PT Wismilak Inti Makmur Tbk (ISX:WIIM) Beneish M-Score : -1.85 (As of Dec. 14, 2024)

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What is PT Wismilak Inti Makmur 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 -1.85 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:WIIM' s Beneish M-Score Range Over the Past 10 Years
Min: -3.37 Med: -2.31 Max: -1.24
Current: -1.85

During the past 11 years, the highest Beneish M-Score of PT Wismilak Inti Makmur Tbk was -1.24. The lowest was -3.37. And the median was -2.31.

PT Wismilak Inti Makmur Tbk Beneish M-Score Historical Data

The historical data trend for PT Wismilak Inti Makmur 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 Wismilak Inti Makmur Tbk Beneish M-Score Chart

PT Wismilak Inti Makmur Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.33

-2.36

-2.44

-2.47

-1.38

PT Wismilak Inti Makmur 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															-1.56	-1.38	-1.24	-1.59	-1.85

Competitive Comparison of PT Wismilak Inti Makmur Tbk's Beneish M-Score

For the Tobacco subindustry, PT Wismilak Inti Makmur 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 Wismilak Inti Makmur Tbk's Beneish M-Score Distribution in the Tobacco Products Industry

For the Tobacco Products industry and Consumer Defensive sector, PT Wismilak Inti Makmur Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Wismilak Inti Makmur Tbk's Beneish M-Score falls into.

PT Wismilak Inti Makmur 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 Wismilak Inti Makmur 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 * 0.6657

0.528 * 1.1165

0.404 * 0.8383

0.892 * 0.9603

0.115 * 1.464

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4161

4.679 * 0.206391

0.327 * 0.921

-1.85

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp143,935 Mil.
Revenue was 1209961.727 + 1163159.394 + 1057704.924 + 1155239.968 = Rp4,586,066 Mil.
Gross Profit was 270494.936 + 246068.897 + 257563.455 + 289965.709 = Rp1,064,093 Mil.
Total Current Assets was Rp2,283,216 Mil.
Total Assets was Rp2,791,382 Mil.
Property, Plant and Equipment(Net PPE) was Rp498,756 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,500 Mil.
Selling, General, & Admin. Expense(SGA) was Rp473,595 Mil.
Total Current Liabilities was Rp863,219 Mil.
Long-Term Debt & Capital Lease Obligation was Rp76,807 Mil.
Net Income was 60267.354 + 56669.482 + 90574.222 + 52924.694 = Rp260,436 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 76707.286 + 250312.757 + -113333.336 + -529366.167 = Rp-315,679 Mil.

Total Receivables was Rp225,141 Mil.
Revenue was 1339476.143 + 1209059.998 + 1171008.52 + 1056117.901 = Rp4,775,663 Mil.
Gross Profit was 392648.855 + 330783.618 + 278264.429 + 235458.089 = Rp1,237,155 Mil.
Total Current Assets was Rp2,496,577 Mil.
Total Assets was Rp2,832,910 Mil.
Property, Plant and Equipment(Net PPE) was Rp324,941 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp15,984 Mil.
Selling, General, & Admin. Expense(SGA) was Rp348,254 Mil.
Total Current Liabilities was Rp1,035,696 Mil.
Long-Term Debt & Capital Lease Obligation was Rp200 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)
	=	(143935.007 / 4586066.013)	/	(225141.237 / 4775662.562)
	=	0.031385	/	0.047143
	=	0.6657

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)
	=	(1237154.991 / 4775662.562)	/	(1064092.997 / 4586066.013)
	=	0.259054	/	0.232027
	=	1.1165

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 - (2283216.142 + 498755.569) / 2791381.502)	/	(1 - (2496576.77 + 324941.485) / 2832909.51)
	=	0.003371	/	0.004021
	=	0.8383

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
	=	4586066.013	/	4775662.562
	=	0.9603

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))
	=	(15983.819 / (15983.819 + 324941.485))	/	(16500.374 / (16500.374 + 498755.569))
	=	0.046884	/	0.032024
	=	1.464

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)
	=	(473595.183 / 4586066.013)	/	(348253.888 / 4775662.562)
	=	0.103268	/	0.072923
	=	1.4161

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)
	=	((76806.713 + 863218.86) / 2791381.502)	/	((199.699 + 1035695.945) / 2832909.51)
	=	0.33676	/	0.365665
	=	0.921

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
	=	(260435.752 - 0	-	-315679.46)	/	2791381.502
	=	0.206391

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 Wismilak Inti Makmur Tbk has a M-score of -1.85 suggests that the company is unlikely to be a manipulator.

PT Wismilak Inti Makmur Tbk Beneish M-Score Related Terms

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PT Wismilak Inti Makmur Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Tobacco Products » PT Wismilak Inti Makmur Tbk (ISX:WIIM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Dr. Soetomo No.27, Jawa Timur, Surabaya, IDN, 60264

Website

https://www.wismilak.com

PT Wismilak Inti Makmur Tbk is an Indonesia-based company operating in the cigarette industry. The Company's business activities include producing regular/mild cigarette filters and investing in other companies with similar business activities to that of the Company. It produces hand-rolled kretek cigarettes, machine-made kretek cigarettes, and cigars. The company's brands include Galan, Diplomat, and Wismilak. The operating segments of the organization are Cigarette, Marketing, and distribution. Geographically, the group has a business presence in Indonesia and other countries, of which a majority of the revenue is generated within Indonesia.

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