PT Capitalinc Investment Tbk (ISX:MTFN) Beneish M-Score : -4.19 (As of Mar. 28, 2025)

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What is PT Capitalinc Investment 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 -4.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:MTFN' s Beneish M-Score Range Over the Past 10 Years
Min: -13.18 Med: -2.05 Max: 60.37
Current: -4.19

During the past 13 years, the highest Beneish M-Score of PT Capitalinc Investment Tbk was 60.37. The lowest was -13.18. And the median was -2.05.

PT Capitalinc Investment Tbk Beneish M-Score Historical Data

The historical data trend for PT Capitalinc Investment 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 Capitalinc Investment Tbk Beneish M-Score Chart

PT Capitalinc Investment Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.65

-3.21

-1.94

-3.00

-2.91

PT Capitalinc Investment 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															14.90	-2.91	-3.16	-3.12	-4.19

Competitive Comparison of PT Capitalinc Investment Tbk's Beneish M-Score

For the Oil & Gas E&P subindustry, PT Capitalinc Investment 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 Capitalinc Investment Tbk's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PT Capitalinc Investment Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Capitalinc Investment Tbk's Beneish M-Score falls into.

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PT Capitalinc Investment 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 Capitalinc Investment 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 * 0.7317

0.528 * 0.0645

0.404 * 1.0824

0.892 * 1.1847

0.115 * -5.7056

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7843

4.679 * -0.087578

0.327 * 1.0675

-4.19

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp417,129 Mil.
Revenue was 140222.806 + 133216.322 + 134291.798 + 136687.799 = Rp544,419 Mil.
Gross Profit was 2691.834 + 8786.76 + 1627.079 + 2907.746 = Rp16,013 Mil.
Total Current Assets was Rp442,961 Mil.
Total Assets was Rp500,240 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,492 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp272 Mil.
Selling, General, & Admin. Expense(SGA) was Rp30,443 Mil.
Total Current Liabilities was Rp711,818 Mil.
Long-Term Debt & Capital Lease Obligation was Rp753 Mil.
Net Income was 7583.953 + -4396.327 + -14106.201 + -12387.496 = Rp-23,306 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -1953.94 + -321.238 + 6761.417 + 16017.584 = Rp20,504 Mil.

Total Receivables was Rp481,156 Mil.
Revenue was 129489.1 + 114650.956 + 105382.374 + 110000.547 = Rp459,523 Mil.
Gross Profit was 3984.222 + 2483.177 + 3487.657 + -9083.24 = Rp872 Mil.
Total Current Assets was Rp499,422 Mil.
Total Assets was Rp560,164 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,129 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp-1,506 Mil.
Selling, General, & Admin. Expense(SGA) was Rp32,762 Mil.
Total Current Liabilities was Rp746,361 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,119 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)
	=	(417128.629 / 544418.725)	/	(481155.667 / 459522.977)
	=	0.766191	/	1.047076
	=	0.7317

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)
	=	(871.816 / 459522.977)	/	(16013.419 / 544418.725)
	=	0.001897	/	0.029414
	=	0.0645

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 - (442960.927 + 4491.609) / 500240.138)	/	(1 - (499422.25 + 6129.076) / 560163.584)
	=	0.105525	/	0.097493
	=	1.0824

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
	=	544418.725	/	459522.977
	=	1.1847

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))
	=	(-1506.092 / (-1506.092 + 6129.076))	/	(271.995 / (271.995 + 4491.609))
	=	-0.325784	/	0.057099
	=	-5.7056

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)
	=	(30442.912 / 544418.725)	/	(32761.501 / 459522.977)
	=	0.055918	/	0.071295
	=	0.7843

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)
	=	((752.601 + 711818.257) / 500240.138)	/	((1118.974 + 746361.457) / 560163.584)
	=	1.424458	/	1.334397
	=	1.0675

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
	=	(-23306.071 - 0	-	20503.823)	/	500240.138
	=	-0.087578

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 Capitalinc Investment Tbk has a M-score of -4.19 suggests that the company is unlikely to be a manipulator.

PT Capitalinc Investment Tbk Beneish M-Score Related Terms

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PT Capitalinc Investment Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » PT Capitalinc Investment Tbk (ISX:MTFN) » Definitions » Beneish M-Score

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Address

Jalan Radio Dalam Raya No.2, Kebayoran baru, North Gandaria, Kebayoran Baru, Jakarta, IDN, 12140

Website

http://www.capitalinc-investment.com

PT Capitalinc Investment Tbk is an Indonesia based company engaged in financial services, which invests in mining and energy, focusing on oil and gas. The company's investment in the form of shares ownership in some subsidiaries and associates of the company usually held on oil and gas company, from upstream and downstream. The group derives revenue mainly from the sales and services revenue from its subsidiaries. The group's operating segments are Business Investment segment and Oil and Gas segment. It generates majority of the revenue from Oil & Gas segment.

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