PT Argo Pantes Tbk (ISX:ARGO) Beneish M-Score : -2.62 (As of May. 21, 2024)

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What is PT Argo Pantes 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 -2.62 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:ARGO' s Beneish M-Score Range Over the Past 10 Years
Min: -10.52 Med: -2.36 Max: 14.91
Current: -2.62

During the past 13 years, the highest Beneish M-Score of PT Argo Pantes Tbk was 14.91. The lowest was -10.52. And the median was -2.36.

PT Argo Pantes Tbk Beneish M-Score Historical Data

The historical data trend for PT Argo Pantes 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 Argo Pantes Tbk Beneish M-Score Chart

PT Argo Pantes Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-5.04

0.23

-2.51

-10.52

-2.75

PT Argo Pantes 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															-4.97	-4.28	-3.49	-2.75	-2.62

Competitive Comparison of PT Argo Pantes Tbk's Beneish M-Score

For the Textile Manufacturing subindustry, PT Argo Pantes 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 Argo Pantes Tbk's Beneish M-Score Distribution in the Manufacturing - Apparel & Accessories Industry

For the Manufacturing - Apparel & Accessories industry and Consumer Cyclical sector, PT Argo Pantes Tbk's Beneish M-Score distribution charts can be found below:

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

PT Argo Pantes 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 Argo Pantes 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 * 1.6611

0.528 * 0.7165

0.404 * 0.148

0.892 * 0.9937

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.9527

4.679 * -0.060804

0.327 * 0.3846

-2.62

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp119,666 Mil.
Revenue was 24525.525 + 26348.747 + 26903.265 + 24148.183 = Rp101,926 Mil.
Gross Profit was 7678.137 + 691.989 + 4199.412 + 3927.729 = Rp16,497 Mil.
Total Current Assets was Rp187,713 Mil.
Total Assets was Rp1,088,950 Mil.
Property, Plant and Equipment(Net PPE) was Rp891,063 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp6,401 Mil.
Total Current Liabilities was Rp472,081 Mil.
Long-Term Debt & Capital Lease Obligation was Rp450,507 Mil.
Net Income was -949.152 + -10137.665 + -34014.934 + -5483.464 = Rp-50,585 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -6437.781 + 17432 + -9420.321 + 14053.312 = Rp15,627 Mil.

Total Receivables was Rp72,496 Mil.
Revenue was 25736.945 + 25735.495 + 23739.164 + 27356.683 = Rp102,568 Mil.
Gross Profit was 3663.367 + 3331.136 + -79.526 + 4979.781 = Rp11,895 Mil.
Total Current Assets was Rp144,022 Mil.
Total Assets was Rp1,105,367 Mil.
Property, Plant and Equipment(Net PPE) was Rp891,575 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp3,299 Mil.
Total Current Liabilities was Rp1,771,441 Mil.
Long-Term Debt & Capital Lease Obligation was Rp663,265 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)
	=	(119666.085 / 101925.72)	/	(72495.867 / 102568.287)
	=	1.174052	/	0.706806
	=	1.6611

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)
	=	(11894.758 / 102568.287)	/	(16497.267 / 101925.72)
	=	0.115969	/	0.161856
	=	0.7165

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 - (187712.558 + 891063.249) / 1088950.198)	/	(1 - (144022.473 + 891575.419) / 1105366.995)
	=	0.009343	/	0.063118
	=	0.148

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
	=	101925.72	/	102568.287
	=	0.9937

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))
	=	(0 / (0 + 891575.419))	/	(0 / (0 + 891063.249))
	=	0	/	0
	=	1

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)
	=	(6401.117 / 101925.72)	/	(3298.814 / 102568.287)
	=	0.062802	/	0.032162
	=	1.9527

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)
	=	((450506.9 + 472081.035) / 1088950.198)	/	((663265.293 + 1771440.82) / 1105366.995)
	=	0.847227	/	2.202622
	=	0.3846

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
	=	(-50585.215 - 0	-	15627.21)	/	1088950.198
	=	-0.060804

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 Argo Pantes Tbk has a M-score of -2.62 suggests that the company is unlikely to be a manipulator.

PT Argo Pantes Tbk Beneish M-Score Related Terms

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PT Argo Pantes Tbk (ISX:ARGO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Manufacturing - Apparel & Accessories » PT Argo Pantes Tbk (ISX:ARGO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan. Jend Gatot Subroto Kav.22, Wisma Argo Manunggal, 2nd Floor, Jakarta, IDN, 12930

Website

https://www.argopantes.com

PT Argo Pantes Tbk operates in the textile industry. The company is engaged in the production and sales of finished fabric, knitting, and garment. The company has two operating segments which include the textile industry and rent out of which the majority of the revenue derives from the Textile segment.