PT Trias Sentosa Tbk (ISX:TRST) Beneish M-Score : -1.78 (As of Jun. 25, 2024)

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What is PT Trias Sentosa 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 -1.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TRST' s Beneish M-Score Range Over the Past 10 Years
Min: -3.01 Med: -2.48 Max: -1.78
Current: -1.78

During the past 13 years, the highest Beneish M-Score of PT Trias Sentosa Tbk was -1.78. The lowest was -3.01. And the median was -2.48.

PT Trias Sentosa Tbk Beneish M-Score Historical Data

The historical data trend for PT Trias Sentosa 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 Trias Sentosa Tbk Beneish M-Score Chart

PT Trias Sentosa Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.46

-2.95

-2.31

-2.15

-2.23

PT Trias Sentosa 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	-2.34	-2.49	-2.23	-1.78

Competitive Comparison of PT Trias Sentosa Tbk's Beneish M-Score

For the Packaging & Containers subindustry, PT Trias Sentosa 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 Trias Sentosa Tbk's Beneish M-Score Distribution in the Packaging & Containers Industry

For the Packaging & Containers industry and Consumer Cyclical sector, PT Trias Sentosa Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Trias Sentosa Tbk's Beneish M-Score falls into.

PT Trias Sentosa 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 Trias Sentosa 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 * 1.2142

0.528 * 2.7975

0.404 * 0.9383

0.892 * 0.8838

0.115 * 1.016

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.851

4.679 * -0.072411

0.327 * 1.0095

-1.78

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp712,742 Mil.
Revenue was 870420 + 888441 + 723530 + 607698 = Rp3,090,089 Mil.
Gross Profit was 71318 + 22321 + 21836 + 486 = Rp115,961 Mil.
Total Current Assets was Rp1,637,456 Mil.
Total Assets was Rp5,248,710 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,438,326 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,227 Mil.
Selling, General, & Admin. Expense(SGA) was Rp111,901 Mil.
Total Current Liabilities was Rp1,690,933 Mil.
Long-Term Debt & Capital Lease Obligation was Rp729,731 Mil.
Net Income was 6182 + -145291 + -27313 + -68718 = Rp-235,140 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -38407 + 29050 + 130791 + 23491 = Rp144,925 Mil.

Total Receivables was Rp664,171 Mil.
Revenue was 777795 + 870993 + 919561 + 927849 = Rp3,496,198 Mil.
Gross Profit was 77339 + 90844 + 95496 + 103355 = Rp367,034 Mil.
Total Current Assets was Rp1,804,053 Mil.
Total Assets was Rp5,380,631 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,387,649 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,236 Mil.
Selling, General, & Admin. Expense(SGA) was Rp148,777 Mil.
Total Current Liabilities was Rp1,602,237 Mil.
Long-Term Debt & Capital Lease Obligation was Rp855,967 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)
	=	(712742 / 3090089)	/	(664171 / 3496198)
	=	0.230654	/	0.18997
	=	1.2142

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)
	=	(367034 / 3496198)	/	(115961 / 3090089)
	=	0.104981	/	0.037527
	=	2.7975

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 - (1637456 + 3438326) / 5248710)	/	(1 - (1804053 + 3387649) / 5380631)
	=	0.032947	/	0.035113
	=	0.9383

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
	=	3090089	/	3496198
	=	0.8838

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))
	=	(6236 / (6236 + 3387649))	/	(6227 / (6227 + 3438326))
	=	0.001837	/	0.001808
	=	1.016

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)
	=	(111901 / 3090089)	/	(148777 / 3496198)
	=	0.036213	/	0.042554
	=	0.851

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)
	=	((729731 + 1690933) / 5248710)	/	((855967 + 1602237) / 5380631)
	=	0.461192	/	0.456862
	=	1.0095

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
	=	(-235140 - 0	-	144925)	/	5248710
	=	-0.072411

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 Trias Sentosa Tbk has a M-score of -1.78 suggests that the company is unlikely to be a manipulator.

PT Trias Sentosa Tbk Beneish M-Score Related Terms

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PT Trias Sentosa Tbk (ISX:TRST) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Packaging & Containers » PT Trias Sentosa Tbk (ISX:TRST) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Raya Waru 1 B, Waru, Sidoarjo, IDN, 61256

Website

https://www.trias-sentosa.com

PT Trias Sentosa Tbk is a flexible packaging film manufacturer company. The company's product consists of biaxially-oriented polypropylene film (BOPP film) and biaxially-oriented polyester film (BOPET film). The BOPP and BOPET film product portfolio of the company includes Printing & Lamination, Overwrap, Heat Sealable, Anti-fog, Matte, Pearlized, White Opaque, Label, Metallized, Thermal Film, and Coated (PVDC, Acrylic, PPOH). The company's geographical segments include Indonesia, Asia, Japan, America, Australia, Europe, and Africa.