PT Millennium Pharmacon International Tbk (ISX:SDPC) Beneish M-Score : -1.90 (As of Apr. 07, 2025)

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What is PT Millennium Pharmacon International 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 -1.9 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:SDPC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -1.9 Max: 10.44
Current: -1.9

During the past 13 years, the highest Beneish M-Score of PT Millennium Pharmacon International Tbk was 10.44. The lowest was -3.09. And the median was -1.90.

PT Millennium Pharmacon International Tbk Beneish M-Score Historical Data

The historical data trend for PT Millennium Pharmacon International 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 Millennium Pharmacon International Tbk Beneish M-Score Chart

PT Millennium Pharmacon International Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.24

-2.80

-2.39

-1.90

PT Millennium Pharmacon International 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															-1.82	-1.90	-1.83	-1.66	-1.90

Competitive Comparison of PT Millennium Pharmacon International Tbk's Beneish M-Score

For the Medical Distribution subindustry, PT Millennium Pharmacon International 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 Millennium Pharmacon International Tbk's Beneish M-Score Distribution in the Medical Distribution Industry

For the Medical Distribution industry and Healthcare sector, PT Millennium Pharmacon International Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Millennium Pharmacon International Tbk's Beneish M-Score falls into.

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PT Millennium Pharmacon International 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 Millennium Pharmacon International 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 * 0.9641

0.528 * 1.0211

0.404 * 1.1922

0.892 * 1.185

0.115 * 0.9997

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9318

4.679 * 0.075522

0.327 * 1.0259

-1.90

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp850,042 Mil.
Revenue was 983825.881 + 966552.749 + 973732.361 + 923726.116 = Rp3,847,837 Mil.
Gross Profit was 85226.951 + 84739.709 + 82226.487 + 76470.737 = Rp328,664 Mil.
Total Current Assets was Rp1,594,401 Mil.
Total Assets was Rp1,783,742 Mil.
Property, Plant and Equipment(Net PPE) was Rp57,954 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp22,277 Mil.
Selling, General, & Admin. Expense(SGA) was Rp65,275 Mil.
Total Current Liabilities was Rp1,411,472 Mil.
Long-Term Debt & Capital Lease Obligation was Rp43,113 Mil.
Net Income was 5157.096 + 8238.295 + 7090.826 + 6356.979 = Rp26,843 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -1414.101 + -46141.299 + -101105.443 + 40792.646 = Rp-107,868 Mil.

Total Receivables was Rp744,074 Mil.
Revenue was 873526.097 + 812678.557 + 753587.038 + 807446.318 = Rp3,247,238 Mil.
Gross Profit was 74205.588 + 72206.84 + 69462.783 + 67352.898 = Rp283,228 Mil.
Total Current Assets was Rp1,407,479 Mil.
Total Assets was Rp1,551,780 Mil.
Property, Plant and Equipment(Net PPE) was Rp48,426 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,607 Mil.
Selling, General, & Admin. Expense(SGA) was Rp59,118 Mil.
Total Current Liabilities was Rp1,232,638 Mil.
Long-Term Debt & Capital Lease Obligation was Rp886 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)
	=	(850042.464 / 3847837.107)	/	(744073.513 / 3247238.01)
	=	0.220914	/	0.22914
	=	0.9641

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)
	=	(283228.109 / 3247238.01)	/	(328663.884 / 3847837.107)
	=	0.087221	/	0.085415
	=	1.0211

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 - (1594400.966 + 57953.939) / 1783742.47)	/	(1 - (1407478.926 + 48425.711) / 1551779.568)
	=	0.073658	/	0.061784
	=	1.1922

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
	=	3847837.107	/	3247238.01
	=	1.185

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))
	=	(18607.006 / (18607.006 + 48425.711))	/	(22277.476 / (22277.476 + 57953.939))
	=	0.277581	/	0.277665
	=	0.9997

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)
	=	(65274.723 / 3847837.107)	/	(59117.987 / 3247238.01)
	=	0.016964	/	0.018206
	=	0.9318

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)
	=	((43112.528 + 1411471.846) / 1783742.47)	/	((885.745 + 1232637.9) / 1551779.568)
	=	0.815468	/	0.794909
	=	1.0259

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
	=	(26843.196 - 0	-	-107868.197)	/	1783742.47
	=	0.075522

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 Millennium Pharmacon International Tbk has a M-score of -1.90 suggests that the company is unlikely to be a manipulator.

PT Millennium Pharmacon International Tbk Beneish M-Score Related Terms

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PT Millennium Pharmacon International Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Medical Distribution » PT Millennium Pharmacon International Tbk (ISX:SDPC) » Definitions » Beneish M-Score

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Address

Jalan.Sultan Iskandar Muda No 18, Crown Bungur Arteri Lantai 2-4th Floors, Jakarta, IDN, 12240

Website

http://www.mpi-indonesia.co.id

PT Millennium Pharmacon International Tbk is engaged in distributing medicines, food supplements, and medical disposables. The operating segments of the group are Prescription medicine, Non-prescription medicine, and Medical devices, of which the majority of the revenue is derived from the Prescription Medicine segment.. The company's geographical segments are Java, Sumatera, Kalimantan, Sulawesi, and Bali.

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