PT Indonesia Prima Property Tbk (ISX:OMRE) Beneish M-Score : -3.33 (As of Jun. 24, 2024)

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What is PT Indonesia Prima Property 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 -3.33 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:OMRE' s Beneish M-Score Range Over the Past 10 Years
Min: -3.33 Med: -2.25 Max: 4.41
Current: -3.33

During the past 12 years, the highest Beneish M-Score of PT Indonesia Prima Property Tbk was 4.41. The lowest was -3.33. And the median was -2.25.

PT Indonesia Prima Property Tbk Beneish M-Score Historical Data

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

PT Indonesia Prima Property Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.22

-0.97

-3.00

-2.53

-2.78

PT Indonesia Prima Property 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															-2.27	-1.85	-2.69	-2.78	-3.33

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

For the Real Estate Services subindustry, PT Indonesia Prima Property 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 Indonesia Prima Property Tbk's Beneish M-Score Distribution in the Real Estate Industry

For the Real Estate industry and Real Estate sector, PT Indonesia Prima Property Tbk's Beneish M-Score distribution charts can be found below:

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

PT Indonesia Prima Property 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 Indonesia Prima Property 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 * 0.0991

0.528 * 1.3259

0.404 * 1.0647

0.892 * 0.8036

0.115 * 3.7769

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2501

4.679 * -0.011405

0.327 * 1.825

-3.33

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp20,619 Mil.
Revenue was 14077.739 + 19382.103 + 18507.083 + 16860.159 = Rp68,827 Mil.
Gross Profit was 3331.726 + 7064.065 + 5762.941 + 5755.564 = Rp21,914 Mil.
Total Current Assets was Rp90,672 Mil.
Total Assets was Rp4,022,143 Mil.
Property, Plant and Equipment(Net PPE) was Rp58,023 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,702 Mil.
Selling, General, & Admin. Expense(SGA) was Rp15,205 Mil.
Total Current Liabilities was Rp343,802 Mil.
Long-Term Debt & Capital Lease Obligation was Rp31,401 Mil.
Net Income was -35499.183 + -65873.238 + -27210.231 + -38563.766 = Rp-167,146 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -33410.733 + -22701.817 + -28652.182 + -36509.251 = Rp-121,274 Mil.

Total Receivables was Rp258,954 Mil.
Revenue was 16624.781 + 24207.833 + 22255.776 + 22565.022 = Rp85,653 Mil.
Gross Profit was 5117.819 + 11124.36 + 8073.852 + 11842.725 = Rp36,159 Mil.
Total Current Assets was Rp326,289 Mil.
Total Assets was Rp4,008,680 Mil.
Property, Plant and Equipment(Net PPE) was Rp56,584 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,826 Mil.
Selling, General, & Admin. Expense(SGA) was Rp15,137 Mil.
Total Current Liabilities was Rp153,964 Mil.
Long-Term Debt & Capital Lease Obligation was Rp50,935 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)
	=	(20619.107 / 68827.084)	/	(258953.607 / 85653.412)
	=	0.299578	/	3.023273
	=	0.0991

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)
	=	(36158.756 / 85653.412)	/	(21914.296 / 68827.084)
	=	0.422152	/	0.318396
	=	1.3259

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 - (90671.894 + 58022.887) / 4022142.908)	/	(1 - (326288.934 + 56584.354) / 4008679.825)
	=	0.963031	/	0.904489
	=	1.0647

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
	=	68827.084	/	85653.412
	=	0.8036

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))
	=	(6826.399 / (6826.399 + 56584.354))	/	(1702.325 / (1702.325 + 58022.887))
	=	0.107654	/	0.028503
	=	3.7769

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)
	=	(15204.532 / 68827.084)	/	(15136.621 / 85653.412)
	=	0.220909	/	0.176719
	=	1.2501

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)
	=	((31400.787 + 343802.327) / 4022142.908)	/	((50935.058 + 153963.606) / 4008679.825)
	=	0.093284	/	0.051114
	=	1.825

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
	=	(-167146.418 - 0	-	-121273.983)	/	4022142.908
	=	-0.011405

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 Indonesia Prima Property Tbk has a M-score of -3.33 suggests that the company is unlikely to be a manipulator.

PT Indonesia Prima Property Tbk Beneish M-Score Related Terms

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PT Indonesia Prima Property Tbk (ISX:OMRE) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Indonesia Prima Property Tbk (ISX:OMRE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Jendral Sudirman Kav. 34, Karet Tengsin, Tanah Abang, Jakarta Pusat, IDN, 10220

Website

https://www.ipp.co.id

PT Indonesia Prima Property Tbk is a property management company in Indonesia. It firm engages in the construction and development of housing and apartment complexes and hotels, including their supporting facilities. It operates through four main segments namely, Shopping center space rental, Rental and sale of the apartment, Hotel, and Sale of residential. Geographically it operates in Indonesia and most of its revenue is derived from the hotel segment.

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