PTITF (PT Indosat Tbk) Beneish M-Score : -3.04 (As of Mar. 25, 2025)

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What is PT Indosat 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 -3.04 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

PTITF' s Beneish M-Score Range Over the Past 10 Years
Min: -3.54 Med: -3.03 Max: -2.12
Current: -3.04

During the past 13 years, the highest Beneish M-Score of PT Indosat Tbk was -2.12. The lowest was -3.54. And the median was -3.03.

PT Indosat Tbk Beneish M-Score Historical Data

The historical data trend for PT Indosat 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 Indosat Tbk Beneish M-Score Chart

PT Indosat Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-3.54

-2.99

-2.12

-2.76

-3.04

PT Indosat Tbk Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.76	-2.98	-3.07	-3.00	-3.04

Competitive Comparison of PT Indosat Tbk's Beneish M-Score

For the Telecom Services subindustry, PT Indosat 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 Indosat Tbk's Beneish M-Score Distribution in the Telecommunication Services Industry

For the Telecommunication Services industry and Communication Services sector, PT Indosat Tbk's Beneish M-Score distribution charts can be found below:

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

PT Indosat 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 Indosat 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 * 0.96

0.528 * 0.992

0.404 * 0.9643

0.892 * 1.0521

0.115 * 0.9664

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0785

4.679 * -0.126479

0.327 * 0.964

-3.09

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was $205 Mil.
Revenue was 877.712 + 901.64 + 866.22 + 880.916 = $3,526 Mil.
Gross Profit was 503.959 + 536.981 + 526.915 + 523.591 = $2,091 Mil.
Total Current Assets was $928 Mil.
Total Assets was $7,133 Mil.
Property, Plant and Equipment(Net PPE) was $4,624 Mil.
Depreciation, Depletion and Amortization(DDA) was $982 Mil.
Selling, General, & Admin. Expense(SGA) was $170 Mil.
Total Current Liabilities was $1,934 Mil.
Long-Term Debt & Capital Lease Obligation was $2,774 Mil.
Net Income was 64.398 + 74.518 + 88.203 + 82.44 = $310 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 224.491 + 380.881 + 206.559 + 399.825 = $1,212 Mil.

Total Receivables was $203 Mil.
Revenue was 887.282 + 832.56 + 851.59 + 780.368 = $3,352 Mil.
Gross Profit was 537.35 + 495.097 + 500.676 + 438.898 = $1,972 Mil.
Total Current Assets was $998 Mil.
Total Assets was $7,394 Mil.
Property, Plant and Equipment(Net PPE) was $4,696 Mil.
Depreciation, Depletion and Amortization(DDA) was $957 Mil.
Selling, General, & Admin. Expense(SGA) was $150 Mil.
Total Current Liabilities was $2,200 Mil.
Long-Term Debt & Capital Lease Obligation was $2,863 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)
	=	(204.663 / 3526.488)	/	(202.625 / 3351.8)
	=	0.058036	/	0.060453
	=	0.96

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)
	=	(1972.021 / 3351.8)	/	(2091.446 / 3526.488)
	=	0.588347	/	0.593068
	=	0.992

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 - (927.778 + 4623.592) / 7133.2)	/	(1 - (997.707 + 4696.081) / 7394.166)
	=	0.221756	/	0.229962
	=	0.9643

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
	=	3526.488	/	3351.8
	=	1.0521

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))
	=	(956.686 / (956.686 + 4696.081))	/	(981.566 / (981.566 + 4623.592))
	=	0.169242	/	0.175118
	=	0.9664

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)
	=	(170.173 / 3526.488)	/	(149.971 / 3351.8)
	=	0.048256	/	0.044743
	=	1.0785

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)
	=	((2774.288 + 1933.736) / 7133.2)	/	((2862.61 + 2200.053) / 7394.166)
	=	0.660016	/	0.684683
	=	0.964

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
	=	(309.559 - 0	-	1211.756)	/	7133.2
	=	-0.126479

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 Indosat Tbk has a M-score of -3.09 suggests that the company is unlikely to be a manipulator.

PT Indosat Tbk Beneish M-Score Related Terms

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PT Indosat Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Telecommunication Services » PT Indosat Tbk (OTCPK:PTITF) » Definitions » Beneish M-Score

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Traded in Other Exchanges

ISAT:Indonesia IDO1:Germany

Address

Jalan Medan Merdeka Barat No. 21, Gedung Indosat Ooredoo, Jakarta, IDN, 10110

Website

https://www.indosatooredoo.com

PT Indosat Tbk is the provider of international long-distance and wireless services in Indonesia. The company operates under three reportable segments: Cellular, Midi and Fixed segment. Cellular, providing network coverage in all cities across Indonesia; fixed telecommunications, which provides services such as international calls and fixed lines; and multimedia interactive, data and internet, which offers products such as fixed connectivity, IT service and fixed Internet. The Cellular segment provides majority of the company's revenue.