PT Golden Flower Tbk (ISX:POLU) Beneish M-Score : -0.59 (As of Apr. 02, 2025)

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What is PT Golden Flower 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.

Warning Sign:

Beneish M-Score -0.59 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:POLU' s Beneish M-Score Range Over the Past 10 Years
Min: -28.98 Med: -3.52 Max: 74.02
Current: -0.59

During the past 8 years, the highest Beneish M-Score of PT Golden Flower Tbk was 74.02. The lowest was -28.98. And the median was -3.52.

PT Golden Flower Tbk Beneish M-Score Historical Data

The historical data trend for PT Golden Flower 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.

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PT Golden Flower Tbk Beneish M-Score Chart

PT Golden Flower Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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66.23

-5.09

-4.67

-1.06

PT Golden Flower 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															-5.27	-1.06	-28.98	-1.19	-0.59

Competitive Comparison of PT Golden Flower Tbk's Beneish M-Score

For the Apparel Manufacturing subindustry, PT Golden Flower 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 Golden Flower Tbk's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, PT Golden Flower Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Golden Flower Tbk's Beneish M-Score falls into.

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PT Golden Flower 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 Golden Flower 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 * 0.9134

0.528 * 1.1581

0.404 * 5.0014

0.892 * 1.6975

0.115 * -0.0605

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7484

4.679 * -0.057397

0.327 * 1.015

-0.59

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp11,301 Mil.
Revenue was 26869.983 + 36689.227 + 39891.357 + 32471.42 = Rp135,922 Mil.
Gross Profit was 3060.692 + 5594.862 + 7069.108 + 3222.018 = Rp18,947 Mil.
Total Current Assets was Rp84,732 Mil.
Total Assets was Rp192,169 Mil.
Property, Plant and Equipment(Net PPE) was Rp32,697 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,683 Mil.
Selling, General, & Admin. Expense(SGA) was Rp7,927 Mil.
Total Current Liabilities was Rp36,364 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,005 Mil.
Net Income was -6230.227 + 2041.024 + 3924.426 + -7831.461 = Rp-8,096 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -2348.49 + -1211245.015 + 1221856.043 + -5328.937 = Rp2,934 Mil.

Total Receivables was Rp7,289 Mil.
Revenue was 20038.018 + 17662.722 + 17430.847 + 24939.168 = Rp80,071 Mil.
Gross Profit was 4335.728 + 948.65 + 3120.811 + 4520.63 = Rp12,926 Mil.
Total Current Assets was Rp75,620 Mil.
Total Assets was Rp198,790 Mil.
Property, Plant and Equipment(Net PPE) was Rp107,711 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp-318 Mil.
Selling, General, & Admin. Expense(SGA) was Rp6,240 Mil.
Total Current Liabilities was Rp36,574 Mil.
Long-Term Debt & Capital Lease Obligation was Rp5,590 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)
	=	(11300.927 / 135921.987)	/	(7288.855 / 80070.755)
	=	0.083143	/	0.09103
	=	0.9134

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)
	=	(12925.819 / 80070.755)	/	(18946.68 / 135921.987)
	=	0.16143	/	0.139394
	=	1.1581

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 - (84732.439 + 32696.68) / 192168.904)	/	(1 - (75620.394 + 107711.247) / 198790.386)
	=	0.388928	/	0.077764
	=	5.0014

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
	=	135921.987	/	80070.755
	=	1.6975

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))
	=	(-317.831 / (-317.831 + 107711.247))	/	(1682.871 / (1682.871 + 32696.68))
	=	-0.00296	/	0.04895
	=	-0.0605

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)
	=	(7927.099 / 135921.987)	/	(6239.619 / 80070.755)
	=	0.058321	/	0.077926
	=	0.7484

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)
	=	((5004.945 + 36364.033) / 192168.904)	/	((5589.781 + 36573.649) / 198790.386)
	=	0.215274	/	0.2121
	=	1.015

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
	=	(-8096.238 - 0	-	2933.601)	/	192168.904
	=	-0.057397

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 Golden Flower Tbk has a M-score of -0.59 signals that the company is likely to be a manipulator.

PT Golden Flower Tbk Beneish M-Score Related Terms

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PT Golden Flower Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » PT Golden Flower Tbk (ISX:POLU) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Karimunjawa, Gedanganak Ungaran, Jawa Tengah, Semarang, IDN, 50519

Website

https://www.goldenflower.co.id

PT Golden Flower Tbk is a garment manufacturer and exporter in Indonesia. The company's operating segment includes Ladies' blouses, Man shirts, and Uniform, accessories, and others. It generates maximum revenue from the Ladies' blouse segment. Some of its products include Non-Iron Shirt; Casual shirts; Skirt; Dresses; Night Wear and others.

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