PT NFC Indonesia Tbk (ISX:NFCX) Beneish M-Score : -3.57 (As of Jun. 23, 2024)

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What is PT NFC 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.

Good Sign:

Beneish M-Score -3.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:NFCX' s Beneish M-Score Range Over the Past 10 Years
Min: -3.71 Med: -2.41 Max: 1.47
Current: -3.57

During the past 9 years, the highest Beneish M-Score of PT NFC Indonesia Tbk was 1.47. The lowest was -3.71. And the median was -2.41.

PT NFC Indonesia Tbk Beneish M-Score Historical Data

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

PT NFC Indonesia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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0.12

-1.39

-3.14

-2.20

-3.71

PT NFC 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															-2.60	-2.18	-2.65	-3.71	-3.57

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

For the Internet Content & Information subindustry, PT NFC 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 NFC Indonesia Tbk's Beneish M-Score Distribution in the Interactive Media Industry

For the Interactive Media industry and Communication Services sector, PT NFC Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT NFC 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 NFC 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 * 1.6614

0.528 * 0.7604

0.404 * 1.3513

0.892 * 0.8434

0.115 * 1.0525

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3466

4.679 * -0.294209

0.327 * 1.443

-3.57

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp327,887 Mil.
Revenue was 1930383.04 + 1971892.884 + 2164646.773 + 2471709.242 = Rp8,538,632 Mil.
Gross Profit was 42802.557 + 25465.728 + 36972.215 + 37734.445 = Rp142,975 Mil.
Total Current Assets was Rp996,485 Mil.
Total Assets was Rp1,516,578 Mil.
Property, Plant and Equipment(Net PPE) was Rp272,448 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp21,386 Mil.
Selling, General, & Admin. Expense(SGA) was Rp48,035 Mil.
Total Current Liabilities was Rp539,487 Mil.
Long-Term Debt & Capital Lease Obligation was Rp146,747 Mil.
Net Income was -38433.25 + -190940.825 + -88754.341 + -570.597 = Rp-318,699 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 15961.019 + 33685.34 + 115084.038 + -37238.46 = Rp127,492 Mil.

Total Receivables was Rp234,007 Mil.
Revenue was 2917852.967 + 2473934.389 + 2304438.188 + 2428054.419 = Rp10,124,280 Mil.
Gross Profit was 36595.467 + 25585.895 + 34224.626 + 32492.098 = Rp128,898 Mil.
Total Current Assets was Rp1,533,793 Mil.
Total Assets was Rp2,023,833 Mil.
Property, Plant and Equipment(Net PPE) was Rp245,476 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp20,363 Mil.
Selling, General, & Admin. Expense(SGA) was Rp42,294 Mil.
Total Current Liabilities was Rp534,361 Mil.
Long-Term Debt & Capital Lease Obligation was Rp100,259 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)
	=	(327886.508 / 8538631.939)	/	(234006.768 / 10124279.963)
	=	0.0384	/	0.023113
	=	1.6614

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)
	=	(128898.086 / 10124279.963)	/	(142974.945 / 8538631.939)
	=	0.012732	/	0.016744
	=	0.7604

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 - (996484.955 + 272447.73) / 1516578.313)	/	(1 - (1533792.866 + 245476.029) / 2023832.589)
	=	0.163292	/	0.120842
	=	1.3513

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
	=	8538631.939	/	10124279.963
	=	0.8434

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))
	=	(20363.192 / (20363.192 + 245476.029))	/	(21385.535 / (21385.535 + 272447.73))
	=	0.0766	/	0.072781
	=	1.0525

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)
	=	(48035.243 / 8538631.939)	/	(42294.189 / 10124279.963)
	=	0.005626	/	0.004178
	=	1.3466

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)
	=	((146747.477 + 539487.267) / 1516578.313)	/	((100258.505 + 534360.966) / 2023832.589)
	=	0.452489	/	0.313573
	=	1.443

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
	=	(-318699.013 - 0	-	127491.937)	/	1516578.313
	=	-0.294209

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 NFC Indonesia Tbk has a M-score of -3.57 suggests that the company is unlikely to be a manipulator.

PT NFC Indonesia Tbk Beneish M-Score Related Terms

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PT NFC Indonesia Tbk (ISX:NFCX) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Interactive Media » PT NFC Indonesia Tbk (ISX:NFCX) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Jenderal Gatot Subroto Kav. 1-3, Mangkuluhur City 1, 7th Floor, Karet Semanggi, Daerah Khusus, Jakarta, IDN, 12930

Website

https://www.nfcindonesia.id

PT NFC Indonesia Tbk provides internet software services. The company offers a digital exchange platform to its users. The company's segments include Digital Product Aggregators, Digital Cloud Advertisement, Clean Energy Products and Services, Digital Wholesale, and Integrated Content and Entertainment. The firm derives the majority of revenue from the Digital Product Aggregator segment.

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