PT Surya Semesta Internusa Tbk (ISX:SSIA) Beneish M-Score : -2.52 (As of Mar. 31, 2025)

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What is PT Surya Semesta Internusa 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 -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:SSIA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.68 Med: -2.24 Max: 0.23
Current: -2.52

During the past 13 years, the highest Beneish M-Score of PT Surya Semesta Internusa Tbk was 0.23. The lowest was -2.68. And the median was -2.24.

PT Surya Semesta Internusa Tbk Beneish M-Score Historical Data

The historical data trend for PT Surya Semesta Internusa 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.

* Premium members only.

PT Surya Semesta Internusa Tbk Beneish M-Score Chart

PT Surya Semesta Internusa Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.71

-2.42

-2.10

-2.68

-2.52

PT Surya Semesta Internusa 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															-2.68	-2.30	-2.30	-2.20	-2.52

Competitive Comparison of PT Surya Semesta Internusa Tbk's Beneish M-Score

For the Engineering & Construction subindustry, PT Surya Semesta Internusa 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 Surya Semesta Internusa Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Surya Semesta Internusa Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Surya Semesta Internusa Tbk's Beneish M-Score falls into.

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PT Surya Semesta Internusa 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 Surya Semesta Internusa 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 * 0.6636

0.528 * 1.0396

0.404 * 0.8806

0.892 * 1.3778

0.115 * 0.958

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9542

4.679 * -0.046677

0.327 * 0.4625

-2.52

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp1,319,046 Mil.
Revenue was 2390221.045 + 1519959.776 + 1250102.015 + 1091627.646 = Rp6,251,910 Mil.
Gross Profit was 584340.946 + 555137.423 + 312499.417 + 306981.206 = Rp1,758,959 Mil.
Total Current Assets was Rp4,682,185 Mil.
Total Assets was Rp10,367,405 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,377,940 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp138,411 Mil.
Selling, General, & Admin. Expense(SGA) was Rp266,330 Mil.
Total Current Liabilities was Rp1,552,123 Mil.
Long-Term Debt & Capital Lease Obligation was Rp577,514 Mil.
Net Income was 5808.57 + 122793.501 + 120503.302 + -14879.618 = Rp234,226 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1037880.848 + -302420.058 + 157821.485 + -175141.163 = Rp718,141 Mil.

Total Receivables was Rp1,442,586 Mil.
Revenue was 1517217.316 + 1182214.561 + 879268.225 + 958953.724 = Rp4,537,654 Mil.
Gross Profit was 555530.79 + 317449.644 + 225872.869 + 228329.208 = Rp1,327,183 Mil.
Total Current Assets was Rp3,234,886 Mil.
Total Assets was Rp8,416,773 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,210,790 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp116,029 Mil.
Selling, General, & Admin. Expense(SGA) was Rp202,594 Mil.
Total Current Liabilities was Rp1,521,061 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,217,166 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)
	=	(1319045.984 / 6251910.482)	/	(1442586.439 / 4537653.826)
	=	0.210983	/	0.317915
	=	0.6636

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)
	=	(1327182.511 / 4537653.826)	/	(1758958.992 / 6251910.482)
	=	0.292482	/	0.281347
	=	1.0396

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 - (4682185.305 + 1377939.794) / 10367405.49)	/	(1 - (3234886.449 + 1210789.947) / 8416773.129)
	=	0.415464	/	0.471808
	=	0.8806

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
	=	6251910.482	/	4537653.826
	=	1.3778

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))
	=	(116029.164 / (116029.164 + 1210789.947))	/	(138411.497 / (138411.497 + 1377939.794))
	=	0.087449	/	0.091279
	=	0.958

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)
	=	(266330.276 / 6251910.482)	/	(202594.374 / 4537653.826)
	=	0.0426	/	0.044647
	=	0.9542

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)
	=	((577513.855 + 1552122.83) / 10367405.49)	/	((2217165.713 + 1521061.385) / 8416773.129)
	=	0.205417	/	0.44414
	=	0.4625

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
	=	(234225.755 - 0	-	718141.112)	/	10367405.49
	=	-0.046677

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 Surya Semesta Internusa Tbk has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.

PT Surya Semesta Internusa Tbk Beneish M-Score Related Terms

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PT Surya Semesta Internusa Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Surya Semesta Internusa Tbk (ISX:SSIA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan HR Rasuna Said Kav. 3-4 Kuningan, Tempo Scan Tower, 20th Floor, Jakarta, IDN, 12950

Website

https://www.suryainternusa.com

PT Surya Semesta Internusa Tbk is an Indonesian construction company. It operates in three segments. The Property development segment includes the development and management of industrial estates, real estate, buildings, and commercial centers. The Construction segment, which is the key revenue driver, includes general contractor services for commercial buildings, mining, and infrastructure. The hospitality segment includes the development and management of hotels and resorts. The majority of the revenue is from the Construction segment.

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