PTrimelati Kencana Tbk (ISX:PZZA) Beneish M-Score : -3.70 (As of Apr. 08, 2025)

View and export this data going back to 2018. Start your Free Trial

What is PTrimelati Kencana 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 -3.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:PZZA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.7 Med: -3.1 Max: -2.64
Current: -3.7

During the past 10 years, the highest Beneish M-Score of PTrimelati Kencana Tbk was -2.64. The lowest was -3.70. And the median was -3.10.

PTrimelati Kencana Tbk Beneish M-Score Historical Data

The historical data trend for PTrimelati Kencana 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.

PTrimelati Kencana Tbk Beneish M-Score Chart

PTrimelati Kencana Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-3.10

-3.55

-2.79

-3.62

-3.70

PTrimelati Kencana 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															-3.62	-3.72	-3.91	-3.95	-3.70

Competitive Comparison of PTrimelati Kencana Tbk's Beneish M-Score

For the Restaurants subindustry, PTrimelati Kencana 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.

PTrimelati Kencana Tbk's Beneish M-Score Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, PTrimelati Kencana Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PTrimelati Kencana Tbk's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

PTrimelati Kencana 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 PTrimelati Kencana 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 * 1.1444

0.528 * 0.964

0.404 * 1.1799

0.892 * 0.7898

0.115 * 0.9571

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0181

4.679 * -0.26093

0.327 * 0.9572

-3.70

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp25,912 Mil.
Revenue was 761110.565 + 664775.923 + 734925.792 + 638171.062 = Rp2,798,983 Mil.
Gross Profit was 534430.574 + 462330.007 + 503624.009 + 432985.226 = Rp1,933,370 Mil.
Total Current Assets was Rp349,674 Mil.
Total Assets was Rp2,135,671 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,601,876 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp392,383 Mil.
Selling, General, & Admin. Expense(SGA) was Rp808,283 Mil.
Total Current Liabilities was Rp627,245 Mil.
Long-Term Debt & Capital Lease Obligation was Rp331,776 Mil.
Net Income was 23880.532 + -21604.911 + -16439.605 + -58671.14 = Rp-72,835 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 162596.251 + 46068.917 + 183282.679 + 92477.598 = Rp484,425 Mil.

Total Receivables was Rp28,669 Mil.
Revenue was 792382.461 + 936959.83 + 972535.485 + 842105.14 = Rp3,543,983 Mil.
Gross Profit was 536172.432 + 623551.459 + 643442.776 + 556724.713 = Rp2,359,891 Mil.
Total Current Assets was Rp391,140 Mil.
Total Assets was Rp2,347,493 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,784,830 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp414,077 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,005,254 Mil.
Total Current Liabilities was Rp638,343 Mil.
Long-Term Debt & Capital Lease Obligation was Rp462,900 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)
	=	(25912.048 / 2798983.342)	/	(28669.368 / 3543982.916)
	=	0.009258	/	0.00809
	=	1.1444

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)
	=	(2359891.38 / 3543982.916)	/	(1933369.816 / 2798983.342)
	=	0.665887	/	0.69074
	=	0.964

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 - (349673.859 + 1601875.533) / 2135671.038)	/	(1 - (391140.226 + 1784829.9) / 2347493.25)
	=	0.086213	/	0.073067
	=	1.1799

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
	=	2798983.342	/	3543982.916
	=	0.7898

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))
	=	(414076.561 / (414076.561 + 1784829.9))	/	(392382.98 / (392382.98 + 1601875.533))
	=	0.18831	/	0.196756
	=	0.9571

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)
	=	(808282.989 / 2798983.342)	/	(1005254.37 / 3543982.916)
	=	0.288777	/	0.283651
	=	1.0181

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)
	=	((331776.243 + 627244.509) / 2135671.038)	/	((462900.109 + 638343.013) / 2347493.25)
	=	0.449049	/	0.469114
	=	0.9572

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
	=	(-72835.124 - 0	-	484425.445)	/	2135671.038
	=	-0.26093

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.

PTrimelati Kencana Tbk has a M-score of -3.70 suggests that the company is unlikely to be a manipulator.

PTrimelati Kencana Tbk Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PTrimelati Kencana Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PTrimelati Kencana Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Restaurants » PT Sarimelati Kencana Tbk (ISX:PZZA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Jenderal Gatot Subroto Kavling 1000, Tebet, Jakarta Selatan, Jakarta, IDN, 12870

Website

https://www.sarimelatikencana.co.id

PT Sarimelati Kencana Tbk is engaged in the business of the foodservice industry, particularly pizza and pasta in Indonesia. The company offers inventive and extensive menus that cater to Indonesian consumers, targeting middle-class teenagers and families. It sells its products under the brand name called Pizza Hut Restoran (PHR), and Pizza Hut Delivery. The company's divisions are divided into Jakarta, Java Bali, Sumatera, Sulawesi, Kalimantan, and Eastern Region; generating, a majority of its revenue from Jakarta.