PT MNC Digital Entertainment Tbk (ISX:MSIN) Beneish M-Score : -2.20 (As of Mar. 27, 2025)

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What is PT MNC Digital Entertainment 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 -2.2 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MSIN' s Beneish M-Score Range Over the Past 10 Years
Min: -15.37 Med: -2.28 Max: 0.1
Current: -2.2

During the past 11 years, the highest Beneish M-Score of PT MNC Digital Entertainment Tbk was 0.10. The lowest was -15.37. And the median was -2.28.

PT MNC Digital Entertainment Tbk Beneish M-Score Historical Data

The historical data trend for PT MNC Digital Entertainment 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 MNC Digital Entertainment Tbk Beneish M-Score Chart

PT MNC Digital Entertainment Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.09

-1.93

-3.68

-2.49

-2.20

PT MNC Digital Entertainment Tbk Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.49	-2.45	-2.45	-2.74	-2.20

Competitive Comparison of PT MNC Digital Entertainment Tbk's Beneish M-Score

For the Entertainment subindustry, PT MNC Digital Entertainment 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 MNC Digital Entertainment Tbk's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, PT MNC Digital Entertainment Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT MNC Digital Entertainment Tbk's Beneish M-Score falls into.

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PT MNC Digital Entertainment 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 MNC Digital Entertainment 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 * 1.1376

0.528 * 1.0041

0.404 * 1.0421

0.892 * 1.1753

0.115 * 1.0328

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9568

4.679 * -0.021769

0.327 * 0.796

-2.20

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp1,169,574 Mil.
Revenue was 1167278 + 666062 + 876139 + 760720 = Rp3,470,199 Mil.
Gross Profit was 203991 + 165559 + 337272 + 258433 = Rp965,255 Mil.
Total Current Assets was Rp2,776,147 Mil.
Total Assets was Rp7,612,135 Mil.
Property, Plant and Equipment(Net PPE) was Rp461,020 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp251,521 Mil.
Selling, General, & Admin. Expense(SGA) was Rp144,561 Mil.
Total Current Liabilities was Rp561,533 Mil.
Long-Term Debt & Capital Lease Obligation was Rp172,283 Mil.
Net Income was 50663 + 44080 + 187508 + 116282 = Rp398,533 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 88396 + 335203 + 87307 + 53337 = Rp564,243 Mil.

Total Receivables was Rp874,776 Mil.
Revenue was 588206 + 628588 + 911929 + 823906 = Rp2,952,629 Mil.
Gross Profit was 92201 + 131992 + 310447 + 290002 = Rp824,642 Mil.
Total Current Assets was Rp2,572,733 Mil.
Total Assets was Rp6,739,478 Mil.
Property, Plant and Equipment(Net PPE) was Rp449,783 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp258,072 Mil.
Selling, General, & Admin. Expense(SGA) was Rp128,558 Mil.
Total Current Liabilities was Rp611,556 Mil.
Long-Term Debt & Capital Lease Obligation was Rp204,613 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)
	=	(1169574 / 3470199)	/	(874776 / 2952629)
	=	0.337034	/	0.29627
	=	1.1376

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)
	=	(824642 / 2952629)	/	(965255 / 3470199)
	=	0.279291	/	0.278156
	=	1.0041

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 - (2776147 + 461020) / 7612135)	/	(1 - (2572733 + 449783) / 6739478)
	=	0.574736	/	0.551521
	=	1.0421

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
	=	3470199	/	2952629
	=	1.1753

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))
	=	(258072 / (258072 + 449783))	/	(251521 / (251521 + 461020))
	=	0.364583	/	0.352992
	=	1.0328

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)
	=	(144561 / 3470199)	/	(128558 / 2952629)
	=	0.041658	/	0.04354
	=	0.9568

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)
	=	((172283 + 561533) / 7612135)	/	((204613 + 611556) / 6739478)
	=	0.096401	/	0.121103
	=	0.796

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
	=	(398533 - 0	-	564243)	/	7612135
	=	-0.021769

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 MNC Digital Entertainment Tbk has a M-score of -2.20 suggests that the company is unlikely to be a manipulator.

PT MNC Digital Entertainment Tbk Beneish M-Score Related Terms

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PT MNC Digital Entertainment Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » PT MNC Digital Entertainment Tbk (ISX:MSIN) » Definitions » Beneish M-Score

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Address

Jalan Raya Pejuangan No. 1, Kebon Jeruk, MNC Pictures Building, MNC Studios Complex, West Jakarta, Jakarta, IDN, 11530

Website

https://www.mncdigital.com

PT MNC Digital Entertainment Tbk is a film and entertainment company. It owns and operates digital platforms, and online portals, produces, develops & distributes content & IP, and is also engaged in artist management, music labels, social media management, and E-Sports & Gaming business. The company's operating segments include Digital, Content and IP, and subscription. The company generates maximum revenue from the Digital segment.

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