PT Plaza Indonesia Realty Tbk (ISX:PLIN) Beneish M-Score : -2.46 (As of Apr. 03, 2025)

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What is PT Plaza Indonesia Realty 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 -2.46 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:PLIN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.92 Med: -2.42 Max: -0.37
Current: -2.46

During the past 13 years, the highest Beneish M-Score of PT Plaza Indonesia Realty Tbk was -0.37. The lowest was -2.92. And the median was -2.42.

PT Plaza Indonesia Realty Tbk Beneish M-Score Historical Data

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

PT Plaza Indonesia Realty Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-0.37

-2.37

-2.56

-2.74

-2.46

PT Plaza Indonesia Realty Tbk Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.74	-2.68	-2.52	-2.46	-2.46

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

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

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

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

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PT Plaza Indonesia Realty 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 Plaza Indonesia Realty 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 * 0.8529

0.528 * 1.0279

0.404 * 1.0034

0.892 * 1.0669

0.115 * 0.6822

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9669

4.679 * 0.023405

0.327 * 0.9944

-2.46

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp229,098 Mil.
Revenue was 372859.01 + 349868.814 + 335672.136 + 327817.644 = Rp1,386,218 Mil.
Gross Profit was 251028.819 + 236977.935 + 228903.59 + 220460.269 = Rp937,371 Mil.
Total Current Assets was Rp969,995 Mil.
Total Assets was Rp12,767,560 Mil.
Property, Plant and Equipment(Net PPE) was Rp693,411 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp83,598 Mil.
Selling, General, & Admin. Expense(SGA) was Rp116,158 Mil.
Total Current Liabilities was Rp602,408 Mil.
Long-Term Debt & Capital Lease Obligation was Rp525,793 Mil.
Net Income was 596311.615 + 130640.641 + 135816.556 + 134771.359 = Rp997,540 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 241440.159 + 127848.026 + 162976.932 + 166456.08 = Rp698,721 Mil.

Total Receivables was Rp251,752 Mil.
Revenue was 352247.212 + 331811.033 + 301808.777 + 313389.121 = Rp1,299,256 Mil.
Gross Profit was 241441.649 + 235461.122 + 209847.019 + 216293.795 = Rp903,044 Mil.
Total Current Assets was Rp957,723 Mil.
Total Assets was Rp12,242,514 Mil.
Property, Plant and Equipment(Net PPE) was Rp673,463 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp53,346 Mil.
Selling, General, & Admin. Expense(SGA) was Rp112,600 Mil.
Total Current Liabilities was Rp567,842 Mil.
Long-Term Debt & Capital Lease Obligation was Rp520,054 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)
	=	(229098.276 / 1386217.604)	/	(251751.731 / 1299256.143)
	=	0.165269	/	0.193766
	=	0.8529

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)
	=	(903043.585 / 1299256.143)	/	(937370.613 / 1386217.604)
	=	0.695047	/	0.676207
	=	1.0279

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 - (969995.396 + 693410.681) / 12767559.604)	/	(1 - (957722.521 + 673463.098) / 12242514.11)
	=	0.869716	/	0.866761
	=	1.0034

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
	=	1386217.604	/	1299256.143
	=	1.0669

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))
	=	(53346.11 / (53346.11 + 673463.098))	/	(83598.293 / (83598.293 + 693410.681))
	=	0.073398	/	0.10759
	=	0.6822

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)
	=	(116157.731 / 1386217.604)	/	(112600.127 / 1299256.143)
	=	0.083795	/	0.086665
	=	0.9669

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)
	=	((525793.001 + 602407.544) / 12767559.604)	/	((520053.715 + 567841.769) / 12242514.11)
	=	0.088365	/	0.088862
	=	0.9944

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
	=	(997540.171 - 0	-	698721.197)	/	12767559.604
	=	0.023405

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 Plaza Indonesia Realty Tbk has a M-score of -2.46 suggests that the company is unlikely to be a manipulator.

PT Plaza Indonesia Realty Tbk Beneish M-Score Related Terms

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PT Plaza Indonesia Realty Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » Real Estate » PT Plaza Indonesia Realty Tbk (ISX:PLIN) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan M.H. Thamrin Kav. 28-30, The Plaza Office Tower, 10th Floor, Pusat, Jakarta, IDN, 10350

Website

https://www.plazaindonesiarealty.com

PT Plaza Indonesia Realty Tbk is engaged in the business of managing and developing, hotels. The company's reportable segments include hotels, Shopping centers, and offices. It generates maximum revenue from the Shopping Center segment. The company property portfolio includes a wide array of developments including the Plaza Indonesia Shopping Center, Grand Hyatt Jakarta, The Plaza Office Tower, Keraton Residences, and Keraton Luxury Collection Hotel, located in Jakarta.

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