PT Uni-Charm Indonesia Tbk (ISX:UCID) Beneish M-Score : -2.21 (As of Mar. 30, 2025)

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What is PT Uni-Charm Indonesia 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 -2.21 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:UCID' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.22 Max: -1.69
Current: -2.21

During the past 9 years, the highest Beneish M-Score of PT Uni-Charm Indonesia Tbk was -1.69. The lowest was -3.14. And the median was -2.22.

PT Uni-Charm Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Uni-Charm Indonesia 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 Uni-Charm Indonesia Tbk Beneish M-Score Chart

PT Uni-Charm Indonesia Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.14

-2.41

-2.23

-1.96

-2.21

PT Uni-Charm Indonesia 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															-1.96	-2.94	-2.63	-2.78	-2.21

Competitive Comparison of PT Uni-Charm Indonesia Tbk's Beneish M-Score

For the Household & Personal Products subindustry, PT Uni-Charm Indonesia 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 Uni-Charm Indonesia Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Uni-Charm Indonesia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Uni-Charm Indonesia Tbk's Beneish M-Score falls into.

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PT Uni-Charm Indonesia 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 Uni-Charm Indonesia 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 * 1.195

0.528 * 0.9676

0.404 * 1.4807

0.892 * 0.9444

0.115 * 0.8716

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0704

4.679 * -0.005186

0.327 * 0.9455

-2.21

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp2,704,653 Mil.
Revenue was 2548311 + 2142273 + 2497160 + 2487724 = Rp9,675,468 Mil.
Gross Profit was 562365 + 322311 + 539030 + 551629 = Rp1,975,335 Mil.
Total Current Assets was Rp5,732,585 Mil.
Total Assets was Rp8,658,345 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,112,368 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp82,310 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,184,588 Mil.
Total Current Liabilities was Rp2,537,447 Mil.
Long-Term Debt & Capital Lease Obligation was Rp123,531 Mil.
Net Income was 116643 + -21446 + 126642 + 128566 = Rp350,405 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -165421 + 203977 + 90969 + 265779 = Rp395,304 Mil.

Total Receivables was Rp2,396,495 Mil.
Revenue was 2526259 + 2336431 + 2621348 + 2761122 = Rp10,245,160 Mil.
Gross Profit was 528510 + 453449 + 506956 + 535043 = Rp2,023,958 Mil.
Total Current Assets was Rp5,606,490 Mil.
Total Assets was Rp8,487,854 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,342,859 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp79,168 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,171,824 Mil.
Total Current Liabilities was Rp2,543,062 Mil.
Long-Term Debt & Capital Lease Obligation was Rp215,815 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)
	=	(2704653 / 9675468)	/	(2396495 / 10245160)
	=	0.279537	/	0.233915
	=	1.195

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)
	=	(2023958 / 10245160)	/	(1975335 / 9675468)
	=	0.197553	/	0.204159
	=	0.9676

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 - (5732585 + 2112368) / 8658345)	/	(1 - (5606490 + 2342859) / 8487854)
	=	0.093943	/	0.063444
	=	1.4807

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
	=	9675468	/	10245160
	=	0.9444

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))
	=	(79168 / (79168 + 2342859))	/	(82310 / (82310 + 2112368))
	=	0.032687	/	0.037504
	=	0.8716

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)
	=	(1184588 / 9675468)	/	(1171824 / 10245160)
	=	0.122432	/	0.114378
	=	1.0704

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)
	=	((123531 + 2537447) / 8658345)	/	((215815 + 2543062) / 8487854)
	=	0.307331	/	0.325038
	=	0.9455

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
	=	(350405 - 0	-	395304)	/	8658345
	=	-0.005186

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 Uni-Charm Indonesia Tbk has a M-score of -2.21 suggests that the company is unlikely to be a manipulator.

PT Uni-Charm Indonesia Tbk Beneish M-Score Related Terms

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PT Uni-Charm Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Uni-Charm Indonesia Tbk (ISX:UCID) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan Jend Sudirman Kavling 21, Sinarmas MSIG Tower, 42nd Floor, Karet, Setiabudi, Jakarta Selatan, Jakarta, IDN, 12920

Website

https://www.unicharm.co.id

PT Uni-Charm Indonesia Tbk is a manufacturer and seller of paper diapers for babies, sanitary napkins, and paper diapers for the elderly. The company's operating segment includes Diapers and Non-diapers. Both reportable segments are located in Indonesia. It generates maximum revenue from the Diapers segment. The firm sells its product under the brand name MamyPoko, Charm, Lifree, and MamyPoko Wipes.

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