PT Maha Properti Indonesia Tbk (ISX:MPRO) Beneish M-Score : -0.58 (As of Jun. 10, 2024)

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What is PT Maha Properti 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.

Warning Sign:

Beneish M-Score -0.58 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:MPRO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.52 Med: -0.58 Max: 137.08
Current: -0.58

During the past 9 years, the highest Beneish M-Score of PT Maha Properti Indonesia Tbk was 137.08. The lowest was -3.52. And the median was -0.58.

PT Maha Properti Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Maha Properti 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 Maha Properti Indonesia Tbk Beneish M-Score Chart

PT Maha Properti Indonesia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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2.92

3.86

-2.48

-2.25

0.87

PT Maha Properti Indonesia 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															-1.92	-3.31	-3.45	0.87	-0.58

Competitive Comparison of PT Maha Properti Indonesia Tbk's Beneish M-Score

For the Real Estate - Development subindustry, PT Maha Properti 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 Maha Properti Indonesia Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Maha Properti Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Maha Properti 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 Maha Properti 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 * 0.7823

0.528 * 3.6636

0.404 * 0.981

0.892 * 1.7213

0.115 * 1.0604

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.4611

4.679 * -0.003489

0.327 * 1.0877

-0.58

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp3,353 Mil.
Revenue was 867.964 + 1430.213 + 2484.827 + 798.117 = Rp5,581 Mil.
Gross Profit was 198.997 + 409.225 + 736.777 + -27.315 = Rp1,318 Mil.
Total Current Assets was Rp15,096 Mil.
Total Assets was Rp1,708,474 Mil.
Property, Plant and Equipment(Net PPE) was Rp265,607 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp515 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,401 Mil.
Total Current Liabilities was Rp431,080 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was -10353.568 + -10497.006 + -7047.195 + -11602.04 = Rp-39,500 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -881.593 + -14802.767 + -7531.537 + -10322.704 = Rp-33,539 Mil.

Total Receivables was Rp2,490 Mil.
Revenue was 744.887 + 958.923 + 1258.062 + 280.438 = Rp3,242 Mil.
Gross Profit was 47.307 + 2711.331 + 286.204 + -240.382 = Rp2,804 Mil.
Total Current Assets was Rp16,300 Mil.
Total Assets was Rp1,715,168 Mil.
Property, Plant and Equipment(Net PPE) was Rp237,786 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp489 Mil.
Selling, General, & Admin. Expense(SGA) was Rp3,025 Mil.
Total Current Liabilities was Rp397,869 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(3353.177 / 5581.121)	/	(2490.085 / 3242.31)
	=	0.600807	/	0.767997
	=	0.7823

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)
	=	(2804.46 / 3242.31)	/	(1317.684 / 5581.121)
	=	0.864957	/	0.236097
	=	3.6636

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 - (15096.124 + 265607.144) / 1708474.082)	/	(1 - (16299.769 + 237785.939) / 1715167.553)
	=	0.835699	/	0.85186
	=	0.981

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
	=	5581.121	/	3242.31
	=	1.7213

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))
	=	(489.252 / (489.252 + 237785.939))	/	(515.129 / (515.129 + 265607.144))
	=	0.002053	/	0.001936
	=	1.0604

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)
	=	(2400.861 / 5581.121)	/	(3024.692 / 3242.31)
	=	0.430175	/	0.932882
	=	0.4611

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)
	=	((0 + 431080.188) / 1708474.082)	/	((0 + 397868.541) / 1715167.553)
	=	0.252319	/	0.231971
	=	1.0877

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
	=	(-39499.809 - 0	-	-33538.601)	/	1708474.082
	=	-0.003489

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 Maha Properti Indonesia Tbk has a M-score of -0.58 signals that the company is likely to be a manipulator.

PT Maha Properti Indonesia Tbk Beneish M-Score Related Terms

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PT Maha Properti Indonesia Tbk (ISX:MPRO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Maha Properti Indonesia Tbk (ISX:MPRO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Jenderal Sudirman Kav. 27, Mayapada Tower 2, 20th Floor, South Jakarta, Jakarta, IDN, 12920

Website

https://www.mahaproperti.co.id

PT Maha Properti Indonesia Tbk is a property developer. The firm's projects are The Kahyangan, Simprug Signature, The Grand Maja, and Tanjung Layar Beachfront City among others. It operates through Apartment, Office, Building management, and Other segments.

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