PT Waskita Beton Precast Tbk (ISX:WSBP) Beneish M-Score : -2.74 (As of Mar. 27, 2025)

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What is PT Waskita Beton Precast 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 -2.74 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:WSBP' s Beneish M-Score Range Over the Past 10 Years
Min: -15.52 Med: -2.66 Max: -0.15
Current: -2.74

During the past 9 years, the highest Beneish M-Score of PT Waskita Beton Precast Tbk was -0.15. The lowest was -15.52. And the median was -2.66.

PT Waskita Beton Precast Tbk Beneish M-Score Historical Data

The historical data trend for PT Waskita Beton Precast 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 Waskita Beton Precast Tbk Beneish M-Score Chart

PT Waskita Beton Precast Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.03

-15.52

-4.35

-2.00

-2.43

PT Waskita Beton Precast 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															-3.80	-2.43	-2.93	-2.93	-2.74

Competitive Comparison of PT Waskita Beton Precast Tbk's Beneish M-Score

For the Building Materials subindustry, PT Waskita Beton Precast 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 Waskita Beton Precast Tbk's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, PT Waskita Beton Precast Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Waskita Beton Precast Tbk's Beneish M-Score falls into.

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PT Waskita Beton Precast 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 Waskita Beton Precast 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 * 0.7673

0.528 * 0.7244

0.404 * 1.8022

0.892 * 1.0544

0.115 * 0.7264

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1559

4.679 * -0.039266

0.327 * 1.0833

-2.74

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp1,015,117 Mil.
Revenue was 442397.253 + 386318.735 + 505683.211 + 453652.03 = Rp1,788,051 Mil.
Gross Profit was 92758.069 + 74844.345 + 114154.085 + 78397.342 = Rp360,154 Mil.
Total Current Assets was Rp1,366,970 Mil.
Total Assets was Rp3,806,130 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,390,692 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp90,772 Mil.
Selling, General, & Admin. Expense(SGA) was Rp402,788 Mil.
Total Current Liabilities was Rp2,465,608 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,597,643 Mil.
Net Income was -172104.921 + -342547.763 + -126004.857 + 516159.719 = Rp-124,498 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -31477.205 + -22245.434 + -6310.007 + 84987.316 = Rp24,955 Mil.

Total Receivables was Rp1,254,812 Mil.
Revenue was 392257.452 + 274559.799 + 367118.588 + 661899.535 = Rp1,695,835 Mil.
Gross Profit was 53966.665 + 38521.334 + 58115.81 + 96821.058 = Rp247,425 Mil.
Total Current Assets was Rp1,702,730 Mil.
Total Assets was Rp5,091,434 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,352,729 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp91,517 Mil.
Selling, General, & Admin. Expense(SGA) was Rp330,501 Mil.
Total Current Liabilities was Rp4,471,158 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,781,223 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)
	=	(1015116.957 / 1788051.229)	/	(1254811.737 / 1695835.374)
	=	0.567723	/	0.739937
	=	0.7673

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)
	=	(247424.867 / 1695835.374)	/	(360153.841 / 1788051.229)
	=	0.145901	/	0.201423
	=	0.7244

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 - (1366970.178 + 2390691.62) / 3806129.966)	/	(1 - (1702730.352 + 3352728.788) / 5091433.594)
	=	0.012734	/	0.007066
	=	1.8022

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
	=	1788051.229	/	1695835.374
	=	1.0544

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))
	=	(91516.861 / (91516.861 + 3352728.788))	/	(90771.83 / (90771.83 + 2390691.62))
	=	0.026571	/	0.03658
	=	0.7264

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)
	=	(402787.567 / 1788051.229)	/	(330500.656 / 1695835.374)
	=	0.225266	/	0.19489
	=	1.1559

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)
	=	((2597643.252 + 2465607.658) / 3806129.966)	/	((1781223.199 + 4471157.724) / 5091433.594)
	=	1.330288	/	1.22802
	=	1.0833

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
	=	(-124497.822 - 0	-	24954.67)	/	3806129.966
	=	-0.039266

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 Waskita Beton Precast Tbk has a M-score of -2.74 suggests that the company is unlikely to be a manipulator.

PT Waskita Beton Precast Tbk Beneish M-Score Related Terms

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PT Waskita Beton Precast Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Building Materials » PT Waskita Beton Precast Tbk (ISX:WSBP) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jalan MT. Haryono Kav. No. 10A, RT 11, RW 11, Teraskita Building, 5th floor, Cipinang Cempedak Sub-district, Jatinegara District, East Jakarta, IDN, 13340

Website

https://www.waskitaprecast.co.id

PT Waskita Beton Precast Tbk is engaged in concrete manufacturing. Its reportable segments are Precast concrete; Readymix and Construction service. It generates maximum revenue from the Precast concrete segment which includes concrete products inventory used for construction and precast division. Its services include Construction Service, Post Tension, Workshops.

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