PT Solusi Bangun Indonesia Tbk (ISX:SMCB) Beneish M-Score : -2.88 (As of Apr. 02, 2025)

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What is PT Solusi Bangun Indonesia 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 -2.88 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:SMCB' s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: -2.5 Max: -1.99
Current: -2.88

During the past 13 years, the highest Beneish M-Score of PT Solusi Bangun Indonesia Tbk was -1.99. The lowest was -3.05. And the median was -2.50.

PT Solusi Bangun Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Solusi Bangun Indonesia 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 Solusi Bangun Indonesia Tbk Beneish M-Score Chart

PT Solusi Bangun Indonesia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.16

-2.03

-3.05

-2.28

-2.88

PT Solusi Bangun Indonesia 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															-2.28	-2.28	-2.29	-2.94	-2.88

Competitive Comparison of PT Solusi Bangun Indonesia Tbk's Beneish M-Score

For the Building Materials subindustry, PT Solusi Bangun Indonesia 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 Solusi Bangun Indonesia Tbk's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, PT Solusi Bangun Indonesia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Solusi Bangun Indonesia Tbk's Beneish M-Score falls into.

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PT Solusi Bangun Indonesia 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 Solusi Bangun Indonesia 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 * 0.7117

0.528 * 1.0369

0.404 * 1.1477

0.892 * 0.9554

0.115 * 1.2538

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0924

4.679 * -0.053772

0.327 * 0.8132

-2.88

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp2,724,289 Mil.
Revenue was 3074315 + 3323820 + 2648025 + 2772818 = Rp11,818,978 Mil.
Gross Profit was 842271 + 751725 + 491728 + 470161 = Rp2,555,885 Mil.
Total Current Assets was Rp4,703,796 Mil.
Total Assets was Rp21,046,352 Mil.
Property, Plant and Equipment(Net PPE) was Rp15,711,161 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,288 Mil.
Selling, General, & Admin. Expense(SGA) was Rp989,457 Mil.
Total Current Liabilities was Rp4,464,643 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,633,671 Mil.
Net Income was 322555 + 259013 + 89585 + 73937 = Rp745,090 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 171471 + 1170138 + 496596 + 38594 = Rp1,876,799 Mil.

Total Receivables was Rp4,006,690 Mil.
Revenue was 3407372 + 3390524 + 2644149 + 2929288 = Rp12,371,333 Mil.
Gross Profit was 820923 + 823928 + 512694 + 616517 = Rp2,774,062 Mil.
Total Current Assets was Rp6,091,058 Mil.
Total Assets was Rp22,206,739 Mil.
Property, Plant and Equipment(Net PPE) was Rp15,535,196 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp12,748 Mil.
Selling, General, & Admin. Expense(SGA) was Rp948,108 Mil.
Total Current Liabilities was Rp5,518,883 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,393,471 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)
	=	(2724289 / 11818978)	/	(4006690 / 12371333)
	=	0.230501	/	0.323869
	=	0.7117

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)
	=	(2774062 / 12371333)	/	(2555885 / 11818978)
	=	0.224233	/	0.216253
	=	1.0369

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 - (4703796 + 15711161) / 21046352)	/	(1 - (6091058 + 15535196) / 22206739)
	=	0.03	/	0.02614
	=	1.1477

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
	=	11818978	/	12371333
	=	0.9554

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))
	=	(12748 / (12748 + 15535196))	/	(10288 / (10288 + 15711161))
	=	0.00082	/	0.000654
	=	1.2538

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)
	=	(989457 / 11818978)	/	(948108 / 12371333)
	=	0.083718	/	0.076637
	=	1.0924

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)
	=	((1633671 + 4464643) / 21046352)	/	((2393471 + 5518883) / 22206739)
	=	0.289756	/	0.356304
	=	0.8132

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
	=	(745090 - 0	-	1876799)	/	21046352
	=	-0.053772

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 Solusi Bangun Indonesia Tbk has a M-score of -2.88 suggests that the company is unlikely to be a manipulator.

PT Solusi Bangun Indonesia Tbk Beneish M-Score Related Terms

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PT Solusi Bangun Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Building Materials » PT Solusi Bangun Indonesia Tbk (ISX:SMCB) » Definitions » Beneish M-Score

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Traded in Other Exchanges

RU6:Germany

Address

Jl. TB Simatupang No. 22-26, Talavera Suite, 15th floor, Talavera Office Park, Jakarta, IDN, 12430

Website

https://www.solusibangunindonesia.com

PT Solusi Bangun Indonesia Tbk is a building materials company. The company produces and distributes cement and ready-mixed concrete in three primary segments: Cement, Readymix (RMX) concrete & aggregate quarry, and other construction services. The cement segment generates the vast majority of the revenue. Geographically, it generates the majority of its revenue from the domestic market.

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