PT Royal Prima Tbk (ISX:PRIM) Beneish M-Score : -3.47 (As of Mar. 27, 2025)

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What is PT Royal Prima 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 -3.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:PRIM' s Beneish M-Score Range Over the Past 10 Years
Min: -4.18 Med: -2.16 Max: 22.94
Current: -3.47

During the past 10 years, the highest Beneish M-Score of PT Royal Prima Tbk was 22.94. The lowest was -4.18. And the median was -2.16.

PT Royal Prima Tbk Beneish M-Score Historical Data

The historical data trend for PT Royal Prima 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 Royal Prima Tbk Beneish M-Score Chart

PT Royal Prima Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.29

-2.45

-3.13

-0.31

-2.17

PT Royal Prima 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															22.29	-2.17	-1.62	-1.85	-3.47

Competitive Comparison of PT Royal Prima Tbk's Beneish M-Score

For the Medical Care Facilities subindustry, PT Royal Prima 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 Royal Prima Tbk's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, PT Royal Prima Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Royal Prima 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 Royal Prima 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 * 0.9297

0.528 * 1.0386

0.404 * 0.0276

0.892 * 1.1993

0.115 * 1.918

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3598

4.679 * -0.064175

0.327 * 2.4384

-3.47

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp79,527 Mil.
Revenue was 81178.126 + 69249.506 + 67223.681 + 80241.068 = Rp297,892 Mil.
Gross Profit was 17347.025 + 11765.473 + 14640.302 + 35056.826 = Rp78,810 Mil.
Total Current Assets was Rp165,446 Mil.
Total Assets was Rp1,076,130 Mil.
Property, Plant and Equipment(Net PPE) was Rp906,664 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp3,650 Mil.
Selling, General, & Admin. Expense(SGA) was Rp34,471 Mil.
Total Current Liabilities was Rp103,872 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was -4567.366 + -9502.39 + -3904.235 + 11384.746 = Rp-6,589 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 19934.866 + 3450.211 + -3422.022 + 42508.156 = Rp62,471 Mil.

Total Receivables was Rp71,321 Mil.
Revenue was 69235.82 + 58930.722 + 56929.312 + 63287.609 = Rp248,383 Mil.
Gross Profit was 17725.53 + 11510.119 + 10943.92 + 28067.449 = Rp68,247 Mil.
Total Current Assets was Rp185,310 Mil.
Total Assets was Rp1,018,870 Mil.
Property, Plant and Equipment(Net PPE) was Rp695,438 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5,390 Mil.
Selling, General, & Admin. Expense(SGA) was Rp21,136 Mil.
Total Current Liabilities was Rp40,332 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(79526.602 / 297892.381)	/	(71320.799 / 248383.463)
	=	0.266964	/	0.28714
	=	0.9297

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)
	=	(68247.018 / 248383.463)	/	(78809.626 / 297892.381)
	=	0.274765	/	0.264557
	=	1.0386

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 - (165446.06 + 906663.949) / 1076130.457)	/	(1 - (185310.121 + 695437.856) / 1018870.494)
	=	0.003736	/	0.135564
	=	0.0276

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
	=	297892.381	/	248383.463
	=	1.1993

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))
	=	(5390.152 / (5390.152 + 695437.856))	/	(3650.292 / (3650.292 + 906663.949))
	=	0.007691	/	0.00401
	=	1.918

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)
	=	(34470.6 / 297892.381)	/	(21136.167 / 248383.463)
	=	0.115715	/	0.085095
	=	1.3598

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)
	=	((0 + 103871.692) / 1076130.457)	/	((0 + 40331.863) / 1018870.494)
	=	0.096523	/	0.039585
	=	2.4384

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
	=	(-6589.245 - 0	-	62471.211)	/	1076130.457
	=	-0.064175

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 Royal Prima Tbk has a M-score of -3.47 suggests that the company is unlikely to be a manipulator.

PT Royal Prima Tbk Beneish M-Score Related Terms

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PT Royal Prima Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » PT Royal Prima Tbk (ISX:PRIM) » Definitions » Beneish M-Score

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Address

Jl. Ayahanda No. 68A, Sumatera Utara, Medan, IDN, 20118

Website

http://www.royalprima.com

PT Royal Prima Tbk is engaged in health services which consist of the provision of hospital services, polyclinics, hall treatment, maternity hospital, and specialist hospital. It has three geographic segments: RSU Royal Prima, RS Royal Prima Jambi, and Rumah Sakit Marelan.