PT Alkindo Naratama Tbk (ISX:ALDO) Beneish M-Score : -1.68 (As of May. 17, 2024)

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What is PT Alkindo Naratama 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 -1.68 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:ALDO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.09 Med: -2.27 Max: 2.91
Current: -1.68

During the past 13 years, the highest Beneish M-Score of PT Alkindo Naratama Tbk was 2.91. The lowest was -3.09. And the median was -2.27.

PT Alkindo Naratama Tbk Beneish M-Score Historical Data

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

PT Alkindo Naratama Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.09

-2.42

-2.45

-2.59

-0.82

PT Alkindo Naratama 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															-2.09	-2.11	-1.44	-0.82	-1.68

Competitive Comparison of PT Alkindo Naratama Tbk's Beneish M-Score

For the Paper & Paper Products subindustry, PT Alkindo Naratama 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 Alkindo Naratama Tbk's Beneish M-Score Distribution in the Forest Products Industry

For the Forest Products industry and Basic Materials sector, PT Alkindo Naratama Tbk's Beneish M-Score distribution charts can be found below:

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

PT Alkindo Naratama 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 Alkindo Naratama 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 * 0.9558

0.528 * 1.1353

0.404 * 2.3914

0.892 * 1.2608

0.115 * 1.0274

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0553

4.679 * -0.003229

0.327 * 1.014

-1.68

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp396,691 Mil.
Revenue was 483848.873 + 444299.674 + 442027.053 + 375843.153 = Rp1,746,019 Mil.
Gross Profit was 79784.595 + 54412.623 + 65178.081 + 57560.956 = Rp256,936 Mil.
Total Current Assets was Rp933,872 Mil.
Total Assets was Rp1,806,229 Mil.
Property, Plant and Equipment(Net PPE) was Rp849,157 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,421 Mil.
Selling, General, & Admin. Expense(SGA) was Rp98,539 Mil.
Total Current Liabilities was Rp730,010 Mil.
Long-Term Debt & Capital Lease Obligation was Rp220,374 Mil.
Net Income was 13056.47 + -7224.412 + 4755.034 + 3913.046 = Rp14,500 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -25554.545 + 40130.565 + 2974.217 + 2781.477 = Rp20,332 Mil.

Total Receivables was Rp329,180 Mil.
Revenue was 390326.463 + 301366.475 + 333329.854 + 359872.625 = Rp1,384,895 Mil.
Gross Profit was 50598.759 + 51247.994 + 63684.2 + 65835.339 = Rp231,366 Mil.
Total Current Assets was Rp767,769 Mil.
Total Assets was Rp1,635,067 Mil.
Property, Plant and Equipment(Net PPE) was Rp858,516 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,671 Mil.
Selling, General, & Admin. Expense(SGA) was Rp74,065 Mil.
Total Current Liabilities was Rp579,710 Mil.
Long-Term Debt & Capital Lease Obligation was Rp268,712 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)
	=	(396690.822 / 1746018.753)	/	(329180.281 / 1384895.417)
	=	0.227197	/	0.237693
	=	0.9558

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)
	=	(231366.292 / 1384895.417)	/	(256936.255 / 1746018.753)
	=	0.167064	/	0.147155
	=	1.1353

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 - (933872.046 + 849156.97) / 1806228.609)	/	(1 - (767769.459 + 858516.072) / 1635067.392)
	=	0.012844	/	0.005371
	=	2.3914

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
	=	1746018.753	/	1384895.417
	=	1.2608

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))
	=	(6671.436 / (6671.436 + 858516.072))	/	(6421.398 / (6421.398 + 849156.97))
	=	0.007711	/	0.007505
	=	1.0274

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)
	=	(98538.791 / 1746018.753)	/	(74065.243 / 1384895.417)
	=	0.056436	/	0.053481
	=	1.0553

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)
	=	((220373.66 + 730010.188) / 1806228.609)	/	((268711.604 + 579709.599) / 1635067.392)
	=	0.52617	/	0.518891
	=	1.014

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
	=	(14500.138 - 0	-	20331.714)	/	1806228.609
	=	-0.003229

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 Alkindo Naratama Tbk has a M-score of -1.68 signals that the company is likely to be a manipulator.

PT Alkindo Naratama Tbk Beneish M-Score Related Terms

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PT Alkindo Naratama Tbk (ISX:ALDO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Forest Products » PT Alkindo Naratama Tbk (ISX:ALDO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

JL. Industri Cimareme II No. 14, Cimerang, Padalarang, Bandung Barat, IDN, 40553

Website

https://www.alkindo.co.id

PT Alkindo Naratama Tbk is engaged in manufacturing converted paper products. The company has four business segments namely Paper converting, Chemical, Polymer, and Paper. The company produces various types of paper products namely paper core, paper tube, honeycomb products, edge protector and paper box. The paper core segment includes STD core, WG core, SPC core and prime core. Paper tube includes the POY, DTY and FDY paper tube which are custom specific and packaged as per client requirement. Honeycomb products include pallets and boxes, layer and pad, honeycomb core for furniture and textile board/spacer.

PT Alkindo Naratama Tbk (ISX:ALDO) Headlines

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