PT Pelangi Indah Canindo Tbk (ISX:PICO) Beneish M-Score : -2.26 (As of Mar. 03, 2025)

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What is PT Pelangi Indah Canindo 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 -2.26 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:PICO' s Beneish M-Score Range Over the Past 10 Years
Min: -18.28 Med: -2.33 Max: 1.14
Current: -2.26

During the past 11 years, the highest Beneish M-Score of PT Pelangi Indah Canindo Tbk was 1.14. The lowest was -18.28. And the median was -2.33.

PT Pelangi Indah Canindo Tbk Beneish M-Score Historical Data

The historical data trend for PT Pelangi Indah Canindo 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 Pelangi Indah Canindo Tbk Beneish M-Score Chart

PT Pelangi Indah Canindo Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.36

-1.36

-2.50

-2.42

-2.18

PT Pelangi Indah Canindo 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															-2.71	-2.18	1.14	-2.23	-2.26

Competitive Comparison of PT Pelangi Indah Canindo Tbk's Beneish M-Score

For the Packaging & Containers subindustry, PT Pelangi Indah Canindo 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 Pelangi Indah Canindo Tbk's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, PT Pelangi Indah Canindo Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Pelangi Indah Canindo Tbk's Beneish M-Score falls into.

PT Pelangi Indah Canindo 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 Pelangi Indah Canindo 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 * 0.7866

0.528 * 0.8791

0.404 * 0.9927

0.892 * 1.118

0.115 * 1.2657

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9969

4.679 * 0.102994

0.327 * 1.3996

-2.26

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp138,133 Mil.
Revenue was 153807.383 + 130946.098 + 172189.093 + 143913.566 = Rp600,856 Mil.
Gross Profit was 15200.552 + 20953.939 + 16285.958 + 13290.318 = Rp65,731 Mil.
Total Current Assets was Rp304,935 Mil.
Total Assets was Rp663,697 Mil.
Property, Plant and Equipment(Net PPE) was Rp101,466 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp812 Mil.
Selling, General, & Admin. Expense(SGA) was Rp18,874 Mil.
Total Current Liabilities was Rp211,097 Mil.
Long-Term Debt & Capital Lease Obligation was Rp54,603 Mil.
Net Income was 369.937 + 1153.82 + 2430.561 + 923.786 = Rp4,878 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 3902.618 + -32964.338 + 378.622 + -34795.804 = Rp-63,479 Mil.

Total Receivables was Rp157,073 Mil.
Revenue was 144850.31 + -288763.876 + 547818.227 + 133549.755 = Rp537,454 Mil.
Gross Profit was 13288.829 + -26579.147 + 52602.74 + 12376.414 = Rp51,689 Mil.
Total Current Assets was Rp358,928 Mil.
Total Assets was Rp768,655 Mil.
Property, Plant and Equipment(Net PPE) was Rp109,552 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,112 Mil.
Selling, General, & Admin. Expense(SGA) was Rp16,935 Mil.
Total Current Liabilities was Rp156,316 Mil.
Long-Term Debt & Capital Lease Obligation was Rp63,540 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)
	=	(138132.89 / 600856.14)	/	(157072.668 / 537454.416)
	=	0.229893	/	0.292253
	=	0.7866

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)
	=	(51688.836 / 537454.416)	/	(65730.767 / 600856.14)
	=	0.096173	/	0.109395
	=	0.8791

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 - (304934.607 + 101466.434) / 663696.648)	/	(1 - (358927.744 + 109551.589) / 768655.111)
	=	0.38767	/	0.390521
	=	0.9927

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
	=	600856.14	/	537454.416
	=	1.118

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))
	=	(1111.935 / (1111.935 + 109551.589))	/	(812.02 / (812.02 + 101466.434))
	=	0.010048	/	0.007939
	=	1.2657

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)
	=	(18873.681 / 600856.14)	/	(16935.279 / 537454.416)
	=	0.031411	/	0.03151
	=	0.9969

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)
	=	((54602.765 + 211096.629) / 663696.648)	/	((63539.812 + 156315.865) / 768655.111)
	=	0.400333	/	0.286026
	=	1.3996

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
	=	(4878.104 - 0	-	-63478.902)	/	663696.648
	=	0.102994

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 Pelangi Indah Canindo Tbk has a M-score of -2.26 suggests that the company is unlikely to be a manipulator.

PT Pelangi Indah Canindo Tbk Beneish M-Score Related Terms

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PT Pelangi Indah Canindo Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » PT Pelangi Indah Canindo Tbk (ISX:PICO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Daan Mogot Km. 17 No. 700, Jakarta, IDN, 11840

Website

https://www.pic.co.id

PT Pelangi Indah Canindo Tbk is an Indonesia-based company that engages in the production of metal packaging. The company is in the business of the metal packaging industry in Indonesia for a variety of drum products, liquefied petroleum gas (LPG) tubes, canned pails, food cans, and canned packaging. Its production facilities are in Tangerang, Jawa Tengah, Cilegon, and Surabaya, Indonesia. The Company's product segment consists of metal containers, cans, drums, gas cylinders, and metal printing services. The company generates the majority of its revenue from Drum segment.

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