PT Perusahaan Gas Negara Tbk (ISX:PGAS) Beneish M-Score : -2.89 (As of Apr. 30, 2024)

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What is PT Perusahaan Gas Negara 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 -2.89 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:PGAS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.08 Med: -2.59 Max: -1.27
Current: -2.89

During the past 13 years, the highest Beneish M-Score of PT Perusahaan Gas Negara Tbk was -1.27. The lowest was -3.08. And the median was -2.59.

PT Perusahaan Gas Negara Tbk Beneish M-Score Historical Data

The historical data trend for PT Perusahaan Gas Negara 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 Perusahaan Gas Negara Tbk Beneish M-Score Chart

PT Perusahaan Gas Negara Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.08

-1.27

-2.56

-2.62

-2.89

PT Perusahaan Gas Negara Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.62	-3.10	-2.92	-2.49	-2.89

Competitive Comparison of PT Perusahaan Gas Negara Tbk's Beneish M-Score

For the Utilities - Regulated Gas subindustry, PT Perusahaan Gas Negara 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 Perusahaan Gas Negara Tbk's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, PT Perusahaan Gas Negara Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Perusahaan Gas Negara Tbk's Beneish M-Score falls into.

PT Perusahaan Gas Negara 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 Perusahaan Gas Negara 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 * 0.7566

0.528 * 1.0849

0.404 * 1.0374

0.892 * 1.0354

0.115 * 0.9032

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0097

4.679 * -0.066897

0.327 * 0.838

-2.89

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp7,362,000 Mil.
Revenue was 14732077.752 + 14087777.78 + 12765430.578 + 14064076.804 = Rp55,649,363 Mil.
Gross Profit was 3245652.305 + 2405411.742 + 2874023.498 + 2663626.149 = Rp11,188,714 Mil.
Total Current Assets was Rp29,173,610 Mil.
Total Assets was Rp101,733,806 Mil.
Property, Plant and Equipment(Net PPE) was Rp60,363,679 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp164,507 Mil.
Selling, General, & Admin. Expense(SGA) was Rp954,752 Mil.
Total Current Liabilities was Rp22,544,625 Mil.
Long-Term Debt & Capital Lease Obligation was Rp14,118,182 Mil.
Net Income was 1227051.368 + 825548.339 + 890831.584 + 1295905.242 = Rp4,239,337 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 3414966.154 + 2353927.534 + 1655114.175 + 3620997.647 = Rp11,045,006 Mil.

Total Receivables was Rp9,398,367 Mil.
Revenue was 14583151.771 + 13743441.887 + 13411612.033 + 12008919.347 = Rp53,747,125 Mil.
Gross Profit was 2729786.829 + 2837572.252 + 3486653.868 + 2670121.909 = Rp11,724,135 Mil.
Total Current Assets was Rp34,802,741 Mil.
Total Assets was Rp113,182,431 Mil.
Property, Plant and Equipment(Net PPE) was Rp65,299,196 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp160,682 Mil.
Selling, General, & Admin. Expense(SGA) was Rp913,255 Mil.
Total Current Liabilities was Rp15,614,131 Mil.
Long-Term Debt & Capital Lease Obligation was Rp33,057,511 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)
	=	(7361999.886 / 55649362.914)	/	(9398367.436 / 53747125.038)
	=	0.132293	/	0.174863
	=	0.7566

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)
	=	(11724134.858 / 53747125.038)	/	(11188713.694 / 55649362.914)
	=	0.218135	/	0.201057
	=	1.0849

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 - (29173610.287 + 60363678.688) / 101733805.885)	/	(1 - (34802740.972 + 65299195.988) / 113182430.976)
	=	0.119887	/	0.11557
	=	1.0374

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
	=	55649362.914	/	53747125.038
	=	1.0354

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))
	=	(160682.179 / (160682.179 + 65299195.988))	/	(164507.372 / (164507.372 + 60363678.688))
	=	0.002455	/	0.002718
	=	0.9032

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)
	=	(954752.431 / 55649362.914)	/	(913255.136 / 53747125.038)
	=	0.017157	/	0.016992
	=	1.0097

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)
	=	((14118182.084 + 22544625.445) / 101733805.885)	/	((33057511.008 + 15614130.854) / 113182430.976)
	=	0.36038	/	0.430028
	=	0.838

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
	=	(4239336.533 - 0	-	11045005.51)	/	101733805.885
	=	-0.066897

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 Perusahaan Gas Negara Tbk has a M-score of -2.89 suggests that the company is unlikely to be a manipulator.

PT Perusahaan Gas Negara Tbk Beneish M-Score Related Terms

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PT Perusahaan Gas Negara Tbk (ISX:PGAS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » PT Perusahaan Gas Negara Tbk (ISX:PGAS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

PPAAY:USA PPAAF:USA PGB1:Germany

Address

Jalan KH. Zainul Arifin Number 20, Jakarta, IDN, 11140

Website

http://www.pgn.co.id

PT Perusahaan Gas Negara Tbk, or PGN, is an Indonesian natural gas company of which the Republic of Indonesia holds a majority stake. PGN is primarily involved in the transmission and distribution of natural gas. The company's segments include Natural gas trading and transmission, Exploration and production of oil and gas, and Other operation.