Pt Vktr Teknologi Mobilitas Tbk (ISX:VKTR) Beneish M-Score : -1.18 (As of Mar. 02, 2025)

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What is Pt Vktr Teknologi Mobilitas 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.

Warning Sign:

Beneish M-Score -1.18 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for Pt Vktr Teknologi Mobilitas Tbk's Beneish M-Score or its related term are showing as below:

ISX:VKTR' s Beneish M-Score Range Over the Past 10 Years
Min: -1.78 Med: -1.75 Max: -1.18
Current: -1.18

During the past 5 years, the highest Beneish M-Score of Pt Vktr Teknologi Mobilitas Tbk was -1.18. The lowest was -1.78. And the median was -1.75.

Pt Vktr Teknologi Mobilitas Tbk Beneish M-Score Historical Data

The historical data trend for Pt Vktr Teknologi Mobilitas 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 Vktr Teknologi Mobilitas Tbk Beneish M-Score Chart

Pt Vktr Teknologi Mobilitas Tbk Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-1.78

Pt Vktr Teknologi Mobilitas Tbk Quarterly Data
	Dec20	Dec21	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial							-	-1.78	-	-1.75	-1.18

Competitive Comparison of Pt Vktr Teknologi Mobilitas Tbk's Beneish M-Score

For the Recreational Vehicles subindustry, Pt Vktr Teknologi Mobilitas 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 Vktr Teknologi Mobilitas Tbk's Beneish M-Score Distribution in the Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Pt Vktr Teknologi Mobilitas Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Pt Vktr Teknologi Mobilitas Tbk's Beneish M-Score falls into.

Pt Vktr Teknologi Mobilitas 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 Vktr Teknologi Mobilitas 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 * 2.2567

0.528 * 0.8121

0.404 * 1.0163

0.892 * 0.7235

0.115 * 0.6115

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5019

4.679 * 0.134115

0.327 * 1.0517

-1.18

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp192,041 Mil.
Revenue was 236814 + 203915 + 205077 + 170869 = Rp816,675 Mil.
Gross Profit was 41390 + 29401 + 53562 + 57256 = Rp181,609 Mil.
Total Current Assets was Rp1,056,642 Mil.
Total Assets was Rp1,737,473 Mil.
Property, Plant and Equipment(Net PPE) was Rp419,763 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp9,696 Mil.
Selling, General, & Admin. Expense(SGA) was Rp59,784 Mil.
Total Current Liabilities was Rp237,211 Mil.
Long-Term Debt & Capital Lease Obligation was Rp36,972 Mil.
Net Income was -4558 + -5850 + 20961 + -14090 = Rp-3,537 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -138465 + -57817 + 10083 + -50359 = Rp-236,558 Mil.

Total Receivables was Rp117,621 Mil.
Revenue was 248794 + 350559 + 291640 + 237794 = Rp1,128,787 Mil.
Gross Profit was 23974 + 76406 + 55756 + 47714 = Rp203,850 Mil.
Total Current Assets was Rp1,083,993 Mil.
Total Assets was Rp1,716,137 Mil.
Property, Plant and Equipment(Net PPE) was Rp378,414 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5,297 Mil.
Selling, General, & Admin. Expense(SGA) was Rp55,018 Mil.
Total Current Liabilities was Rp232,694 Mil.
Long-Term Debt & Capital Lease Obligation was Rp24,812 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)
	=	(192041 / 816675)	/	(117621 / 1128787)
	=	0.23515	/	0.104201
	=	2.2567

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)
	=	(203850 / 1128787)	/	(181609 / 816675)
	=	0.180592	/	0.222376
	=	0.8121

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 - (1056642 + 419763) / 1737473)	/	(1 - (1083993 + 378414) / 1716137)
	=	0.150257	/	0.14785
	=	1.0163

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
	=	816675	/	1128787
	=	0.7235

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))
	=	(5297 / (5297 + 378414))	/	(9696 / (9696 + 419763))
	=	0.013805	/	0.022577
	=	0.6115

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)
	=	(59784 / 816675)	/	(55018 / 1128787)
	=	0.073204	/	0.048741
	=	1.5019

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)
	=	((36972 + 237211) / 1737473)	/	((24812 + 232694) / 1716137)
	=	0.157806	/	0.15005
	=	1.0517

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
	=	(-3537 - 0	-	-236558)	/	1737473
	=	0.134115

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 Vktr Teknologi Mobilitas Tbk has a M-score of -1.18 signals that the company is likely to be a manipulator.

Pt Vktr Teknologi Mobilitas Tbk Beneish M-Score Related Terms

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Pt Vktr Teknologi Mobilitas Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Vehicles & Parts » Pt Vktr Teknologi Mobilitas Tbk (ISX:VKTR) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl.H.R Rasuna Said, Bakrie Tower 35 floor, Rasuna Epicentrum, Jakarta, IDN, 12940

Website

https://www.vktr.id

Pt Vktr Teknologi Mobilitas Tbk is engaged in wholesale trading of new cars and new motorcycles in the form of Battery-Based Electric Motorized Vehicles, spare parts components, car accessories, and the car body industry for four-wheeled or more motorized vehicles, battery-based electric motorized vehicles, two- and three-wheeled motorcycles and the iron and steel foundry industry, industry of spare parts and accessories for four-wheeled or more motorized vehicles through Subsidiaries.

Pt Vktr Teknologi Mobilitas Tbk Headlines

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