PT Esta Indonesia Tbk Beneish M-Score Historical Data
The historical data trend for PT Esta 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.
PT Esta Indonesia Tbk Beneish M-Score Chart
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PT Esta Indonesia Tbk Annual Data
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Trend |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
- |
- |
10.13 |
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PT Esta Indonesia Tbk Semi-Annual Data
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|
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
- |
- |
10.13 |
Competitive Comparison of PT Esta Indonesia Tbk's Beneish M-Score
For the Farm Products subindustry, PT Esta 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 Esta Indonesia Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry
For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Esta Indonesia Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Esta Indonesia Tbk's Beneish M-Score falls into.
PT Esta 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 Esta Indonesia Tbk for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 6.0017 | + | 0.528 * 0.9311 | + | 0.404 * 14.5946 | + | 0.892 * 1.3635 | + | 0.115 * 17.8967 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7938 | + | 4.679 * 0.034626 | - | 0.327 * 0.7241 |
| = | 10.13 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was Rp61,935 Mil.
Revenue was Rp600,001 Mil.
Gross Profit was Rp55,220 Mil.
Total Current Assets was Rp200,956 Mil.
Total Assets was Rp317,065 Mil.
Property, Plant and Equipment(Net PPE) was Rp72,144 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp572 Mil.
Selling, General, & Admin. Expense(SGA) was Rp15,596 Mil.
Total Current Liabilities was Rp123,209 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was Rp25,823 Mil.
Gross Profit was Rp0 Mil.
Cash Flow from Operations was Rp14,845 Mil.
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Total Receivables was Rp7,569 Mil.
Revenue was Rp440,045 Mil.
Gross Profit was Rp37,706 Mil.
Total Current Assets was Rp115,732 Mil.
Total Assets was Rp123,510 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,605 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,081 Mil.
Selling, General, & Admin. Expense(SGA) was Rp14,410 Mil.
Total Current Liabilities was Rp66,285 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
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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) |
| = | (61934.785 / 600000.9) | / | (7568.502 / 440044.949) |
| = | 0.103224 | / | 0.017199 |
| | = | 6.0017 |
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) |
| = | (37706.463 / 440044.949) | / | (55220.157 / 600000.9) |
| = | 0.085688 | / | 0.092033 |
| | = | 0.9311 |
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 - (200955.773 + 72144.452) / 317065.296) | / | (1 - (115731.815 + 6604.716) / 123510.035) |
| = | 0.138663 | / | 0.009501 |
| | = | 14.5946 |
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 |
| = | 600000.9 | / | 440044.949 |
| | = | 1.3635 |
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)) |
| = | (1081.319 / (1081.319 + 6604.716)) | / | (571.657 / (571.657 + 72144.452)) |
| = | 0.140686 | / | 0.007861 |
| | = | 17.8967 |
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) |
| = | (15596.469 / 600000.9) | / | (14410.102 / 440044.949) |
| = | 0.025994 | / | 0.032747 |
| | = | 0.7938 |
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 + 123209.438) / 317065.296) | / | ((0 + 66284.912) / 123510.035) |
| = | 0.388593 | / | 0.536676 |
| | = | 0.7241 |
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 |
| = | (25823.446 - 0 | - | 14844.643) | / | 317065.296 |
| | = | 0.034626 |
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 Esta Indonesia Tbk has a M-score of 10.13 signals that the company is likely to be a manipulator.
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