (1156965.862 + 731793.23) / 2037761.768)
	=	0.065686	/	0.073121
	=	0.8983

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
	=	1414780.817	/	1448790.064
	=	0.9765

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))
	=	(10618.602 / (10618.602 + 731793.23))	/	(10606.87 / (10606.87 + 718180.478))
	=	0.014303	/	0.014554
	=	0.9828

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)
	=	(137170.664 / 1414780.817)	/	(149194.568 / 1448790.064)
	=	0.096955	/	0.102979
	=	0.9415

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)
	=	((4841.667 + 617942.18) / 2056946.17)	/	((21841.667 + 617184.48) / 2037761.768)
	=	0.302771	/	0.313592
	=	0.9655

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
	=	(33785.049 - 0	-	56990.478)	/	2056946.17
	=	-0.011281

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 Madusari Murni Indah Tbk has a M-score of -2.48 suggests that the company is unlikely to be a manipulator.

PT Madusari Murni Indah Tbk Beneish M-Score Related Terms

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PT Madusari Murni Indah Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » PT Madusari Murni Indah Tbk (ISX:MOLI) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan Sumber Waras No. 255, Lawang, Kalirejo, Jawa Timur, Malang, IDN, 65216

Website

https://www.molindo.co.id

PT Madusari Murni Indah Tbk is an Indonesian investment holding company. The company is into Production, distribution, trading, advisory, and brokering of various chemical and non-chemical products, both organic and non-organic, such as ethanol, fertilizers,CO2 (liquid and dry forms) among others. The company's operating segments include Ethanol and fertilizer; and Carbon dioxide and others. It generates maximum revenue from Ethanol and fertilizer segment. The company's ethanol products are Prime ethanol; Super quality ethanol; Super fine quality ethanol and Technical grade and spiritus.

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