PT Sona Topas Tourism Industry Tbk (ISX:SONA) Beneish M-Score : -0.89 (As of Mar. 27, 2025)

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What is PT Sona Topas Tourism Industry 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.

Warning Sign:

Beneish M-Score -0.89 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for PT Sona Topas Tourism Industry Tbk's Beneish M-Score or its related term are showing as below:

ISX:SONA' s Beneish M-Score Range Over the Past 10 Years
Min: -6.98 Med: -2.4 Max: 654.69
Current: -0.89

During the past 13 years, the highest Beneish M-Score of PT Sona Topas Tourism Industry Tbk was 654.69. The lowest was -6.98. And the median was -2.40.

PT Sona Topas Tourism Industry Tbk Beneish M-Score Historical Data

The historical data trend for PT Sona Topas Tourism Industry 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 Sona Topas Tourism Industry Tbk Beneish M-Score Chart

PT Sona Topas Tourism Industry Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.60

36.73

0.33

-1.69

-2.95

PT Sona Topas Tourism Industry 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															-2.70	-2.95	-3.37	-3.30	-0.89

Competitive Comparison of PT Sona Topas Tourism Industry Tbk's Beneish M-Score

For the Travel Services subindustry, PT Sona Topas Tourism Industry 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 Sona Topas Tourism Industry Tbk's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, PT Sona Topas Tourism Industry Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Sona Topas Tourism Industry Tbk's Beneish M-Score falls into.

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PT Sona Topas Tourism Industry 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 Sona Topas Tourism Industry 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 * 2.682

0.528 * 1.0345

0.404 * 1.1306

0.892 * 1.2749

0.115 * 1.0422

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0531

4.679 * -0.073353

0.327 * 0.7888

-0.89

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp17,600 Mil.
Revenue was 272548.693 + 201706.108 + 173136.599 + 184640.379 = Rp832,032 Mil.
Gross Profit was 128726.199 + 115133.485 + 93461.838 + 98890.594 = Rp436,212 Mil.
Total Current Assets was Rp647,148 Mil.
Total Assets was Rp905,107 Mil.
Property, Plant and Equipment(Net PPE) was Rp157,818 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp81,725 Mil.
Selling, General, & Admin. Expense(SGA) was Rp171,349 Mil.
Total Current Liabilities was Rp136,113 Mil.
Long-Term Debt & Capital Lease Obligation was Rp108,728 Mil.
Net Income was 18620.823 + 11141.99 + -3709.134 + -1323.775 = Rp24,730 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 59380.297 + 20807.001 + 33094.793 + -22159.806 = Rp91,122 Mil.

Total Receivables was Rp5,147 Mil.
Revenue was 210837.527 + 170002.992 + 142323.848 + 129454.666 = Rp652,619 Mil.
Gross Profit was 113900.484 + 90527.697 + 77615.452 + 71907.126 = Rp353,951 Mil.
Total Current Assets was Rp668,885 Mil.
Total Assets was Rp964,020 Mil.
Property, Plant and Equipment(Net PPE) was Rp200,796 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp110,798 Mil.
Selling, General, & Admin. Expense(SGA) was Rp127,619 Mil.
Total Current Liabilities was Rp206,719 Mil.
Long-Term Debt & Capital Lease Obligation was Rp123,889 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)
	=	(17599.798 / 832031.779)	/	(5147.079 / 652619.033)
	=	0.021153	/	0.007887
	=	2.682

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)
	=	(353950.759 / 652619.033)	/	(436212.116 / 832031.779)
	=	0.542354	/	0.524273
	=	1.0345

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 - (647147.602 + 157817.905) / 905107.496)	/	(1 - (668884.567 + 200796.24) / 964019.761)
	=	0.110641	/	0.09786
	=	1.1306

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
	=	832031.779	/	652619.033
	=	1.2749

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))
	=	(110797.719 / (110797.719 + 200796.24))	/	(81724.603 / (81724.603 + 157817.905))
	=	0.355584	/	0.34117
	=	1.0422

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)
	=	(171348.719 / 832031.779)	/	(127618.646 / 652619.033)
	=	0.20594	/	0.195548
	=	1.0531

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)
	=	((108727.682 + 136112.985) / 905107.496)	/	((123888.732 + 206718.506) / 964019.761)
	=	0.27051	/	0.342947
	=	0.7888

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
	=	(24729.904 - 0	-	91122.285)	/	905107.496
	=	-0.073353

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 Sona Topas Tourism Industry Tbk has a M-score of -0.89 signals that the company is likely to be a manipulator.

PT Sona Topas Tourism Industry Tbk Beneish M-Score Related Terms

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PT Sona Topas Tourism Industry Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » PT Sona Topas Tourism Industry Tbk (ISX:SONA) » Definitions » Beneish M-Score

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Address

Jalan Jenderal Sudirman Kav 27, Mayapada Tower 2 lantai 2, Jakarta, IDN, 12920

Website

https://www.sonatopas.co.id

PT Sona Topas Tourism Industry Tbk provides domestic and international travel related services in Indonesia. The company operates through three divisions: Travel Services, Duty-Free Sales, and Retail Sales. It sells tours and travel tickets, as well as handles related documents and tours. The company operates duty-free shops in Jakarta, Bali, and Medan; and retail shops in Jakarta and Bali. It also engages in the trading business. Most of its revenue gets derived from the Duty-Free Sales segment from Bali region.

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