PT Nusa Raya Cipta Tbk (ISX:NRCA) Beneish M-Score : -2.64 (As of Mar. 30, 2025)

View and export this data going back to 2013. Start your Free Trial

What is PT Nusa Raya Cipta 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 -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:NRCA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.25 Max: -1.43
Current: -2.64

During the past 12 years, the highest Beneish M-Score of PT Nusa Raya Cipta Tbk was -1.43. The lowest was -3.14. And the median was -2.25.

PT Nusa Raya Cipta Tbk Beneish M-Score Historical Data

The historical data trend for PT Nusa Raya Cipta 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 Nusa Raya Cipta Tbk Beneish M-Score Chart

PT Nusa Raya Cipta Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-2.04

-2.09

-2.67

-2.18

-2.61

PT Nusa Raya Cipta 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															-2.27	-2.61	-2.07	-2.22	-2.64

Competitive Comparison of PT Nusa Raya Cipta Tbk's Beneish M-Score

For the Engineering & Construction subindustry, PT Nusa Raya Cipta 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 Nusa Raya Cipta Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Nusa Raya Cipta Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Nusa Raya Cipta Tbk's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

PT Nusa Raya Cipta 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 Nusa Raya Cipta 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 * 0.8871

0.528 * 0.9265

0.404 * 0.9678

0.892 * 1.2723

0.115 * 0.851

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2685

4.679 * -0.02993

0.327 * 1.1229

-2.64

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp1,736,598 Mil.
Revenue was 927943.144 + 891381.762 + 715011.975 + 894018.169 = Rp3,428,355 Mil.
Gross Profit was 107225.713 + 82805.302 + 79376.252 + 112843.76 = Rp382,251 Mil.
Total Current Assets was Rp2,372,267 Mil.
Total Assets was Rp2,606,459 Mil.
Property, Plant and Equipment(Net PPE) was Rp81,137 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp11,125 Mil.
Selling, General, & Admin. Expense(SGA) was Rp21,412 Mil.
Total Current Liabilities was Rp1,291,397 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 25095.692 + 30866.813 + 28755.897 + 17280.977 = Rp101,999 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -40653.442 + 107605.367 + -78348.491 + 191407.706 = Rp180,011 Mil.

Total Receivables was Rp1,538,662 Mil.
Revenue was 760532.568 + 588764.002 + 652192.537 + 693072.927 = Rp2,694,562 Mil.
Gross Profit was 70501.257 + 65830.91 + 72278.715 + 69756.026 = Rp278,367 Mil.
Total Current Assets was Rp2,061,633 Mil.
Total Assets was Rp2,277,884 Mil.
Property, Plant and Equipment(Net PPE) was Rp78,046 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp8,924 Mil.
Selling, General, & Admin. Expense(SGA) was Rp13,269 Mil.
Total Current Liabilities was Rp1,005,039 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(1736597.523 / 3428355.05)	/	(1538661.902 / 2694562.034)
	=	0.50654	/	0.571025
	=	0.8871

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)
	=	(278366.908 / 2694562.034)	/	(382251.027 / 3428355.05)
	=	0.103307	/	0.111497
	=	0.9265

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 - (2372267.347 + 81137.434) / 2606458.975)	/	(1 - (2061633.494 + 78045.824) / 2277884.076)
	=	0.058721	/	0.060672
	=	0.9678

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
	=	3428355.05	/	2694562.034
	=	1.2723

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))
	=	(8923.945 / (8923.945 + 78045.824))	/	(11124.94 / (11124.94 + 81137.434))
	=	0.10261	/	0.120579
	=	0.851

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)
	=	(21412.141 / 3428355.05)	/	(13268.996 / 2694562.034)
	=	0.006246	/	0.004924
	=	1.2685

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 + 1291397.337) / 2606458.975)	/	((0 + 1005039.126) / 2277884.076)
	=	0.49546	/	0.441216
	=	1.1229

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
	=	(101999.379 - 0	-	180011.14)	/	2606458.975
	=	-0.02993

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 Nusa Raya Cipta Tbk has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.

PT Nusa Raya Cipta Tbk Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PT Nusa Raya Cipta Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PT Nusa Raya Cipta Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Nusa Raya Cipta Tbk (ISX:NRCA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan D. I. Panjaitan Number 40, Graha Cipta Building Lantai 2, Jakarta, IDN, 13350

Website

https://www.nusarayacipta.com

PT Nusa Raya Cipta Tbk is an Indonesia-based company engaged in construction services. The company's project comprises the construction of hotels and resorts, office buildings, apartments, hospitals, malls, shopping centers, and factories. It operates in two business segments; the Construction segment which generates key revenue for the company and the Hospitality segment. The company conducts its business in multiple locations based on regional offices, namely Jakarta, Denpasar, Semarang, Surabaya, and Medan.

PT Nusa Raya Cipta Tbk Headlines

No Headlines