PT Suparma Tbk Beneish M-Score Historical Data
The historical data trend for PT Suparma 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.
PT Suparma Tbk Beneish M-Score Chart
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PT Suparma Tbk Annual Data
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
- |
-3.01 |
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PT Suparma Tbk Quarterly Data
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Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-3.01 |
-3.07 |
-3.23 |
-3.01 |
Competitive Comparison of PT Suparma Tbk's Beneish M-Score
For the Paper & Paper Products subindustry, PT Suparma 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 Suparma Tbk's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, PT Suparma Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Suparma Tbk's Beneish M-Score falls into.
PT Suparma 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 Suparma Tbk for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0565 | + | 0.528 * 1.2297 | + | 0.404 * 1.0633 | + | 0.892 * 0.9765 | + | 0.115 * 0.6035 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0959 | + | 4.679 * -0.152675 | - | 0.327 * 0.7821 |
| = | -3.01 |
* 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.
| This Year (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was Rp201,965 Mil.
Revenue was 686135.481 + 618189.433 + 657611.178 + 706232.452 = Rp2,668,169 Mil.
Gross Profit was 94377.419 + 107765.335 + 117508.632 + 114377.02 = Rp434,028 Mil.
Total Current Assets was Rp1,393,870 Mil.
Total Assets was Rp3,330,426 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,602,360 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,075 Mil.
Selling, General, & Admin. Expense(SGA) was Rp132,500 Mil.
Total Current Liabilities was Rp449,307 Mil.
Long-Term Debt & Capital Lease Obligation was Rp239,674 Mil.
Net Income was 65861.865 + 26417.989 + 22589.034 + 34926.268 = Rp149,795 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 117977.153 + 156736.124 + 156245.184 + 227308.365 = Rp658,267 Mil.
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Total Receivables was Rp195,755 Mil.
Revenue was 650521.61 + 603005.16 + 698761.761 + 780061.485 = Rp2,732,350 Mil.
Gross Profit was 111834.247 + 107565.622 + 136833.297 + 190337.758 = Rp546,571 Mil.
Total Current Assets was Rp1,491,793 Mil.
Total Assets was Rp3,408,737 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,595,252 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,243 Mil.
Selling, General, & Admin. Expense(SGA) was Rp123,813 Mil.
Total Current Liabilities was Rp634,560 Mil.
Long-Term Debt & Capital Lease Obligation was Rp267,050 Mil.
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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) |
| = | (201965.439 / 2668168.544) | / | (195755.244 / 2732350.016) |
| = | 0.075694 | / | 0.071644 |
| | = | 1.0565 |
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) |
| = | (546570.924 / 2732350.016) | / | (434028.406 / 2668168.544) |
| = | 0.200037 | / | 0.162669 |
| | = | 1.2297 |
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 - (1393869.995 + 1602359.843) / 3330426.153) | / | (1 - (1491792.706 + 1595251.628) / 3408737.174) |
| = | 0.100346 | / | 0.094373 |
| | = | 1.0633 |
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 |
| = | 2668168.544 | / | 2732350.016 |
| | = | 0.9765 |
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)) |
| = | (4243.368 / (4243.368 + 1595251.628)) | / | (7074.86 / (7074.86 + 1602359.843)) |
| = | 0.002653 | / | 0.004396 |
| | = | 0.6035 |
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) |
| = | (132499.686 / 2668168.544) | / | (123813.415 / 2732350.016) |
| = | 0.049659 | / | 0.045314 |
| | = | 1.0959 |
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) |
| = | ((239673.816 + 449306.568) / 3330426.153) | / | ((267049.806 + 634560.293) / 3408737.174) |
| = | 0.206875 | / | 0.2645 |
| | = | 0.7821 |
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 |
| = | (149795.156 - 0 | - | 658266.826) | / | 3330426.153 |
| | = | -0.152675 |
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 Suparma Tbk has a M-score of -3.01 suggests that the company is unlikely to be a manipulator.
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