PT Paninvest 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 Paninvest Tbk for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 31.5068 | + | 0.528 * 1 | + | 0.404 * 0.9665 | + | 0.892 * 0.6904 | + | 0.115 * 14.377 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7306 | + | 4.679 * -0.051357 | - | 0.327 * 148.1193 |
| = | -21.47 |
* 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.
| This Year (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was Rp11,980,981 Mil.
Revenue was 4524076 + 4822418 + 4686399 + 3331658 = Rp17,364,551 Mil.
Gross Profit was 4524076 + 4822418 + 4686399 + 3331658 = Rp17,364,551 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp246,448,324 Mil.
Property, Plant and Equipment(Net PPE) was Rp10,047,031 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp489,259 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,822,871 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp6,424,697 Mil.
Net Income was 489155 + 243347 + 283358 + -766893 = Rp248,967 Mil.
Non Operating Income was 326117 + -232444 + 454784 + -161642 = Rp386,815 Mil.
Cash Flow from Operations was 9616843 + -2330405 + 4825392 + 407291 = Rp12,519,121 Mil.
|
Total Receivables was Rp550,766 Mil.
Revenue was 3258442 + 5176283 + 4073570 + 12641957 = Rp25,150,252 Mil.
Gross Profit was 3258442 + 5176283 + 4073570 + 12641957 = Rp25,150,252 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp37,219,328 Mil.
Property, Plant and Equipment(Net PPE) was Rp281,616 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp565,629 Mil.
Selling, General, & Admin. Expense(SGA) was Rp3,613,609 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp6,566 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) |
| = | (11980981 / 17364551) | / | (550766 / 25150252) |
| = | 0.689968 | / | 0.021899 |
| | = | 31.5068 |
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) |
| = | (25150252 / 25150252) | / | (17364551 / 17364551) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (0 + 10047031) / 246448324) | / | (1 - (0 + 281616) / 37219328) |
| = | 0.959233 | / | 0.992434 |
| | = | 0.9665 |
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 |
| = | 17364551 | / | 25150252 |
| | = | 0.6904 |
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)) |
| = | (565629 / (565629 + 281616)) | / | (489259 / (489259 + 10047031)) |
| = | 0.66761 | / | 0.046436 |
| | = | 14.377 |
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) |
| = | (1822871 / 17364551) | / | (3613609 / 25150252) |
| = | 0.104977 | / | 0.143681 |
| | = | 0.7306 |
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) |
| = | ((6424697 + 0) / 246448324) | / | ((6566 + 0) / 37219328) |
| = | 0.026069 | / | 0.000176 |
| | = | 148.1193 |
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 |
| = | (248967 - 386815 | - | 12519121) | / | 246448324 |
| | = | -0.051357 |
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 Paninvest Tbk has a M-score of -21.47 suggests that the company is unlikely to be a manipulator.
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