PTwit Sumbermasrana Tbk (ISX:SSMS) Beneish M-Score : -2.18 (As of Jun. 15, 2024)

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What is PTwit Sumbermasrana 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 -2.18 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:SSMS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.18 Med: -2.03 Max: 0.24
Current: -2.18

During the past 13 years, the highest Beneish M-Score of PTwit Sumbermasrana Tbk was 0.24. The lowest was -3.18. And the median was -2.03.

PTwit Sumbermasrana Tbk Beneish M-Score Historical Data

The historical data trend for PTwit Sumbermasrana 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.

PTwit Sumbermasrana Tbk Beneish M-Score Chart

PTwit Sumbermasrana Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.05

-1.56

-2.28

-1.79

-2.26

PTwit Sumbermasrana 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															-2.35	-2.42	-2.66	-2.26	-2.18

Competitive Comparison of PTwit Sumbermasrana Tbk's Beneish M-Score

For the Farm Products subindustry, PTwit Sumbermasrana 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.

PTwit Sumbermasrana Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PTwit Sumbermasrana Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PTwit Sumbermasrana Tbk's Beneish M-Score falls into.

PTwit Sumbermasrana 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 PTwit Sumbermasrana 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 * 1.9288

0.528 * 1.1738

0.404 * 0.2383

0.892 * 1.0252

0.115 * 0.5477

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.1663

4.679 * -0.056849

0.327 * 1.573

-2.18

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp1,594,025 Mil.
Revenue was 2519043.162 + 6282505.44 + 1560647.059 + 917444.596 = Rp11,279,640 Mil.
Gross Profit was 771371.412 + 1572830.536 + 629828.716 + 101383.012 = Rp3,075,414 Mil.
Total Current Assets was Rp5,724,795 Mil.
Total Assets was Rp12,156,485 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,036,399 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp61,724 Mil.
Selling, General, & Admin. Expense(SGA) was Rp89,314 Mil.
Total Current Liabilities was Rp4,994,592 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,622,771 Mil.
Net Income was 276907.336 + -929.087 + 275358.621 + -4181.982 = Rp547,155 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 438354.706 + -259016.794 + 128652.787 + 930242.89 = Rp1,238,234 Mil.

Total Receivables was Rp806,071 Mil.
Revenue was 1942814.75 + 6132560.259 + 1756156.233 + 1170341.946 = Rp11,001,873 Mil.
Gross Profit was 495013.696 + 1712550.042 + 691431.353 + 622028.614 = Rp3,521,024 Mil.
Total Current Assets was Rp2,711,386 Mil.
Total Assets was Rp13,938,647 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,512,468 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp30,123 Mil.
Selling, General, & Admin. Expense(SGA) was Rp523,791 Mil.
Total Current Liabilities was Rp2,416,960 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,593,257 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)
	=	(1594024.939 / 11279640.257)	/	(806070.657 / 11001873.188)
	=	0.141319	/	0.073267
	=	1.9288

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)
	=	(3521023.705 / 11001873.188)	/	(3075413.676 / 11279640.257)
	=	0.320039	/	0.272652
	=	1.1738

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 - (5724795.058 + 5036398.882) / 12156484.905)	/	(1 - (2711385.857 + 4512467.763) / 13938647.319)
	=	0.114778	/	0.481739
	=	0.2383

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
	=	11279640.257	/	11001873.188
	=	1.0252

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))
	=	(30123.071 / (30123.071 + 4512467.763))	/	(61724.208 / (61724.208 + 5036398.882))
	=	0.006631	/	0.012107
	=	0.5477

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)
	=	(89314.021 / 11279640.257)	/	(523790.753 / 11001873.188)
	=	0.007918	/	0.047609
	=	0.1663

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)
	=	((4622770.783 + 4994592.49) / 12156484.905)	/	((4593257.202 + 2416959.766) / 13938647.319)
	=	0.79113	/	0.502934
	=	1.573

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
	=	(547154.888 - 0	-	1238233.589)	/	12156484.905
	=	-0.056849

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.

PTwit Sumbermasrana Tbk has a M-score of -2.18 suggests that the company is unlikely to be a manipulator.

PTwit Sumbermasrana Tbk Beneish M-Score Related Terms

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PTwit Sumbermasrana Tbk (ISX:SSMS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Sawit Sumbermas Sarana Tbk (ISX:SSMS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

16S:Germany

Address

Jalan H. Udan Said Number 47, Kalimantan Tengah, Pangkalan Bun, IDN, 74113

Website

https://www.ssms.co.id

PT Sawit Sumbermas Sarana Tbk operates several palm oil plantations and mills in Southeast Asia. It acquired land by either purchasing, obtaining land permits, or through a licensing process. The company harvests and processes the crops into crude palm oil, palm kernels, and palm kernel oil. Performance and plantation management is consistently monitored by agronomists, plant engineers, and experienced management. To achieve optimal capacity at its mills, the company may purchase crude palm oil from local farmers. It markets, sells, and distributes products directly to consumers and implemented a system where its sales team negotiates the price and delivery terms for each sale.

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