PT Adaro Minerals Indonesia Tbk (ISX:ADMR) Beneish M-Score : 0.01 (As of May. 02, 2024)

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What is PT Adaro Minerals Indonesia 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.

Warning Sign:

Beneish M-Score 0.01 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:ADMR' s Beneish M-Score Range Over the Past 10 Years
Min: -2.31 Med: -1.15 Max: 0.01
Current: 0.01

During the past 6 years, the highest Beneish M-Score of PT Adaro Minerals Indonesia Tbk was 0.01. The lowest was -2.31. And the median was -1.15.

PT Adaro Minerals Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Adaro Minerals Indonesia 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 Adaro Minerals Indonesia Tbk Beneish M-Score Chart

PT Adaro Minerals Indonesia Tbk Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.31

0.01

PT Adaro Minerals Indonesia Tbk Quarterly Data
	Dec18	Dec19	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial										-2.31	-2.19	-2.10	-2.56	0.01

Competitive Comparison of PT Adaro Minerals Indonesia Tbk's Beneish M-Score

For the Thermal Coal subindustry, PT Adaro Minerals Indonesia 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 Adaro Minerals Indonesia Tbk's Beneish M-Score Distribution in the Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, PT Adaro Minerals Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Adaro Minerals Indonesia 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 Adaro Minerals Indonesia 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 * 2.5024

0.528 * 1.0932

0.404 * 1.6966

0.892 * 1.2116

0.115 * 1.8171

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9957

4.679 * 0.084457

0.327 * 0.6939

0.01

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp3,377,043 Mil.
Revenue was 5631986.335 + 3990522.931 + 3386229.871 + 3588508.891 = Rp16,597,248 Mil.
Gross Profit was 3138742.394 + 1960234.815 + 1783766.808 + 2027994.252 = Rp8,910,738 Mil.
Total Current Assets was Rp13,636,278 Mil.
Total Assets was Rp26,136,583 Mil.
Property, Plant and Equipment(Net PPE) was Rp11,471,179 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,143 Mil.
Selling, General, & Admin. Expense(SGA) was Rp394,556 Mil.
Total Current Liabilities was Rp3,233,505 Mil.
Long-Term Debt & Capital Lease Obligation was Rp6,434,003 Mil.
Net Income was 2937039.544 + 1350653.101 + 1184064.023 + 1275887.83 = Rp6,747,644 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1042629.845 + 1772152.881 + 1609885.908 + 115555.743 = Rp4,540,224 Mil.

Total Receivables was Rp1,113,850 Mil.
Revenue was 3801509.233 + 3519417.809 + 3764133.448 + 2613629.841 = Rp13,698,690 Mil.
Gross Profit was 1888161.941 + 1943503.79 + 2505393.539 + 1702969.672 = Rp8,040,029 Mil.
Total Current Assets was Rp10,168,117 Mil.
Total Assets was Rp20,239,914 Mil.
Property, Plant and Equipment(Net PPE) was Rp9,602,068 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp24,581 Mil.
Selling, General, & Admin. Expense(SGA) was Rp327,061 Mil.
Total Current Liabilities was Rp3,099,560 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,689,161 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)
	=	(3377042.812 / 16597248.028)	/	(1113850.055 / 13698690.331)
	=	0.20347	/	0.081311
	=	2.5024

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)
	=	(8040028.942 / 13698690.331)	/	(8910738.269 / 16597248.028)
	=	0.58692	/	0.53688
	=	1.0932

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 - (13636278.148 + 11471179.031) / 26136582.614)	/	(1 - (10168117.328 + 9602068.313) / 20239913.668)
	=	0.039375	/	0.023208
	=	1.6966

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
	=	16597248.028	/	13698690.331
	=	1.2116

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))
	=	(24581.229 / (24581.229 + 9602068.313))	/	(16142.855 / (16142.855 + 11471179.031))
	=	0.002553	/	0.001405
	=	1.8171

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)
	=	(394556.011 / 16597248.028)	/	(327061.417 / 13698690.331)
	=	0.023772	/	0.023875
	=	0.9957

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)
	=	((6434003.364 + 3233504.502) / 26136582.614)	/	((7689161.49 + 3099560.004) / 20239913.668)
	=	0.369884	/	0.533042
	=	0.6939

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
	=	(6747644.498 - 0	-	4540224.377)	/	26136582.614
	=	0.084457

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 Adaro Minerals Indonesia Tbk has a M-score of 0.01 signals that the company is likely to be a manipulator.

PT Adaro Minerals Indonesia Tbk Beneish M-Score Related Terms

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PT Adaro Minerals Indonesia Tbk (ISX:ADMR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » PT Adaro Minerals Indonesia Tbk (ISX:ADMR) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Cyber 2 Tower Lt.34 Jl. Rasuna Said, Blok X-5 No.13 Kel Kuningan Timur, Kec Setiabudi, Prov DKI, Kota Adm Jakarta Selatan, Jakarta, IDN

Website

https://www.adarominerals.id

PT Adaro Minerals Indonesia Tbk is engaged in metallurgical coal mining, and minerals mining and processing businesses. The company's business operations comprise coal mining and other services.

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