PT Goto Gojek Tokopedia Tbk (PT Goto Gojek Tokopedia Tbk) Beneish M-Score : -10.42 (As of May. 15, 2024)

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What is PT Goto Gojek Tokopedia 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 -10.42 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

GTOFF' s Beneish M-Score Range Over the Past 10 Years
Min: -10.49 Med: -2.78 Max: -1.34
Current: -10.42

During the past 6 years, the highest Beneish M-Score of PT Goto Gojek Tokopedia Tbk was -1.34. The lowest was -10.49. And the median was -2.78.

PT Goto Gojek Tokopedia Tbk Beneish M-Score Historical Data

The historical data trend for PT Goto Gojek Tokopedia 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 Goto Gojek Tokopedia Tbk Beneish M-Score Chart

PT Goto Gojek Tokopedia Tbk Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.34

-10.49

PT Goto Gojek Tokopedia Tbk Quarterly Data
	Dec18	Dec19	Dec20	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial										-	-2.78	-2.66	-10.49	-10.42

Competitive Comparison of PT Goto Gojek Tokopedia Tbk's Beneish M-Score

For the Software - Application subindustry, PT Goto Gojek Tokopedia 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 Goto Gojek Tokopedia Tbk's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, PT Goto Gojek Tokopedia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Goto Gojek Tokopedia 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 Goto Gojek Tokopedia 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 * 1.9841

0.528 * 0.8971

0.404 * 0.4941

0.892 * 1.1712

0.115 * 0.8938

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.354

4.679 * -1.779909

0.327 * 2.6851

-10.46

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was $303 Mil.
Revenue was 264.61 + 277.295 + 233.614 + 236.337 = $1,012 Mil.
Gross Profit was 143.801 + 191.846 + 156.271 + 155.008 = $647 Mil.
Total Current Assets was $1,886 Mil.
Total Assets was $3,097 Mil.
Property, Plant and Equipment(Net PPE) was $49 Mil.
Depreciation, Depletion and Amortization(DDA) was $150 Mil.
Selling, General, & Admin. Expense(SGA) was $675 Mil.
Total Current Liabilities was $597 Mil.
Long-Term Debt & Capital Lease Obligation was $209 Mil.
Net Income was -55.91 + -5244.36 + -153.747 + -219.571 = $-5,674 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was -5.298 + -7.404 + -71.051 + -78.333 = $-162 Mil.

Total Receivables was $131 Mil.
Revenue was 221.248 + 214.88 + 299.659 + 128.14 = $864 Mil.
Gross Profit was 131.417 + 111.622 + 208.844 + 43.604 = $495 Mil.
Total Current Assets was $2,079 Mil.
Total Assets was $9,027 Mil.
Property, Plant and Equipment(Net PPE) was $90 Mil.
Depreciation, Depletion and Amortization(DDA) was $188 Mil.
Selling, General, & Admin. Expense(SGA) was $1,629 Mil.
Total Current Liabilities was $766 Mil.
Long-Term Debt & Capital Lease Obligation was $110 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)
	=	(303.411 / 1011.856)	/	(130.562 / 863.927)
	=	0.299856	/	0.151126
	=	1.9841

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)
	=	(495.487 / 863.927)	/	(646.926 / 1011.856)
	=	0.573529	/	0.639346
	=	0.8971

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 - (1885.562 + 48.61) / 3096.507)	/	(1 - (2079.059 + 90.378) / 9026.626)
	=	0.37537	/	0.759662
	=	0.4941

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
	=	1011.856	/	863.927
	=	1.1712

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))
	=	(188.071 / (188.071 + 90.378))	/	(150.341 / (150.341 + 48.61))
	=	0.675424	/	0.755668
	=	0.8938

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)
	=	(675.302 / 1011.856)	/	(1628.884 / 863.927)
	=	0.667389	/	1.885442
	=	0.354

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)
	=	((209.41 + 597.479) / 3096.507)	/	((110.056 + 765.934) / 9026.626)
	=	0.26058	/	0.097045
	=	2.6851

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
	=	(-5673.588 - 0	-	-162.086)	/	3096.507
	=	-1.779909

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 Goto Gojek Tokopedia Tbk has a M-score of -10.46 suggests that the company is unlikely to be a manipulator.

PT Goto Gojek Tokopedia Tbk Beneish M-Score Related Terms

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PT Goto Gojek Tokopedia Tbk (PT Goto Gojek Tokopedia Tbk) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » PT Goto Gojek Tokopedia Tbk (OTCPK:GTOFF) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

GOTO:Indonesia CK8:Germany

Address

Jalan Iskandarsyah II No. 2, Gedung Pasaraya Blok M, 6-7th Floor, Jakarta, IDN, 12160

Website

https://www.gotocompany.com

GoTo is an Indonesian ecosystem that combines e-commerce, ride-hailing, delivery, and financial services under one app. The company operates primarily in Indonesia and is the product of a merger between Gojek and Tokopedia in May 2021. The company has 64 million active paying users and 12 million merchants as of 2022 on its platform. In 2022, on-demand accounted for 55% of revenue, e-commerce for 37%, and financial services for 8%. However, 82% of nonfinancial services gross transactional value comes from e-commerce, as it is the focal point in the ecosystem. The company competes with giants such as Sea-backed Shopee, Alibaba's Lazada, and smaller peers such as Bukalapak in e-commerce—and with Grab in the ride-hailing and delivery business.