PT Surya Fajar Capital Tbk (ISX:SFAN) Beneish M-Score : -2.54 (As of Mar. 28, 2025)

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What is PT Surya Fajar Capital 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 -2.54 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:SFAN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.93 Med: -1.63 Max: 3.17
Current: -2.54

During the past 8 years, the highest Beneish M-Score of PT Surya Fajar Capital Tbk was 3.17. The lowest was -3.93. And the median was -1.63.

PT Surya Fajar Capital Tbk Beneish M-Score Historical Data

The historical data trend for PT Surya Fajar Capital 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 Surya Fajar Capital Tbk Beneish M-Score Chart

PT Surya Fajar Capital Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.35

-2.90

-1.90

-2.32

PT Surya Fajar Capital 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															-1.31	-2.32	-	3.17	-2.54

Competitive Comparison of PT Surya Fajar Capital Tbk's Beneish M-Score

For the Asset Management subindustry, PT Surya Fajar Capital 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 Surya Fajar Capital Tbk's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, PT Surya Fajar Capital Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Surya Fajar Capital Tbk's Beneish M-Score falls into.

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PT Surya Fajar Capital 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 Surya Fajar Capital 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 * 2.7646

0.528 * 1.0363

0.404 * 1.171

0.892 * 0.1539

0.115 * 0.7219

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 5.8693

4.679 * -0.074033

0.327 * 0.3909

-2.54

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp22,188 Mil.
Revenue was 3663.014 + -385.769 + -4220.685 + 5654.993 = Rp4,712 Mil.
Gross Profit was 3602.608 + -440.103 + -4240.455 + 5515.276 = Rp4,437 Mil.
Total Current Assets was Rp110,529 Mil.
Total Assets was Rp191,221 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,993 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,720 Mil.
Selling, General, & Admin. Expense(SGA) was Rp6,859 Mil.
Total Current Liabilities was Rp20,617 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was -1778.637 + -13436.594 + -18807.439 + -1832.351 = Rp-35,855 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 19777.862 + -22416.23 + -129.92 + -18930.071 = Rp-21,698 Mil.

Total Receivables was Rp52,147 Mil.
Revenue was 5149.829 + -21330.597 + 25104.625 + 21689.917 = Rp30,614 Mil.
Gross Profit was 5026.511 + -21585.376 + 25020.969 + 21415.917 = Rp29,878 Mil.
Total Current Assets was Rp150,837 Mil.
Total Assets was Rp242,372 Mil.
Property, Plant and Equipment(Net PPE) was Rp7,437 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,420 Mil.
Selling, General, & Admin. Expense(SGA) was Rp7,594 Mil.
Total Current Liabilities was Rp64,219 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,634 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)
	=	(22187.593 / 4711.553)	/	(52147.469 / 30613.774)
	=	4.709189	/	1.703399
	=	2.7646

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)
	=	(29878.021 / 30613.774)	/	(4437.326 / 4711.553)
	=	0.975967	/	0.941797
	=	1.0363

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 - (110528.549 + 2993.279) / 191220.582)	/	(1 - (150836.695 + 7436.629) / 242372.258)
	=	0.40633	/	0.346983
	=	1.171

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
	=	4711.553	/	30613.774
	=	0.1539

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))
	=	(7419.88 / (7419.88 + 7436.629))	/	(6720.448 / (6720.448 + 2993.279))
	=	0.499436	/	0.691851
	=	0.7219

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)
	=	(6859.345 / 4711.553)	/	(7593.678 / 30613.774)
	=	1.455856	/	0.248048
	=	5.8693

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 + 20617.115) / 191220.582)	/	((2633.65 + 64219.116) / 242372.258)
	=	0.107818	/	0.275827
	=	0.3909

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
	=	(-35855.021 - 0	-	-21698.359)	/	191220.582
	=	-0.074033

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 Surya Fajar Capital Tbk has a M-score of -2.54 suggests that the company is unlikely to be a manipulator.

PT Surya Fajar Capital Tbk Beneish M-Score Related Terms

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PT Surya Fajar Capital Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » PT Surya Fajar Capital Tbk (ISX:SFAN) » Definitions » Beneish M-Score

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Address

Jalan Prof. Dr. Satrio Blok C4/5, Satrio Tower Building, 14th Floor, Unit 6, Kuningan, Jakarta, IDN, 12950

Website

https://www.sfcapital.co.id

PT Surya Fajar Capital Tbk is an Indonesia-based company engaged in management and business consulting services, trade, finance & investment, directly or indirectly through its Subsidiaries, The Group has four reportable segments, including brokerage and underwriter, financial technology peer-to-peer lending, electronic payment services, and consultancy services.

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