PT Semen Indonesia (Persero) Tbk Beneish M-Score Historical Data
The historical data trend for PT Semen Indonesia (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.
PT Semen Indonesia (Persero) Tbk Beneish M-Score Chart
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PT Semen Indonesia (Persero) Tbk Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.42 |
-2.84 |
-2.71 |
-2.65 |
-2.58 |
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PT Semen Indonesia (Persero) Tbk Quarterly Data
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Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
Mar24 |
Jun24 |
Sep24 |
| Beneish M-Score |
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-2.53 |
-2.58 |
-2.59 |
-2.55 |
-2.65 |
Competitive Comparison of PT Semen Indonesia (Persero) Tbk's Beneish M-Score
For the Building Materials subindustry, PT Semen Indonesia (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 Semen Indonesia (Persero) Tbk's Beneish M-Score Distribution in the Building Materials Industry
For the Building Materials industry and Basic Materials sector, PT Semen Indonesia (Persero) Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Semen Indonesia (Persero) Tbk's Beneish M-Score falls into.
PT Semen Indonesia (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 Semen Indonesia (Persero) 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 * 0.9359 | + | 0.528 * 1.1609 | + | 0.404 * 0.984 | + | 0.892 * 0.9731 | + | 0.115 * 1.0599 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.0047 | + | 4.679 * -0.042878 | - | 0.327 * 0.8975 |
| = | -2.65 |
* 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 (Sep24) TTM: | Last Year (Sep23) TTM: |
Total Receivables was $341 Mil.
Revenue was 644.088 + 492.266 + 533.256 + 708.371 = $2,378 Mil.
Gross Profit was 140.678 + 101.155 + 140.499 + 176.413 = $559 Mil.
Total Current Assets was $1,160 Mil.
Total Assets was $5,127 Mil.
Property, Plant and Equipment(Net PPE) was $3,620 Mil.
Depreciation, Depletion and Amortization(DDA) was $40 Mil.
Selling, General, & Admin. Expense(SGA) was $174 Mil.
Total Current Liabilities was $884 Mil.
Long-Term Debt & Capital Lease Obligation was $636 Mil.
Net Income was 14.223 + 1.817 + 30.041 + 29.424 = $76 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 88.051 + 27.803 + 36.15 + 143.319 = $295 Mil.
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Total Receivables was $374 Mil.
Revenue was 692.022 + 541.649 + 583.729 + 626.214 = $2,444 Mil.
Gross Profit was 196.884 + 131.786 + 159.79 + 178.089 = $667 Mil.
Total Current Assets was $1,216 Mil.
Total Assets was $5,318 Mil.
Property, Plant and Equipment(Net PPE) was $3,737 Mil.
Depreciation, Depletion and Amortization(DDA) was $44 Mil.
Selling, General, & Admin. Expense(SGA) was $178 Mil.
Total Current Liabilities was $979 Mil.
Long-Term Debt & Capital Lease Obligation was $778 Mil.
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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) |
| = | (340.692 / 2377.981) | / | (374.087 / 2443.614) |
| = | 0.143269 | / | 0.153088 |
| | = | 0.9359 |
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) |
| = | (666.549 / 2443.614) | / | (558.745 / 2377.981) |
| = | 0.272772 | / | 0.234966 |
| | = | 1.1609 |
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 - (1159.656 + 3620.021) / 5126.545) | / | (1 - (1215.624 + 3736.844) / 5318.152) |
| = | 0.067661 | / | 0.068761 |
| | = | 0.984 |
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 |
| = | 2377.981 | / | 2443.614 |
| | = | 0.9731 |
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)) |
| = | (43.907 / (43.907 + 3736.844)) | / | (40.105 / (40.105 + 3620.021)) |
| = | 0.011613 | / | 0.010957 |
| | = | 1.0599 |
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) |
| = | (173.886 / 2377.981) | / | (177.854 / 2443.614) |
| = | 0.073123 | / | 0.072783 |
| | = | 1.0047 |
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) |
| = | ((636.126 + 884.127) / 5126.545) | / | ((778.044 + 979.167) / 5318.152) |
| = | 0.296545 | / | 0.330418 |
| | = | 0.8975 |
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 |
| = | (75.505 - 0 | - | 295.323) | / | 5126.545 |
| | = | -0.042878 |
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 Semen Indonesia (Persero) Tbk has a M-score of -2.65 suggests that the company is unlikely to be a manipulator.
PT Semen Indonesia (Persero) Tbk Business Description
Traded in Other Exchanges
Address
Jalan R.A. Kartini Kav. 8, South Quarter, Tower A, Lantai 19th - 20th Floor, Cilandak Barat, South Jakarta, Jakarta, IDN, 12430
PT Semen Indonesia (Persero) Tbk is engaged in the manufacturing industry, especially cement & its derivatives, other building materials, as well as related business activities both upstream and downstream. The company operates in two segments; the Cement Production Segment produces and markets cement products in Indonesia, and Vietnam, as well as various export destination countries, including Bangladesh, Australia, the Philippines, Taiwan, China, and several other countries, and The non-cement production segment, consists of mining limestone and clay, manufacturing packaging bags, developing industrial estates, finished and ready-to-use concrete, information system services, logistics, and trading. It generates a majority of its revenue from the cement production segment.
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