PT Indo Acidatama Tbk (ISX:SRSN) Beneish M-Score : -1.91 (As of Jun. 21, 2024)

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What is PT Indo Acidatama 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 -1.91 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:SRSN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.51 Med: -2.45 Max: -1.12
Current: -1.91

During the past 13 years, the highest Beneish M-Score of PT Indo Acidatama Tbk was -1.12. The lowest was -3.51. And the median was -2.45.

PT Indo Acidatama Tbk Beneish M-Score Historical Data

The historical data trend for PT Indo Acidatama 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 Indo Acidatama Tbk Beneish M-Score Chart

PT Indo Acidatama Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.39

-2.22

-2.91

-2.23

-2.56

PT Indo Acidatama Tbk Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.75	-2.44	-2.57	-2.56	-1.91

Competitive Comparison of PT Indo Acidatama Tbk's Beneish M-Score

For the Chemicals subindustry, PT Indo Acidatama 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 Indo Acidatama Tbk's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, PT Indo Acidatama Tbk's Beneish M-Score distribution charts can be found below:

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

PT Indo Acidatama 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 Indo Acidatama 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 * 1.0983

0.528 * 0.9181

0.404 * 1.6221

0.892 * 1.0165

0.115 * 1.015

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9796

4.679 * 0.050319

0.327 * 0.9434

-1.91

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp170,481 Mil.
Revenue was 228194.939 + 275617.39 + 280902.731 + 245125.98 = Rp1,029,841 Mil.
Gross Profit was 46865.645 + 54955.659 + 73492.314 + 58730.929 = Rp234,045 Mil.
Total Current Assets was Rp567,456 Mil.
Total Assets was Rp913,401 Mil.
Property, Plant and Equipment(Net PPE) was Rp342,800 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,504 Mil.
Selling, General, & Admin. Expense(SGA) was Rp101,673 Mil.
Total Current Liabilities was Rp172,281 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,569 Mil.
Net Income was 8593.526 + 11209.039 + 29339.327 + 12089.387 = Rp61,231 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 34349.122 + 58246.229 + -69597.37 + -7728.027 = Rp15,270 Mil.

Total Receivables was Rp152,697 Mil.
Revenue was 225059.343 + 293398.621 + 271770.129 + 222900.188 = Rp1,013,128 Mil.
Gross Profit was 50825.774 + 75205.238 + 46297.266 + 39059.098 = Rp211,387 Mil.
Total Current Assets was Rp522,012 Mil.
Total Assets was Rp856,688 Mil.
Property, Plant and Equipment(Net PPE) was Rp332,858 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,440 Mil.
Selling, General, & Admin. Expense(SGA) was Rp102,108 Mil.
Total Current Liabilities was Rp167,059 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,761 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)
	=	(170480.621 / 1029841.04)	/	(152696.975 / 1013128.281)
	=	0.165541	/	0.150718
	=	1.0983

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)
	=	(211387.376 / 1013128.281)	/	(234044.547 / 1029841.04)
	=	0.208648	/	0.227263
	=	0.9181

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 - (567456.418 + 342799.974) / 913400.773)	/	(1 - (522011.793 + 332858.227) / 856688.25)
	=	0.003442	/	0.002122
	=	1.6221

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
	=	1029841.04	/	1013128.281
	=	1.0165

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))
	=	(4440.086 / (4440.086 + 332858.227))	/	(4504.202 / (4504.202 + 342799.974))
	=	0.013164	/	0.012969
	=	1.015

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)
	=	(101672.85 / 1029841.04)	/	(102107.53 / 1013128.281)
	=	0.098727	/	0.100784
	=	0.9796

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)
	=	((3568.658 + 172280.569) / 913400.773)	/	((7760.81 + 167059.238) / 856688.25)
	=	0.192521	/	0.204065
	=	0.9434

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
	=	(61231.279 - 0	-	15269.954)	/	913400.773
	=	0.050319

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 Indo Acidatama Tbk has a M-score of -1.91 suggests that the company is unlikely to be a manipulator.

PT Indo Acidatama Tbk Beneish M-Score Related Terms

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PT Indo Acidatama Tbk (ISX:SRSN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » PT Indo Acidatama Tbk (ISX:SRSN) » Definitions » Beneish M-Score

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Address

Jl. Raya Perjuangan 88, Graha Kencana, 9th Floor-Suite A, Jakarta Barat, Jakarta, IDN, 11530

Website

https://www.acidatama.co.id

PT Indo Acidatama Tbk is an Indonesian-based company engaged in manufacturing ethanol. The company produces acetic acid, ethyl acetate, bio-organic fertilizers, methylated spirit, and carbonic acid gas. It operates business activity in segments such as Ethanol, Acetic Acid, and Others. The fertilizers of the company are marketed under the brand names Pomi, Randex, Beka, and Alfinas. The company earns the majority of its revenue comes from the Ethanol segment.

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