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PT Sumber Alfaria Trijaya Tbk (ISX:AMRT) Beneish M-Score : -2.86 (As of May. 14, 2024)


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What is PT Sumber Alfaria Trijaya 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 -2.86 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:AMRT' s Beneish M-Score Range Over the Past 10 Years
Min: -3.84   Med: -2.99   Max: -2.48
Current: -2.86

During the past 13 years, the highest Beneish M-Score of PT Sumber Alfaria Trijaya Tbk was -2.48. The lowest was -3.84. And the median was -2.99.


PT Sumber Alfaria Trijaya Tbk Beneish M-Score Historical Data

The historical data trend for PT Sumber Alfaria Trijaya 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 Sumber Alfaria Trijaya Tbk Beneish M-Score Chart

PT Sumber Alfaria Trijaya Tbk Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.49 -3.66 -3.17 -2.78 -2.87

PT Sumber Alfaria Trijaya 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.54 -2.88 -2.97 -2.87 -2.86

Competitive Comparison of PT Sumber Alfaria Trijaya Tbk's Beneish M-Score

For the Grocery Stores subindustry, PT Sumber Alfaria Trijaya 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 Sumber Alfaria Trijaya Tbk's Beneish M-Score Distribution in the Retail - Defensive Industry

For the Retail - Defensive industry and Consumer Defensive sector, PT Sumber Alfaria Trijaya Tbk's Beneish M-Score distribution charts can be found below:

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



PT Sumber Alfaria Trijaya 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 Sumber Alfaria Trijaya Tbk for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0159+0.528 * 0.9619+0.404 * 0.969+0.892 * 1.099+0.115 * 1.001
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0384+4.679 * -0.10255-0.327 * 0.8892
=-2.86

* 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.

This Year (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was Rp4,229,718 Mil.
Revenue was 29325594 + 26920015 + 26190799 + 27666798 = Rp110,103,206 Mil.
Gross Profit was 6389005 + 6168807 + 5461475 + 5740298 = Rp23,759,585 Mil.
Total Current Assets was Rp22,952,923 Mil.
Total Assets was Rp40,378,111 Mil.
Property, Plant and Equipment(Net PPE) was Rp15,918,073 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp3,745,781 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,792,960 Mil.
Total Current Liabilities was Rp22,530,234 Mil.
Long-Term Debt & Capital Lease Obligation was Rp594,752 Mil.
Net Income was 890314 + 1213422 + 577515 + 836891 = Rp3,518,142 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 795170 + 2699673 + 1622583 + 2541475 = Rp7,658,901 Mil.
Total Receivables was Rp3,788,535 Mil.
Revenue was 26167071 + 24785541 + 24252394 + 24978131 = Rp100,183,137 Mil.
Gross Profit was 5695537 + 5207419 + 4886917 + 5004824 = Rp20,794,697 Mil.
Total Current Assets was Rp20,555,383 Mil.
Total Assets was Rp36,054,102 Mil.
Property, Plant and Equipment(Net PPE) was Rp14,109,892 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp3,324,321 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,199,766 Mil.
Total Current Liabilities was Rp22,230,790 Mil.
Long-Term Debt & Capital Lease Obligation was Rp991,701 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)
=(4229718 / 110103206) / (3788535 / 100183137)
=0.038416 / 0.037816
=1.0159

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)
=(20794697 / 100183137) / (23759585 / 110103206)
=0.207567 / 0.215794
=0.9619

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 - (22952923 + 15918073) / 40378111) / (1 - (20555383 + 14109892) / 36054102)
=0.037325 / 0.038521
=0.969

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
=110103206 / 100183137
=1.099

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))
=(3324321 / (3324321 + 14109892)) / (3745781 / (3745781 + 15918073))
=0.190678 / 0.190491
=1.001

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)
=(4792960 / 110103206) / (4199766 / 100183137)
=0.043532 / 0.041921
=1.0384

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)
=((594752 + 22530234) / 40378111) / ((991701 + 22230790) / 36054102)
=0.572711 / 0.644101
=0.8892

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
=(3518142 - 0 - 7658901) / 40378111
=-0.10255

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 Sumber Alfaria Trijaya Tbk has a M-score of -2.86 suggests that the company is unlikely to be a manipulator.


PT Sumber Alfaria Trijaya Tbk Beneish M-Score Related Terms

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PT Sumber Alfaria Trijaya Tbk (ISX:AMRT) Business Description

Traded in Other Exchanges
Address
Jalan Jalur Sutera Barat Kav. 9, Alfa Tower, Alam Sutera, Banten, Tangerang, IDN, 15143
PT Sumber Alfaria Trijaya Tbk is engaged in the business of retail distribution of consumer products in Indonesia. It operates through the Food and Non-Food Products segments. It offers food and non-food products such as cigarettes, rice, cooking oil, sugar, milk, personal and household care products. The company generates maximum revenue from the food segment. Its geographical segments are Jabodetabek, Java (Excluding Jabodetabek), and Excluding Java.

PT Sumber Alfaria Trijaya Tbk (ISX:AMRT) Headlines