PT Sejahteraraya Anugrahjaya Tbk (ISX:SRAJ) Beneish M-Score : -2.58 (As of Apr. 20, 2025)

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What is PT Sejahteraraya Anugrahjaya 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:SRAJ' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.53 Max: -2.1
Current: -2.58

During the past 13 years, the highest Beneish M-Score of PT Sejahteraraya Anugrahjaya Tbk was -2.10. The lowest was -2.83. And the median was -2.53.

PT Sejahteraraya Anugrahjaya Tbk Beneish M-Score Historical Data

The historical data trend for PT Sejahteraraya Anugrahjaya 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 Sejahteraraya Anugrahjaya Tbk Beneish M-Score Chart

PT Sejahteraraya Anugrahjaya Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-2.50

-2.57

-2.55

-2.10

-2.58

PT Sejahteraraya Anugrahjaya 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															-2.10	-2.18	-2.46	-2.62	-2.58

Competitive Comparison of PT Sejahteraraya Anugrahjaya Tbk's Beneish M-Score

For the Medical Care Facilities subindustry, PT Sejahteraraya Anugrahjaya 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 Sejahteraraya Anugrahjaya Tbk's Beneish M-Score Distribution in the Healthcare Providers & Services Industry

For the Healthcare Providers & Services industry and Healthcare sector, PT Sejahteraraya Anugrahjaya Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Sejahteraraya Anugrahjaya Tbk's Beneish M-Score falls into.

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PT Sejahteraraya Anugrahjaya 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 Sejahteraraya Anugrahjaya 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 * 0.902

0.528 * 0.9854

0.404 * 1.0173

0.892 * 1.2577

0.115 * 0.9836

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9692

4.679 * -0.052218

0.327 * 1.0067

-2.58

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp458,632 Mil.
Revenue was 816920 + 817003 + 768287 + 746135 = Rp3,148,345 Mil.
Gross Profit was 242531 + 234728 + 232536 + 206648 = Rp916,443 Mil.
Total Current Assets was Rp832,802 Mil.
Total Assets was Rp5,683,022 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,426,162 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp82,535 Mil.
Selling, General, & Admin. Expense(SGA) was Rp287,332 Mil.
Total Current Liabilities was Rp2,597,046 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,125,485 Mil.
Net Income was -31753 + -1411 + 4899 + 4752 = Rp-23,513 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 113021 + 59461 + 49353 + 51410 = Rp273,245 Mil.

Total Receivables was Rp404,263 Mil.
Revenue was 688340 + 690177 + 583033 + 541624 = Rp2,503,174 Mil.
Gross Profit was 194194 + 214639 + 162489 + 146698 = Rp718,020 Mil.
Total Current Assets was Rp998,249 Mil.
Total Assets was Rp5,606,291 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,196,834 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp76,955 Mil.
Selling, General, & Admin. Expense(SGA) was Rp235,708 Mil.
Total Current Liabilities was Rp2,105,526 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,542,298 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)
	=	(458632 / 3148345)	/	(404263 / 2503174)
	=	0.145674	/	0.1615
	=	0.902

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)
	=	(718020 / 2503174)	/	(916443 / 3148345)
	=	0.286844	/	0.291087
	=	0.9854

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 - (832802 + 4426162) / 5683022)	/	(1 - (998249 + 4196834) / 5606291)
	=	0.074618	/	0.073348
	=	1.0173

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
	=	3148345	/	2503174
	=	1.2577

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))
	=	(76955 / (76955 + 4196834))	/	(82535 / (82535 + 4426162))
	=	0.018006	/	0.018306
	=	0.9836

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)
	=	(287332 / 3148345)	/	(235708 / 2503174)
	=	0.091264	/	0.094164
	=	0.9692

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)
	=	((1125485 + 2597046) / 5683022)	/	((1542298 + 2105526) / 5606291)
	=	0.655027	/	0.650666
	=	1.0067

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
	=	(-23513 - 0	-	273245)	/	5683022
	=	-0.052218

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 Sejahteraraya Anugrahjaya Tbk has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

PT Sejahteraraya Anugrahjaya Tbk Beneish M-Score Related Terms

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PT Sejahteraraya Anugrahjaya Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Healthcare » Healthcare Providers & Services » PT Sejahteraraya Anugrahjaya Tbk (ISX:SRAJ) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan Honoris Raya Kav. 6, Kota Modern (Modernland), Kelapa Indah, Banten, Tangerang, IDN, 15117

Website

https://www.mayapadahospital.com

PT Sejahteraraya Anugrahjaya Tbk operates hospitals and offers health care services. It operates and offers medical centers, which include neuroscience, Uro-nephrology, obstetrics and gynecology, cardiovascular, orthopedic, pediatric, oncology, immunology, pulmonology, and internal medicine. The company's operating segments are Inpatient, Medicines, Laboratory, Polyclinic, Radiology, Medical check-up, Pharmacy, Hemodialysis, and Discount for patients, of which prime revenue is derived from the Inpatient segment.

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