PT Sumber Tani Agung Resources Tbk (ISX:STAA) Beneish M-Score : -1.27 (As of Apr. 02, 2025)

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What is PT Sumber Tani Agung Resources 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 -1.27 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for PT Sumber Tani Agung Resources Tbk's Beneish M-Score or its related term are showing as below:

ISX:STAA' s Beneish M-Score Range Over the Past 10 Years
Min: -2.52 Med: -1.27 Max: -1.18
Current: -1.27

During the past 7 years, the highest Beneish M-Score of PT Sumber Tani Agung Resources Tbk was -1.18. The lowest was -2.52. And the median was -1.27.

PT Sumber Tani Agung Resources Tbk Beneish M-Score Historical Data

The historical data trend for PT Sumber Tani Agung Resources 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 Sumber Tani Agung Resources Tbk Beneish M-Score Chart

PT Sumber Tani Agung Resources Tbk Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-1.18

-2.52

-1.27

PT Sumber Tani Agung Resources Tbk Quarterly Data
	Dec18	Dec19	Jun20	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															-2.52	-0.33	-1.87	-2.33	-1.27

Competitive Comparison of PT Sumber Tani Agung Resources Tbk's Beneish M-Score

For the Farm Products subindustry, PT Sumber Tani Agung Resources 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 Sumber Tani Agung Resources Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Sumber Tani Agung Resources Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Sumber Tani Agung Resources Tbk's Beneish M-Score falls into.

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PT Sumber Tani Agung Resources 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 Sumber Tani Agung Resources 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 * 2.3812

0.528 * 0.7863

0.404 * 0.8207

0.892 * 1.2184

0.115 * 1.0105

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8185

4.679 * -0.024237

0.327 * 0.9618

-1.27

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp288,921 Mil.
Revenue was 2019702 + 1725214 + 1417923 + 1276635 = Rp6,439,474 Mil.
Gross Profit was 747378 + 631599 + 434559 + 369854 = Rp2,183,390 Mil.
Total Current Assets was Rp2,371,864 Mil.
Total Assets was Rp8,083,501 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,077,307 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5,299 Mil.
Selling, General, & Admin. Expense(SGA) was Rp253,868 Mil.
Total Current Liabilities was Rp1,174,077 Mil.
Long-Term Debt & Capital Lease Obligation was Rp835,505 Mil.
Net Income was 451196 + 407749 + 225691 + 197587 = Rp1,282,223 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 392011 + 448116 + 256584 + 381431 = Rp1,478,142 Mil.

Total Receivables was Rp99,585 Mil.
Revenue was 1440879 + 1505372 + 1175560 + 1163390 = Rp5,285,201 Mil.
Gross Profit was 414473 + 511277 + 219526 + 263716 = Rp1,408,992 Mil.
Total Current Assets was Rp1,559,204 Mil.
Total Assets was Rp6,681,163 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,483,145 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,730 Mil.
Selling, General, & Admin. Expense(SGA) was Rp254,565 Mil.
Total Current Liabilities was Rp747,248 Mil.
Long-Term Debt & Capital Lease Obligation was Rp979,653 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)
	=	(288921 / 6439474)	/	(99585 / 5285201)
	=	0.044867	/	0.018842
	=	2.3812

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)
	=	(1408992 / 5285201)	/	(2183390 / 6439474)
	=	0.266592	/	0.339063
	=	0.7863

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 - (2371864 + 5077307) / 8083501)	/	(1 - (1559204 + 4483145) / 6681163)
	=	0.078472	/	0.095614
	=	0.8207

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
	=	6439474	/	5285201
	=	1.2184

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))
	=	(4730 / (4730 + 4483145))	/	(5299 / (5299 + 5077307))
	=	0.001054	/	0.001043
	=	1.0105

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)
	=	(253868 / 6439474)	/	(254565 / 5285201)
	=	0.039424	/	0.048166
	=	0.8185

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)
	=	((835505 + 1174077) / 8083501)	/	((979653 + 747248) / 6681163)
	=	0.248603	/	0.258473
	=	0.9618

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
	=	(1282223 - 0	-	1478142)	/	8083501
	=	-0.024237

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 Sumber Tani Agung Resources Tbk has a M-score of -1.27 signals that the company is likely to be a manipulator.

PT Sumber Tani Agung Resources Tbk Beneish M-Score Related Terms

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PT Sumber Tani Agung Resources Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Sumber Tani Agung Resources Tbk (ISX:STAA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. S. Parman No.217, Office Tower Cambridge City Square 3rd Floor, Medan, IDN, 20151

Website

https://www.sta.co.id

PT Sumber Tani Agung Resources Tbk is an oil palm plantation company. The company manages oil palm estates, palm oil mills, Kernel Crushing Facility, and solvent extraction plant powered by a biogas power plant, all of which are situated in Indonesia. It has two reportable segments; Plantations which generates key revenue, and others. Geographically, the firm generates a majority of its revenue from Indonesia and the rest from other countries.