PT Victoria Investama Tbk (ISX:VICO) Beneish M-Score : -2.40 (As of Apr. 01, 2025)

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What is PT Victoria Investama 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 -2.4 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:VICO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.04 Med: -2.27 Max: 30.4
Current: -2.4

During the past 12 years, the highest Beneish M-Score of PT Victoria Investama Tbk was 30.40. The lowest was -3.04. And the median was -2.27.

PT Victoria Investama Tbk Beneish M-Score Historical Data

The historical data trend for PT Victoria Investama 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 Victoria Investama Tbk Beneish M-Score Chart

PT Victoria Investama Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.21

-2.49

-2.14

-1.87

-2.42

PT Victoria Investama 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															-2.25	-2.42	-2.31	-2.43	-2.40

Competitive Comparison of PT Victoria Investama Tbk's Beneish M-Score

For the Asset Management subindustry, PT Victoria Investama 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 Victoria Investama Tbk's Beneish M-Score Distribution in the Asset Management Industry

For the Asset Management industry and Financial Services sector, PT Victoria Investama Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Victoria Investama 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 Victoria Investama 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 * 0.9922

0.528 * 0.9927

0.404 * 0.7479

0.892 * 1.1161

0.115 * 1.0808

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.3835

4.679 * 0.032063

0.327 * 1.0144

-2.40

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp20,852,989 Mil.
Revenue was 653783.776 + 623205.587 + 615879.991 + 554973.55 = Rp2,447,843 Mil.
Gross Profit was 488084.489 + 558430.657 + 542543.939 + 563237.618 = Rp2,152,297 Mil.
Total Current Assets was Rp27,950,138 Mil.
Total Assets was Rp33,000,557 Mil.
Property, Plant and Equipment(Net PPE) was Rp437,785 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp35,450 Mil.
Selling, General, & Admin. Expense(SGA) was Rp78,869 Mil.
Total Current Liabilities was Rp25,190,376 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,451,821 Mil.
Net Income was 9838.512 + 21040.973 + 23658.503 + -32735.309 = Rp21,803 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -683161.756 + -171458.636 + -960472.836 + 778790.38 = Rp-1,036,303 Mil.

Total Receivables was Rp18,829,531 Mil.
Revenue was 584255.766 + 838326.61 + 246588.323 + 523952.715 = Rp2,193,123 Mil.
Gross Profit was 476725.537 + 751961.994 + 188397.992 + 497151.554 = Rp1,914,237 Mil.
Total Current Assets was Rp24,100,131 Mil.
Total Assets was Rp30,220,173 Mil.
Property, Plant and Equipment(Net PPE) was Rp472,107 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp41,591 Mil.
Selling, General, & Admin. Expense(SGA) was Rp51,074 Mil.
Total Current Liabilities was Rp23,580,499 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,372,874 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)
	=	(20852989.398 / 2447842.904)	/	(18829531.303 / 2193123.414)
	=	8.518925	/	8.585714
	=	0.9922

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)
	=	(1914237.077 / 2193123.414)	/	(2152296.703 / 2447842.904)
	=	0.872836	/	0.879263
	=	0.9927

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 - (27950138.378 + 437784.936) / 33000556.662)	/	(1 - (24100131.219 + 472106.908) / 30220172.821)
	=	0.139774	/	0.186893
	=	0.7479

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
	=	2447842.904	/	2193123.414
	=	1.1161

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))
	=	(41591.319 / (41591.319 + 472106.908))	/	(35449.519 / (35449.519 + 437784.936))
	=	0.080964	/	0.074909
	=	1.0808

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)
	=	(78869.254 / 2447842.904)	/	(51074.156 / 2193123.414)
	=	0.03222	/	0.023288
	=	1.3835

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)
	=	((2451820.81 + 25190376.259) / 33000556.662)	/	((1372874.161 + 23580499.483) / 30220172.821)
	=	0.837628	/	0.825719
	=	1.0144

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
	=	(21802.679 - 0	-	-1036302.848)	/	33000556.662
	=	0.032063

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 Victoria Investama Tbk has a M-score of -2.40 suggests that the company is unlikely to be a manipulator.

PT Victoria Investama Tbk Beneish M-Score Related Terms

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PT Victoria Investama Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Financial Services » Asset Management » PT Victoria Investama Tbk (ISX:VICO) » Definitions » Beneish M-Score

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Address

Jl. Asia Afrika Lot 19, Panin Tower 8th Floor, Victoria Suites, Senayan City, Jakarta, IDN, 10270

Website

https://www.victoriainvestama.co.id

PT Victoria Investama Tbk is a securities brokerage and underwriting firm. Its main business is based on the one-stop financial solution concept, with services provided by its subsidiaries: PT Victoria Securities Indonesia (VSI) engaged in securities trading and underwriting, PT Victoria Insurance (VINS) involved in general insurance, and PT Victoria Manajemen Investasi (VMI) engaged in asset management. The company's objective is to maximize its shareholder value and provide services and up-to-date information in the field of integrated financial services for clients. It also provides Pre-IPO Restructuring Advisory, Merger and Acquisition Advisory Services, and Arranger services.

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