PT Trimegah Bangun Persada Tbk (ISX:NCKL) Beneish M-Score : -2.44 (As of Mar. 04, 2025)

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What is PT Trimegah Bangun Persada 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 -2.44 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:NCKL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.44 Med: -0.88 Max: 1.55
Current: -2.44

During the past 5 years, the highest Beneish M-Score of PT Trimegah Bangun Persada Tbk was 1.55. The lowest was -2.44. And the median was -0.88.

PT Trimegah Bangun Persada Tbk Beneish M-Score Historical Data

The historical data trend for PT Trimegah Bangun Persada 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 Trimegah Bangun Persada Tbk Beneish M-Score Chart

PT Trimegah Bangun Persada Tbk Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

0.29

PT Trimegah Bangun Persada Tbk Quarterly Data
	Dec19	Dec20	Sep21	Dec21	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial									1.55	0.29	-	-2.04	-2.44

Competitive Comparison of PT Trimegah Bangun Persada Tbk's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, PT Trimegah Bangun Persada 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 Trimegah Bangun Persada Tbk's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, PT Trimegah Bangun Persada Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Trimegah Bangun Persada Tbk's Beneish M-Score falls into.

PT Trimegah Bangun Persada 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 Trimegah Bangun Persada 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 * 0.6329

0.528 * 1.1055

0.404 * 1.2489

0.892 * 1.3807

0.115 * 0.5345

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9599

4.679 * -0.022167

0.327 * 0.892

-2.44

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp2,186,198 Mil.
Revenue was 7574520 + 6769720 + 6034165 + 6558083 = Rp26,936,488 Mil.
Gross Profit was 2840454 + 2204535 + 1617652 + 2141804 = Rp8,804,445 Mil.
Total Current Assets was Rp16,012,295 Mil.
Total Assets was Rp51,697,815 Mil.
Property, Plant and Equipment(Net PPE) was Rp21,698,003 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp91,656 Mil.
Selling, General, & Admin. Expense(SGA) was Rp579,986 Mil.
Total Current Liabilities was Rp8,384,529 Mil.
Long-Term Debt & Capital Lease Obligation was Rp9,134,340 Mil.
Net Income was 2032760 + 1804851 + 1001328 + 1154337 = Rp5,993,276 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1952635 + 1190986 + 2366957 + 1628658 = Rp7,139,236 Mil.

Total Receivables was Rp2,501,897 Mil.
Revenue was 7057299 + 5456101 + 4786378 + 2209990.639 = Rp19,509,769 Mil.
Gross Profit was 2635214 + 1932127 + 1566702 + 915381.904 = Rp7,049,425 Mil.
Total Current Assets was Rp12,856,105 Mil.
Total Assets was Rp45,088,746 Mil.
Property, Plant and Equipment(Net PPE) was Rp22,464,265 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp50,622 Mil.
Selling, General, & Admin. Expense(SGA) was Rp437,640 Mil.
Total Current Liabilities was Rp9,374,804 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,755,230 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)
	=	(2186198 / 26936488)	/	(2501897.179 / 19509768.639)
	=	0.081161	/	0.128238
	=	0.6329

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)
	=	(7049424.904 / 19509768.639)	/	(8804445 / 26936488)
	=	0.361328	/	0.326859
	=	1.1055

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 - (16012295 + 21698003) / 51697815)	/	(1 - (12856105.414 + 22464264.978) / 45088745.587)
	=	0.270563	/	0.216648
	=	1.2489

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
	=	26936488	/	19509768.639
	=	1.3807

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))
	=	(50622 / (50622 + 22464264.978))	/	(91656 / (91656 + 21698003))
	=	0.002248	/	0.004206
	=	0.5345

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)
	=	(579986 / 26936488)	/	(437639.958 / 19509768.639)
	=	0.021532	/	0.022432
	=	0.9599

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)
	=	((9134340 + 8384529) / 51697815)	/	((7755230.353 + 9374804.325) / 45088745.587)
	=	0.338871	/	0.379918
	=	0.892

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
	=	(5993276 - 0	-	7139236)	/	51697815
	=	-0.022167

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 Trimegah Bangun Persada Tbk has a M-score of -2.44 suggests that the company is unlikely to be a manipulator.

PT Trimegah Bangun Persada Tbk Beneish M-Score Related Terms

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PT Trimegah Bangun Persada Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » PT Trimegah Bangun Persada Tbk (ISX:NCKL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Jendral Sudirman Kav. 1, Gedung Bank Panin Lt. 2, Kelurahan Gelora, Kecamatan Tanah Abang, Jakarta Pusat, IDN, 10270

Website

https://www.tbpnickel.com

TBP Group is an Indonesian nickel producer with upstream and downstream capabilities primarily based on Obi Islands in North Maluku province. Based on AME Mineral Economics' estimates for 2022 nickel mining volumes, TBP Group is the largest pure-play nickel producer in Indonesia. Since its establishment, it has gained vital support from controlling owner Harita Jayaraya, part of the Harita Group, a conglomerate with over 100 years of business experience in Indonesia.

PT Trimegah Bangun Persada Tbk Headlines

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