PT Radiant Utama Interinsco Tbk (ISX:RUIS) Beneish M-Score : -1.96 (As of Jun. 10, 2024)

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What is PT Radiant Utama Interinsco 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 -1.96 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:RUIS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.13 Med: -2.44 Max: -1.46
Current: -1.96

During the past 13 years, the highest Beneish M-Score of PT Radiant Utama Interinsco Tbk was -1.46. The lowest was -4.13. And the median was -2.44.

PT Radiant Utama Interinsco Tbk Beneish M-Score Historical Data

The historical data trend for PT Radiant Utama Interinsco 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 Radiant Utama Interinsco Tbk Beneish M-Score Chart

PT Radiant Utama Interinsco Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.44

-2.81

-2.44

-2.67

-2.25

PT Radiant Utama Interinsco Tbk Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.62	-2.83	-2.41	-2.25	-1.96

Competitive Comparison of PT Radiant Utama Interinsco Tbk's Beneish M-Score

For the Oil & Gas Equipment & Services subindustry, PT Radiant Utama Interinsco 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 Radiant Utama Interinsco Tbk's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PT Radiant Utama Interinsco Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Radiant Utama Interinsco Tbk's Beneish M-Score falls into.

PT Radiant Utama Interinsco 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 Radiant Utama Interinsco 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 * 1.1017

0.528 * 1.0839

0.404 * 1.005

0.892 * 1.1136

0.115 * 5.273

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.867

4.679 * -0.046612

0.327 * 1.0399

-1.96

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp657,940 Mil.
Revenue was 501591.563 + 479816.961 + 467065.202 + 436785.403 = Rp1,885,259 Mil.
Gross Profit was 52824.952 + 55980.42 + 54062.639 + 50509.927 = Rp213,378 Mil.
Total Current Assets was Rp966,032 Mil.
Total Assets was Rp1,450,931 Mil.
Property, Plant and Equipment(Net PPE) was Rp286,170 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp426 Mil.
Selling, General, & Admin. Expense(SGA) was Rp33,747 Mil.
Total Current Liabilities was Rp723,294 Mil.
Long-Term Debt & Capital Lease Obligation was Rp132,687 Mil.
Net Income was 5272.014 + 1482.763 + 3482.455 + 4213.859 = Rp14,451 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 9171.202 + 70687.542 + 22433.759 + -20210.222 = Rp82,082 Mil.

Total Receivables was Rp536,267 Mil.
Revenue was 396239.726 + 444732.136 + 436631.996 + 415315.37 = Rp1,692,919 Mil.
Gross Profit was 52604.27 + 50692.329 + 51060.068 + 53329.819 = Rp207,686 Mil.
Total Current Assets was Rp772,274 Mil.
Total Assets was Rp1,294,571 Mil.
Property, Plant and Equipment(Net PPE) was Rp345,863 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,733 Mil.
Selling, General, & Admin. Expense(SGA) was Rp34,952 Mil.
Total Current Liabilities was Rp592,040 Mil.
Long-Term Debt & Capital Lease Obligation was Rp142,367 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)
	=	(657939.564 / 1885259.129)	/	(536267.407 / 1692919.228)
	=	0.348992	/	0.316771
	=	1.1017

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)
	=	(207686.486 / 1692919.228)	/	(213377.938 / 1885259.129)
	=	0.12268	/	0.113182
	=	1.0839

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 - (966031.569 + 286170.155) / 1450931.306)	/	(1 - (772273.633 + 345863.177) / 1294570.746)
	=	0.136967	/	0.136288
	=	1.005

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
	=	1885259.129	/	1692919.228
	=	1.1136

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))
	=	(2733.414 / (2733.414 + 345863.177))	/	(426.201 / (426.201 + 286170.155))
	=	0.007841	/	0.001487
	=	5.273

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)
	=	(33747.004 / 1885259.129)	/	(34952.036 / 1692919.228)
	=	0.0179	/	0.020646
	=	0.867

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)
	=	((132687.476 + 723293.839) / 1450931.306)	/	((142366.864 + 592040.019) / 1294570.746)
	=	0.589953	/	0.567298
	=	1.0399

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
	=	(14451.091 - 0	-	82082.281)	/	1450931.306
	=	-0.046612

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 Radiant Utama Interinsco Tbk has a M-score of -1.96 suggests that the company is unlikely to be a manipulator.

PT Radiant Utama Interinsco Tbk Beneish M-Score Related Terms

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PT Radiant Utama Interinsco Tbk (ISX:RUIS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » PT Radiant Utama Interinsco Tbk (ISX:RUIS) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jalan Kapten Tendean No. 24, Radiant Group Building, Mampang Prapatan, Jakarta, IDN, 12720

Website

https://www.radiant.co.id

PT Radiant Utama Interinsco Tbk is engaged in providing services to energy and resource-based businesses. It operates in four business segments namely Operating support services; Inspection services; Offshore services; and others. It derives the majority of the revenue from Operating support services that cover human resources services, training, repairs and maintenance, car rental, and integrated base management for oil and gas.

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