PT Unggul Indah Cahaya Tbk (ISX:UNIC) Beneish M-Score : -3.12 (As of Mar. 03, 2025)

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What is PT Unggul Indah Cahaya 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 -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:UNIC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.44 Max: -1.34
Current: -3.12

During the past 13 years, the highest Beneish M-Score of PT Unggul Indah Cahaya Tbk was -1.34. The lowest was -3.45. And the median was -2.44.

PT Unggul Indah Cahaya Tbk Beneish M-Score Historical Data

The historical data trend for PT Unggul Indah Cahaya 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 Unggul Indah Cahaya Tbk Beneish M-Score Chart

PT Unggul Indah Cahaya Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.31

-3.45

-2.24

-1.46

-2.43

PT Unggul Indah Cahaya Tbk Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-1.84	-2.43	-2.71	-2.61	-3.12

Competitive Comparison of PT Unggul Indah Cahaya Tbk's Beneish M-Score

For the Chemicals subindustry, PT Unggul Indah Cahaya 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 Unggul Indah Cahaya Tbk's Beneish M-Score Distribution in the Chemicals Industry

For the Chemicals industry and Basic Materials sector, PT Unggul Indah Cahaya Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Unggul Indah Cahaya Tbk's Beneish M-Score falls into.

PT Unggul Indah Cahaya 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 Unggul Indah Cahaya 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 * 0.8214

0.528 * 0.8575

0.404 * 0.8864

0.892 * 0.929

0.115 * 0.6586

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0847

4.679 * -0.04775

0.327 * 1.0289

-3.12

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp501,436 Mil.
Revenue was 1353046.277 + 1144945.79 + 1380255.505 + 1196173.134 = Rp5,074,421 Mil.
Gross Profit was 182139.956 + 156179.424 + 176991.014 + 187951.785 = Rp703,262 Mil.
Total Current Assets was Rp4,398,090 Mil.
Total Assets was Rp5,310,902 Mil.
Property, Plant and Equipment(Net PPE) was Rp374,994 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp15,524 Mil.
Selling, General, & Admin. Expense(SGA) was Rp136,539 Mil.
Total Current Liabilities was Rp603,752 Mil.
Long-Term Debt & Capital Lease Obligation was Rp45,338 Mil.
Net Income was 108343.598 + 68308.264 + 76447.909 + 104397.104 = Rp357,497 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 537571.087 + -238223.338 + 207252.608 + 104489.6 = Rp611,090 Mil.

Total Receivables was Rp657,060 Mil.
Revenue was 1472625.337 + 1193635.586 + 1316766.126 + 1479045.505 = Rp5,462,073 Mil.
Gross Profit was 213591.148 + 129373.882 + 165817.671 + 140336.361 = Rp649,119 Mil.
Total Current Assets was Rp4,072,997 Mil.
Total Assets was Rp5,021,154 Mil.
Property, Plant and Equipment(Net PPE) was Rp374,534 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp10,068 Mil.
Selling, General, & Admin. Expense(SGA) was Rp135,497 Mil.
Total Current Liabilities was Rp560,256 Mil.
Long-Term Debt & Capital Lease Obligation was Rp36,191 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)
	=	(501436 / 5074420.706)	/	(657060.214 / 5462072.554)
	=	0.098816	/	0.120295
	=	0.8214

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)
	=	(649119.062 / 5462072.554)	/	(703262.179 / 5074420.706)
	=	0.118841	/	0.13859
	=	0.8575

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 - (4398090.267 + 374994.026) / 5310902.036)	/	(1 - (4072997.03 + 374533.638) / 5021154.172)
	=	0.101267	/	0.114241
	=	0.8864

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
	=	5074420.706	/	5462072.554
	=	0.929

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))
	=	(10068.417 / (10068.417 + 374533.638))	/	(15523.904 / (15523.904 + 374994.026))
	=	0.026179	/	0.039752
	=	0.6586

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)
	=	(136539.448 / 5074420.706)	/	(135497.032 / 5462072.554)
	=	0.026907	/	0.024807
	=	1.0847

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)
	=	((45338.435 + 603751.944) / 5310902.036)	/	((36191.1 + 560255.62) / 5021154.172)
	=	0.122218	/	0.118787
	=	1.0289

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
	=	(357496.875 - 0	-	611089.957)	/	5310902.036
	=	-0.04775

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 Unggul Indah Cahaya Tbk has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.

PT Unggul Indah Cahaya Tbk Beneish M-Score Related Terms

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PT Unggul Indah Cahaya Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Chemicals » PT Unggul Indah Cahaya Tbk (ISX:UNIC) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jl Jenderal Gatot Subroto Kav. 6-7, Wisma UIC 2nd floor, Jakarta Selatan, Jakarta, IDN, 12930

Website

https://www.uic.co.id

PT Unggul Indah Cahaya Tbk is engaged in the manufacturing of alkylbenzene chemicals, which are the main raw material for the production of detergents. It offers linear alkylbenzene and branched alkylbenzene. The company also produces heavy alkylate and light alkylate as its byproducts. Its business activities are other organic basic chemical industries; activities of warehouse and storage; trading of various goods; real estate that is owned or leased; and motorized transportation for public goods. It operates in two segments: Chemicals and Real Estate, of which the majority of its revenue gets derived from the Chemicals segment. The company exports its products, but it derives its revenue from Indonesia.

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