PTrana Menara Nusantara Tbk (ISX:TOWR) Beneish M-Score : -2.70 (As of Apr. 26, 2024)

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What is PTrana Menara Nusantara 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 -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TOWR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.28 Med: -2.63 Max: -1.28
Current: -2.7

During the past 13 years, the highest Beneish M-Score of PTrana Menara Nusantara Tbk was -1.28. The lowest was -3.28. And the median was -2.63.

PTrana Menara Nusantara Tbk Beneish M-Score Historical Data

The historical data trend for PTrana Menara Nusantara 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.

PTrana Menara Nusantara Tbk Beneish M-Score Chart

PTrana Menara Nusantara Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.50

-2.96

-1.28

-2.55

-2.70

PTrana Menara Nusantara Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.55	-2.39	-2.67	-2.16	-2.70

Competitive Comparison of PTrana Menara Nusantara Tbk's Beneish M-Score

For the Telecom Services subindustry, PTrana Menara Nusantara 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.

PTrana Menara Nusantara Tbk's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, PTrana Menara Nusantara Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PTrana Menara Nusantara Tbk's Beneish M-Score falls into.

PTrana Menara Nusantara 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 PTrana Menara Nusantara 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 * 1.1493

0.528 * 1.052

0.404 * 0.9477

0.892 * 1.0639

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2514

4.679 * -0.082757

0.327 * 0.9739

-2.70

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp3,198,174 Mil.
Revenue was 3020966 + 2943101 + 2911608 + 2864670 = Rp11,740,345 Mil.
Gross Profit was 1958913 + 2105401 + 2088714 + 2059563 = Rp8,212,591 Mil.
Total Current Assets was Rp4,426,883 Mil.
Total Assets was Rp68,418,946 Mil.
Property, Plant and Equipment(Net PPE) was Rp45,506,260 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp287,795 Mil.
Total Current Liabilities was Rp24,298,953 Mil.
Long-Term Debt & Capital Lease Obligation was Rp26,323,431 Mil.
Net Income was 827523.44 + 866452 + 806692 + 752430 = Rp3,253,097 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 2198960 + 1619630 + 2948422 + 2148244 = Rp8,915,256 Mil.

Total Receivables was Rp2,615,727 Mil.
Revenue was 2928549 + 2790769 + 2696991 + 2619341 = Rp11,035,650 Mil.
Gross Profit was 2197801 + 2048063 + 1966121 + 1909215 = Rp8,121,200 Mil.
Total Current Assets was Rp3,651,134 Mil.
Total Assets was Rp65,625,136 Mil.
Property, Plant and Equipment(Net PPE) was Rp43,265,443 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp216,174 Mil.
Total Current Liabilities was Rp14,446,084 Mil.
Long-Term Debt & Capital Lease Obligation was Rp35,408,616 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)
	=	(3198174 / 11740345)	/	(2615727 / 11035650)
	=	0.272409	/	0.237025
	=	1.1493

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)
	=	(8121200 / 11035650)	/	(8212591 / 11740345)
	=	0.735906	/	0.699519
	=	1.052

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 - (4426883 + 45506260) / 68418946)	/	(1 - (3651134 + 43265443) / 65625136)
	=	0.270185	/	0.285082
	=	0.9477

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
	=	11740345	/	11035650
	=	1.0639

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))
	=	(0 / (0 + 43265443))	/	(0 / (0 + 45506260))
	=	0	/	0
	=	1

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)
	=	(287795 / 11740345)	/	(216174 / 11035650)
	=	0.024513	/	0.019589
	=	1.2514

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)
	=	((26323431 + 24298953) / 68418946)	/	((35408616 + 14446084) / 65625136)
	=	0.739888	/	0.759689
	=	0.9739

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
	=	(3253097.44 - 0	-	8915256)	/	68418946
	=	-0.082757

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.

PTrana Menara Nusantara Tbk has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.

PTrana Menara Nusantara Tbk Beneish M-Score Related Terms

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PTrana Menara Nusantara Tbk (ISX:TOWR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » PT Sarana Menara Nusantara Tbk (ISX:TOWR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

SMNUF:USA

Address

Jalan Jenderal Ahmad Yani No. 19A, Central Java, Kudus, IDN

Website

https://www.ptsmn.co.id

PT Sarana Menara Nusantara Tbk is an investment company. It invests in companies that are engaged in leasing space, owning and operating telecommunication towers for wireless operators in Indonesia under long-term lease agreements. The company owns and operates over 19,000 towers in Indonesia. Its business segments include Tower rental and Other services (VSAT service, and MWIFO). The majority of the company's revenue is generated from Tower Rental.