PT Wahana Ottomitra Multiartha 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 Wahana Ottomitra Multiartha Tbk for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1 | + | 0.528 * 1 | + | 0.404 * 0.9997 | + | 0.892 * 1.0427 | + | 0.115 * 1.0162 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.9256 | + | 4.679 * 0.003358 | - | 0.327 * 0.9845 |
| = | -2.41 |
* 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.
| This Year (Dec24) TTM: | Last Year (Dec23) TTM: |
Total Receivables was Rp0 Mil.
Revenue was 427459 + 417649 + 399171 + 430697 = Rp1,674,976 Mil.
Gross Profit was 427459 + 417649 + 399171 + 430697 = Rp1,674,976 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp6,946,341 Mil.
Property, Plant and Equipment(Net PPE) was Rp184,081 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp81,052 Mil.
Selling, General, & Admin. Expense(SGA) was Rp486,016 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,682,587 Mil.
Net Income was 111551 + 54086 + 34470 + 62808 = Rp262,915 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 179165 + 120173 + 4333 + -64082 = Rp239,589 Mil.
|
Total Receivables was Rp0 Mil.
Revenue was 421169 + 402560 + 390246 + 392482 = Rp1,606,457 Mil.
Gross Profit was 421169 + 402560 + 390246 + 392482 = Rp1,606,457 Mil.
Total Current Assets was Rp0 Mil.
Total Assets was Rp6,635,715 Mil.
Property, Plant and Equipment(Net PPE) was Rp174,042 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp78,434 Mil.
Selling, General, & Admin. Expense(SGA) was Rp503,614 Mil.
Total Current Liabilities was Rp0 Mil.
Long-Term Debt & Capital Lease Obligation was Rp4,543,727 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) |
| = | (0 / 1674976) | / | (0 / 1606457) |
| = | 0 | / | 0 |
| | = | 1 |
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) |
| = | (1606457 / 1606457) | / | (1674976 / 1674976) |
| = | 1 | / | 1 |
| | = | 1 |
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 - (0 + 184081) / 6946341) | / | (1 - (0 + 174042) / 6635715) |
| = | 0.9735 | / | 0.973772 |
| | = | 0.9997 |
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 |
| = | 1674976 | / | 1606457 |
| | = | 1.0427 |
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)) |
| = | (78434 / (78434 + 174042)) | / | (81052 / (81052 + 184081)) |
| = | 0.310659 | / | 0.305703 |
| | = | 1.0162 |
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) |
| = | (486016 / 1674976) | / | (503614 / 1606457) |
| = | 0.290163 | / | 0.313494 |
| | = | 0.9256 |
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) |
| = | ((4682587 + 0) / 6946341) | / | ((4543727 + 0) / 6635715) |
| = | 0.674108 | / | 0.684738 |
| | = | 0.9845 |
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 |
| = | (262915 - 0 | - | 239589) | / | 6946341 |
| | = | 0.003358 |
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 Wahana Ottomitra Multiartha Tbk has a M-score of -2.41 suggests that the company is unlikely to be a manipulator.
PT Wahana Ottomitra Multiartha Tbk Business Description
Traded in Other Exchanges
Address
Jalan Yos Sudarso Kav. 85, Altira Office Tower, Floor 32, 33, 35, Kelurahan Sunter Jaya, Kecamatan Tanjung Priok, Jakarta Utara, Jakarta, IDN, 14350
PT Wahana Ottomitra Multiartha Tbk is a finance company. It provides investment financing, working capital financing, multipurpose financing, and other financing activities. The company offers various types of products and services at Company including Multipurpose Goods Financing, Multipurpose Services Financing, Investment Financing - Sale and Leaseback MobilKu, Working Capital Financing, and Selling and Buying Financing (Murabahah Contracts). The Company has consumer financing activities in several geographical areas in Indonesia (Jakarta, Bogor, Tangerang, Bekasi, East Java, Bali, Kalimantan, Sulawesi, Central Java, West Java, and Sumatera), for new and used two-wheeled motor vehicles.
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