PTratoga Investama Sedaya Tbk (ISX:SRTG) Beneish M-Score : 0.00 (As of Apr. 03, 2025)

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What is PTratoga Investama Sedaya 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.

The historical rank and industry rank for PTratoga Investama Sedaya Tbk's Beneish M-Score or its related term are showing as below:

During the past 13 years, the highest Beneish M-Score of PTratoga Investama Sedaya Tbk was 3.85. The lowest was -2.47. And the median was -1.85.

PTratoga Investama Sedaya Tbk Beneish M-Score Historical Data

The historical data trend for PTratoga Investama Sedaya 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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PTratoga Investama Sedaya Tbk Beneish M-Score Chart

PTratoga Investama Sedaya Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.90

3.85

-0.46

PTratoga Investama Sedaya 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															-	-	-	-	-

Competitive Comparison of PTratoga Investama Sedaya Tbk's Beneish M-Score

For the Asset Management subindustry, PTratoga Investama Sedaya 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.

PTratoga Investama Sedaya Tbk's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, PTratoga Investama Sedaya Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PTratoga Investama Sedaya Tbk's Beneish M-Score falls into.

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PTratoga Investama Sedaya 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 PTratoga Investama Sedaya 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 *

0.528 *

0.404 *

0.892 *

0.115 *

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 *

4.679 *

0.327 *

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp601,204 Mil.
Revenue was -1356613 + 6534480 + 2326151 + -2176728 = Rp5,327,290 Mil.
Gross Profit was -1378372 + 6510274 + 2299276 + -2231463 = Rp5,199,715 Mil.
Total Current Assets was Rp2,139,600 Mil.
Total Assets was Rp57,841,857 Mil.
Property, Plant and Equipment(Net PPE) was Rp0 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,219 Mil.
Selling, General, & Admin. Expense(SGA) was Rp58,867 Mil.
Total Current Liabilities was Rp15,253 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,213,975 Mil.
Net Income was -1928169 + 5664756 + 2131083 + -2577473 = Rp3,290,197 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -1287671 + 79820 + 802457 + -626090 = Rp-1,031,484 Mil.

Total Receivables was Rp1,129,567 Mil.
Revenue was 168029 + 2226633 + -8302254 + -5095443 = Rp-11,003,035 Mil.
Gross Profit was 146528 + 2200309 + -8326006 + -5137414 = Rp-11,116,583 Mil.
Total Current Assets was Rp2,157,697 Mil.
Total Assets was Rp50,945,120 Mil.
Property, Plant and Equipment(Net PPE) was Rp0 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,264 Mil.
Selling, General, & Admin. Expense(SGA) was Rp46,091 Mil.
Total Current Liabilities was Rp10,880 Mil.
Long-Term Debt & Capital Lease Obligation was Rp926,106 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)
	=	(601204 / 5327290)	/	(1129567 / -11003035)
	=	0.112854	/
	=

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)
	=	(-11116583 / -11003035)	/	(5199715 / 5327290)
	=		/	0.976053
	=

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 - (2139600 + 0) / 57841857)	/	(1 - (2157697 + 0) / 50945120)
	=	0.963009	/	0.957647
	=

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
	=	5327290	/	-11003035
	=

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))
	=	(1264 / (1264 + 0))	/	(1219 / (1219 + 0))
	=	1	/	1
	=

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)
	=	(58867 / 5327290)	/	(46091 / -11003035)
	=	0.01105	/
	=

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)
	=	((3213975 + 15253) / 57841857)	/	((926106 + 10880) / 50945120)
	=	0.055829	/	0.018392
	=

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
	=	(3290197 - 0	-	-1031484)	/	57841857
	=	0.074715

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.

PTratoga Investama Sedaya Tbk Beneish M-Score Related Terms

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PTratoga Investama Sedaya Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » PT Saratoga Investama Sedaya Tbk (ISX:SRTG) » Definitions » Beneish M-Score

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Address

Jalan. H.R. Rasuna Said Block X-5 Kav. 1-2, Menara Karya, 15th Floor, Selatan Jakarta, Jakarta, IDN, 12950

Website

https://www.saratoga-investama.com

PT Saratoga Investama Sedaya Tbk is an active investment company in Indonesia. The company invests in three sectors: consumer, infrastructure, and natural resources. Its natural resources investment portfolio includes companies that are engaged in the coal industry, such as PT Adaro Energy Tbk; oil palm plantation, such as PT Provident Agro Tbk; oil and gas exploration, such as Interra Resources Ltd, and gold and copper mining, such as Sihayo Gold Ltd. Its infrastructure investment portfolio includes companies that are engaged in telecommunication tower leasing, such as PT Tower Bersama Infrastructure Tbk; power generation industry, such as PT Medco Power Indonesia; oil refineries, such as PT Tri Wahana Universal, etc. Key revenue is mainly derived from dividend and divestment activity.

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