PTwit Sumbermasrana Tbk (ISX:SSMS) Beneish M-Score : -1.51 (As of Dec. 11, 2024)

View and export this data going back to 2013. Start your Free Trial

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.

Warning Sign:

Beneish M-Score -1.51 higher than -1.78, which implies that the company might have manipulated its financial results.

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: -1.98 Max: 0.24
Current: -1.51

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 -1.98.

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

Get a 7-Day Free Trial

-1.05

-1.56

-2.28

-1.79

-2.26

PTwit Sumbermasrana Tbk Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.06	-2.26	-2.18	-1.48	-1.51

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 * 3.1215

0.528 * 0.9675

0.404 * 0.2543

0.892 * 0.7911

0.115 * 0.9502

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3205

4.679 * -0.045401

0.327 * 1.6313

-1.51

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp1,682,020 Mil.
Revenue was 2232684.713 + 2628433.811 + 2519043.162 + 3315651.605 = Rp10,695,813 Mil.
Gross Profit was 540598.121 + 840625.052 + 771371.412 + 845170.383 = Rp2,997,765 Mil.
Total Current Assets was Rp4,985,245 Mil.
Total Assets was Rp11,493,045 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,004,128 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp59,740 Mil.
Selling, General, & Admin. Expense(SGA) was Rp183,073 Mil.
Total Current Liabilities was Rp4,498,487 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,128,488 Mil.
Net Income was 226869.25 + 105493.402 + 276907.336 + -929.087 = Rp608,341 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -487222.678 + 832545.369 + 438354.706 + 346453.597 = Rp1,130,131 Mil.

Total Receivables was Rp681,134 Mil.
Revenue was 2738067.078 + 2706878.412 + 1942814.75 + 6132560.259 = Rp13,520,320 Mil.
Gross Profit was 890488.462 + 568383.419 + 495013.696 + 1712550.042 = Rp3,666,436 Mil.
Total Current Assets was Rp1,796,419 Mil.
Total Assets was Rp13,078,231 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,553,250 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp51,619 Mil.
Selling, General, & Admin. Expense(SGA) was Rp175,252 Mil.
Total Current Liabilities was Rp1,778,984 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,238,657 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)
	=	(1682019.931 / 10695813.291)	/	(681134.306 / 13520320.499)
	=	0.15726	/	0.050379
	=	3.1215

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)
	=	(3666435.619 / 13520320.499)	/	(2997764.968 / 10695813.291)
	=	0.27118	/	0.280275
	=	0.9675

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 - (4985245.294 + 5004127.983) / 11493045.494)	/	(1 - (1796418.669 + 4553249.899) / 13078230.599)
	=	0.130833	/	0.514486
	=	0.2543

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
	=	10695813.291	/	13520320.499
	=	0.7911

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))
	=	(51618.511 / (51618.511 + 4553249.899))	/	(59740.476 / (59740.476 + 5004127.983))
	=	0.01121	/	0.011797
	=	0.9502

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)
	=	(183073.385 / 10695813.291)	/	(175252.275 / 13520320.499)
	=	0.017116	/	0.012962
	=	1.3205

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)
	=	((4128487.683 + 4498487.307) / 11493045.494)	/	((4238657.219 + 1778984.119) / 13078230.599)
	=	0.750626	/	0.460127
	=	1.6313

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
	=	(608340.901 - 0	-	1130130.994)	/	11493045.494
	=	-0.045401

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 -1.51 signals that the company is likely to be a manipulator.

PTwit Sumbermasrana Tbk Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PTwit Sumbermasrana Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PTwit Sumbermasrana Tbk 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

N/A

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.

PTwit Sumbermasrana Tbk Headlines

No Headlines