PT Central Proteinaprima Tbk (ISX:CPRO) Beneish M-Score : -2.19 (As of Jun. 05, 2024)

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What is PT Central Proteinaprima 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 -2.19 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CPRO' s Beneish M-Score Range Over the Past 10 Years
Min: -6.7 Med: -2.61 Max: -0.59
Current: -2.19

During the past 13 years, the highest Beneish M-Score of PT Central Proteinaprima Tbk was -0.59. The lowest was -6.70. And the median was -2.61.

PT Central Proteinaprima Tbk Beneish M-Score Historical Data

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

PT Central Proteinaprima Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.39

-2.52

-0.89

-2.23

-2.18

PT Central Proteinaprima 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															-2.14	-2.02	-2.10	-2.18	-2.19

Competitive Comparison of PT Central Proteinaprima Tbk's Beneish M-Score

For the Farm Products subindustry, PT Central Proteinaprima 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 Central Proteinaprima Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Central Proteinaprima Tbk's Beneish M-Score distribution charts can be found below:

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

PT Central Proteinaprima 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 Central Proteinaprima 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 * 1.1834

0.528 * 1.0352

0.404 * 0.9636

0.892 * 1.0936

0.115 * 0.9086

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9651

4.679 * 0.006119

0.327 * 0.975

-2.19

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp842,962 Mil.
Revenue was 2289408 + 2262638 + 2326692 + 2299791 = Rp9,178,529 Mil.
Gross Profit was 420122 + 416540 + 456341 + 430303 = Rp1,723,306 Mil.
Total Current Assets was Rp2,524,971 Mil.
Total Assets was Rp7,046,631 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,898,071 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp59,159 Mil.
Selling, General, & Admin. Expense(SGA) was Rp423,996 Mil.
Total Current Liabilities was Rp2,325,749 Mil.
Long-Term Debt & Capital Lease Obligation was Rp713,491 Mil.
Net Income was 98885 + 80036 + 94064 + 112187 = Rp385,172 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 149152 + -24809 + -2500 + 220212 = Rp342,055 Mil.

Total Receivables was Rp651,362 Mil.
Revenue was 2138155 + 2066496 + 2116900 + 2071692 = Rp8,393,243 Mil.
Gross Profit was 384234 + 382669 + 431273 + 433090 = Rp1,631,266 Mil.
Total Current Assets was Rp2,080,483 Mil.
Total Assets was Rp6,740,235 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,040,752 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp55,642 Mil.
Selling, General, & Admin. Expense(SGA) was Rp401,728 Mil.
Total Current Liabilities was Rp1,939,936 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,041,766 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)
	=	(842962 / 9178529)	/	(651362 / 8393243)
	=	0.091841	/	0.077606
	=	1.1834

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)
	=	(1631266 / 8393243)	/	(1723306 / 9178529)
	=	0.194355	/	0.187754
	=	1.0352

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 - (2524971 + 3898071) / 7046631)	/	(1 - (2080483 + 4040752) / 6740235)
	=	0.088495	/	0.091837
	=	0.9636

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
	=	9178529	/	8393243
	=	1.0936

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))
	=	(55642 / (55642 + 4040752))	/	(59159 / (59159 + 3898071))
	=	0.013583	/	0.01495
	=	0.9086

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)
	=	(423996 / 9178529)	/	(401728 / 8393243)
	=	0.046194	/	0.047863
	=	0.9651

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)
	=	((713491 + 2325749) / 7046631)	/	((1041766 + 1939936) / 6740235)
	=	0.431304	/	0.442374
	=	0.975

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
	=	(385172 - 0	-	342055)	/	7046631
	=	0.006119

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 Central Proteinaprima Tbk has a M-score of -2.19 suggests that the company is unlikely to be a manipulator.

PT Central Proteinaprima Tbk Beneish M-Score Related Terms

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PT Central Proteinaprima Tbk (ISX:CPRO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Central Proteinaprima Tbk (ISX:CPRO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Jendral sudirman Kav. 52-53, Treasury Tower, 8th Floor, District 8 SCBD Lot. 28, Jakarta, IDN, 12920

Website

https://www.cpp.co.id

PT Central Proteinaprima Tbk is an Indonesia-based aquaculture company. Principally, it is engaged in integrated shrimp farming, production, and sale of shrimp, fish and other livestock feeds. It operates in three segments: Feeds, Food products, and others, of which the majority of the revenue comes from the feeds segment. Also, it provides hatchery services. It offers animal feed products such as Irawan, Bintang, Indo Feed, Pakan Udang Galah, Pakan Udang Bestariand, and Pakan Udang Marine. The majority of the revenue is generated from the domestic market.

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