PT Pabrik Kertas Tjiwi Kimia Tbk (ISX:TKIM) Beneish M-Score : -1.70 (As of Apr. 05, 2025)

View and export this data going back to 1990. Start your Free Trial

What is PT Pabrik Kertas Tjiwi Kimia 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 -1.7 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score or its related term are showing as below:

ISX:TKIM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.17 Med: -2.48 Max: -0.96
Current: -1.7

During the past 13 years, the highest Beneish M-Score of PT Pabrik Kertas Tjiwi Kimia Tbk was -0.96. The lowest was -3.17. And the median was -2.48.

PT Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score Historical Data

The historical data trend for PT Pabrik Kertas Tjiwi Kimia 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 Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score Chart

PT Pabrik Kertas Tjiwi Kimia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

Get a 7-Day Free Trial

-3.01

-2.43

-0.96

-2.52

-1.70

PT Pabrik Kertas Tjiwi Kimia 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															-2.52	-1.82	-2.44	-2.63	-1.70

Competitive Comparison of PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score

For the Paper & Paper Products subindustry, PT Pabrik Kertas Tjiwi Kimia 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 Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score falls into.

Save Embed

;

Save Embed

;

PT Pabrik Kertas Tjiwi Kimia 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 Pabrik Kertas Tjiwi Kimia 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 * 1.6562

0.528 * 0.879

0.404 * 1.0374

0.892 * 0.951

0.115 * 0.9586

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0887

4.679 * 0.055075

0.327 * 0.8967

-1.70

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp1,777,105 Mil.
Revenue was 3620823.471 + 3705154.095 + 3915429.773 + 4366934.236 = Rp15,608,342 Mil.
Gross Profit was 502193.7 + 403528.747 + 622147.2 + 821414.156 = Rp2,349,284 Mil.
Total Current Assets was Rp12,693,392 Mil.
Total Assets was Rp61,836,213 Mil.
Property, Plant and Equipment(Net PPE) was Rp11,994,278 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,530 Mil.
Selling, General, & Admin. Expense(SGA) was Rp910,245 Mil.
Total Current Liabilities was Rp9,686,115 Mil.
Long-Term Debt & Capital Lease Obligation was Rp8,252,208 Mil.
Net Income was 3118774.094 + -1727453.52 + 1806545.034 + 1642184.386 = Rp4,840,050 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 160245.925 + -76602.483 + 218216.783 + 1132571.825 = Rp1,434,432 Mil.

Total Receivables was Rp1,128,314 Mil.
Revenue was 4052562.495 + 3957371.449 + 3834027.427 + 4569049.441 = Rp16,413,011 Mil.
Gross Profit was 650553.583 + 508750.265 + 474440.116 + 537670.289 = Rp2,171,414 Mil.
Total Current Assets was Rp11,628,572 Mil.
Total Assets was Rp56,008,707 Mil.
Property, Plant and Equipment(Net PPE) was Rp11,945,020 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp15,780 Mil.
Selling, General, & Admin. Expense(SGA) was Rp879,217 Mil.
Total Current Liabilities was Rp9,412,935 Mil.
Long-Term Debt & Capital Lease Obligation was Rp8,706,449 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)
	=	(1777105.342 / 15608341.575)	/	(1128314.053 / 16413010.812)
	=	0.113856	/	0.068745
	=	1.6562

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)
	=	(2171414.253 / 16413010.812)	/	(2349283.803 / 15608341.575)
	=	0.132298	/	0.150515
	=	0.879

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 - (12693391.96 + 11994278.42) / 61836213.366)	/	(1 - (11628571.606 + 11945020.232) / 56008707.147)
	=	0.600757	/	0.579108
	=	1.0374

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
	=	15608341.575	/	16413010.812
	=	0.951

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))
	=	(15779.729 / (15779.729 + 11945020.232))	/	(16530.344 / (16530.344 + 11994278.42))
	=	0.001319	/	0.001376
	=	0.9586

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)
	=	(910244.678 / 15608341.575)	/	(879216.822 / 16413010.812)
	=	0.058318	/	0.053568
	=	1.0887

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)
	=	((8252208.132 + 9686114.906) / 61836213.366)	/	((8706448.75 + 9412934.737) / 56008707.147)
	=	0.290094	/	0.32351
	=	0.8967

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
	=	(4840049.994 - 0	-	1434432.05)	/	61836213.366
	=	0.055075

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 Pabrik Kertas Tjiwi Kimia Tbk has a M-score of -1.70 signals that the company is likely to be a manipulator.

PT Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score Related Terms

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

PT Pabrik Kertas Tjiwi Kimia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » PT Pabrik Kertas Tjiwi Kimia Tbk (ISX:TKIM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

OB9:Germany

Address

Jalan M.H. Thamrin No. 51, Sinarmas Land Plaza, Tower II, 9th Floor, Jakarta, IDN, 10350

Website

https://www.asiapulppaper.com

PT Pabrik Kertas Tjiwi Kimia Tbk is engaged in paper and stationery manufacturing with its main products such as printed paper, coated, and carbonless. The company also produces a wide range of converted stationery and office products such as exercise books, writing pad, loose-leaf, spiral, envelopes, gift wrapping paper, and shopping bag. It operates in two business segments that are Cultural paper products, and Industrial paper products and others. The Cultural paper products segment consists primarily of printing and writing paper and related paper products; the Industrial paper segment consists of fluting medium paper and carton boxes; The other product segment includes the sale of the chemical by-product. The majority of the revenue is being made from Cultural paper products segment.

PT Pabrik Kertas Tjiwi Kimia Tbk Headlines

No Headlines