PT Waskita Karya (Persero) Tbk (ISX:WSKT) Beneish M-Score : -3.17 (As of May. 16, 2024)

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What is PT Waskita Karya (Persero) 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 -3.17 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 Karya (Persero) Tbk's Beneish M-Score or its related term are showing as below:

ISX:WSKT' s Beneish M-Score Range Over the Past 10 Years
Min: -4.98 Med: -2.21 Max: -0.56
Current: -3.17

During the past 13 years, the highest Beneish M-Score of PT Waskita Karya (Persero) Tbk was -0.56. The lowest was -4.98. And the median was -2.21.

PT Waskita Karya (Persero) Tbk Beneish M-Score Historical Data

The historical data trend for PT Waskita Karya (Persero) 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 Karya (Persero) Tbk Beneish M-Score Chart

PT Waskita Karya (Persero) Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.25

-3.93

-2.78

-2.20

-3.21

PT Waskita Karya (Persero) Tbk Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-2.22	-2.53	-2.90	-3.21	-3.17

Competitive Comparison of PT Waskita Karya (Persero) Tbk's Beneish M-Score

For the Engineering & Construction subindustry, PT Waskita Karya (Persero) 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 Karya (Persero) Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Waskita Karya (Persero) Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Waskita Karya (Persero) Tbk's Beneish M-Score falls into.

PT Waskita Karya (Persero) 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 Karya (Persero) 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 * 0.8127

0.528 * 1.3465

0.404 * 1.1218

0.892 * 0.6804

0.115 * 1.0031

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.4276

4.679 * -0.080011

0.327 * 1.0458

-3.17

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp10,469,075 Mil.
Revenue was 2177892.693 + 3138231.032 + 2543789.58 + 2540826.092 = Rp10,400,739 Mil.
Gross Profit was 316787.968 + 77798.122 + 311347.107 + 62147.66 = Rp768,081 Mil.
Total Current Assets was Rp24,960,205 Mil.
Total Assets was Rp92,204,993 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,912,017 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp277,641 Mil.
Selling, General, & Admin. Expense(SGA) was Rp812,307 Mil.
Total Current Liabilities was Rp21,827,929 Mil.
Long-Term Debt & Capital Lease Obligation was Rp56,732,123 Mil.
Net Income was -939551.266 + -936204.479 + -761686.901 + -1697571.688 = Rp-4,335,014 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 251076.508 + 2429215.785 + 882778.872 + -520704.433 = Rp3,042,367 Mil.

Total Receivables was Rp18,933,636 Mil.
Revenue was 2731846.331 + 4999141.375 + 4213349.641 + 3342124.069 = Rp15,286,461 Mil.
Gross Profit was 400436.251 + 461181.217 + 330976.372 + 327514.611 = Rp1,520,108 Mil.
Total Current Assets was Rp32,954,360 Mil.
Total Assets was Rp98,224,456 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,077,055 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp344,613 Mil.
Selling, General, & Admin. Expense(SGA) was Rp836,257 Mil.
Total Current Liabilities was Rp21,239,736 Mil.
Long-Term Debt & Capital Lease Obligation was Rp58,782,780 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)
	=	(10469075.47 / 10400739.397)	/	(18933635.587 / 15286461.416)
	=	1.00657	/	1.238589
	=	0.8127

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)
	=	(1520108.451 / 15286461.416)	/	(768080.857 / 10400739.397)
	=	0.099441	/	0.073849
	=	1.3465

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 - (24960205.077 + 4912016.902) / 92204993.156)	/	(1 - (32954359.694 + 6077054.696) / 98224456.13)
	=	0.676024	/	0.60263
	=	1.1218

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
	=	10400739.397	/	15286461.416
	=	0.6804

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))
	=	(344612.911 / (344612.911 + 6077054.696))	/	(277640.639 / (277640.639 + 4912016.902))
	=	0.053664	/	0.053499
	=	1.0031

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)
	=	(812307.058 / 10400739.397)	/	(836257.035 / 15286461.416)
	=	0.078101	/	0.054706
	=	1.4276

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)
	=	((56732123.173 + 21827928.65) / 92204993.156)	/	((58782780.246 + 21239736.402) / 98224456.13)
	=	0.852015	/	0.81469
	=	1.0458

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
	=	(-4335014.334 - 0	-	3042366.732)	/	92204993.156
	=	-0.080011

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 Karya (Persero) Tbk has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.

PT Waskita Karya (Persero) Tbk Beneish M-Score Related Terms

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PT Waskita Karya (Persero) Tbk (ISX:WSKT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Waskita Karya (Persero) Tbk (ISX:WSKT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Letjen M.T. Haryono Kav. 10, RT 11/RW 11, Cawang, Kramat Jati, Cipinang Cempedak, Jatinegara, Kota Jakarta Timur, Daerah Khusus Ibuk, Jakarta, IDN, 13340

Website

https://www.waskita.co.id

PT Waskita Karya (Persero) Tbk is a state-owned enterprise (Indonesia) that provides services for construction, toll roads, property development, and the energy industry. In the construction sector, services are related to building projects, civil projects, engineering, procurement, and construction. Waskita Karya operates five Constructions, Building Rental, Toll, Property and Hotel, Precast, and Others Infrastructure.

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