PT Matahari Putra Prima Tbk (ISX:MPPA) Beneish M-Score : -2.79 (As of Jun. 13, 2024)

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What is PT Matahari Putra Prima 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 -2.79 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MPPA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.38 Med: -3.13 Max: -1.45
Current: -2.79

During the past 13 years, the highest Beneish M-Score of PT Matahari Putra Prima Tbk was -1.45. The lowest was -4.38. And the median was -3.13.

PT Matahari Putra Prima Tbk Beneish M-Score Historical Data

The historical data trend for PT Matahari Putra Prima 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 Matahari Putra Prima Tbk Beneish M-Score Chart

PT Matahari Putra Prima Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-4.05

-3.76

-3.17

-3.07

PT Matahari Putra Prima 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															-3.28	-3.41	-2.90	-3.07	-2.79

Competitive Comparison of PT Matahari Putra Prima Tbk's Beneish M-Score

For the Department Stores subindustry, PT Matahari Putra Prima 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 Matahari Putra Prima Tbk's Beneish M-Score Distribution in the Retail - Cyclical Industry

For the Retail - Cyclical industry and Consumer Cyclical sector, PT Matahari Putra Prima Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Matahari Putra Prima Tbk's Beneish M-Score falls into.

PT Matahari Putra Prima 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 Matahari Putra Prima 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 * 1.3004

0.528 * 1.0308

0.404 * 1.0828

0.892 * 0.9971

0.115 * 1.0222

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8717

4.679 * -0.143852

0.327 * 0.9565

-2.79

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp303,939 Mil.
Revenue was 2059073 + 1315966 + 1706070 + 2015745 = Rp7,096,854 Mil.
Gross Profit was 318751 + 307797 + 271925 + 323681 = Rp1,222,154 Mil.
Total Current Assets was Rp2,145,976 Mil.
Total Assets was Rp4,087,093 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,365,134 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp413,340 Mil.
Selling, General, & Admin. Expense(SGA) was Rp411,803 Mil.
Total Current Liabilities was Rp2,696,273 Mil.
Long-Term Debt & Capital Lease Obligation was Rp986,614 Mil.
Net Income was -30071 + -7849 + -102117 + -45397 = Rp-185,434 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 228842 + 175059 + -89234 + 87836 = Rp402,503 Mil.

Total Receivables was Rp234,404 Mil.
Revenue was 1877021 + 1388794 + 1719257 + 2132276 = Rp7,117,348 Mil.
Gross Profit was 305267 + 312183 + 296418 + 349536 = Rp1,263,404 Mil.
Total Current Assets was Rp2,221,166 Mil.
Total Assets was Rp4,325,363 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,541,230 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp480,228 Mil.
Selling, General, & Admin. Expense(SGA) was Rp473,786 Mil.
Total Current Liabilities was Rp3,015,340 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,059,708 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)
	=	(303939 / 7096854)	/	(234404 / 7117348)
	=	0.042827	/	0.032934
	=	1.3004

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)
	=	(1263404 / 7117348)	/	(1222154 / 7096854)
	=	0.17751	/	0.172211
	=	1.0308

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 - (2145976 + 1365134) / 4087093)	/	(1 - (2221166 + 1541230) / 4325363)
	=	0.140927	/	0.130155
	=	1.0828

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
	=	7096854	/	7117348
	=	0.9971

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))
	=	(480228 / (480228 + 1541230))	/	(413340 / (413340 + 1365134))
	=	0.237565	/	0.232413
	=	1.0222

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)
	=	(411803 / 7096854)	/	(473786 / 7117348)
	=	0.058026	/	0.066568
	=	0.8717

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)
	=	((986614 + 2696273) / 4087093)	/	((1059708 + 3015340) / 4325363)
	=	0.901102	/	0.942129
	=	0.9565

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
	=	(-185434 - 0	-	402503)	/	4087093
	=	-0.143852

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 Matahari Putra Prima Tbk has a M-score of -2.79 suggests that the company is unlikely to be a manipulator.

PT Matahari Putra Prima Tbk Beneish M-Score Related Terms

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PT Matahari Putra Prima Tbk (ISX:MPPA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Retail - Cyclical » PT Matahari Putra Prima Tbk (ISX:MPPA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

LU6A:Germany

Address

Jalan Sultan Falatehan, Hypermart Cyberpark, Upper Ground Floor, Lippo Karawaci Utara, Banten, Tangerang, IDN, 15138

Website

https://www.mppa.co.id

PT Matahari Putra Prima Tbk is engaged in retail business. The company focuses on fast moving consumer goods through brands like hypermart, smart club, Boston health and beauty, and FMX. These brands are engaged in providing wholesale business, fresh foods, bakery, ready to eat products, and personal care products. It mainly operates in two segments: Retail and Wholesale. The Retail segment accounts for majority revenue of the firm.

PT Matahari Putra Prima Tbk (ISX:MPPA) Headlines

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