PT Baramulti Suksessarana Tbk (ISX:BSSR) Beneish M-Score : -1.25 (As of May. 20, 2024)

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What is PT Baramulti Suksessarana 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 -1.25 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:BSSR' s Beneish M-Score Range Over the Past 10 Years
Min: -3.29 Med: -2.53 Max: -1.25
Current: -1.25

During the past 13 years, the highest Beneish M-Score of PT Baramulti Suksessarana Tbk was -1.25. The lowest was -3.29. And the median was -2.53.

PT Baramulti Suksessarana Tbk Beneish M-Score Historical Data

The historical data trend for PT Baramulti Suksessarana 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 Baramulti Suksessarana Tbk Beneish M-Score Chart

PT Baramulti Suksessarana Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.24

-2.53

-2.87

-3.06

-1.30

PT Baramulti Suksessarana 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															-3.09	-3.29	-3.15	-1.30	-1.25

Competitive Comparison of PT Baramulti Suksessarana Tbk's Beneish M-Score

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

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

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

PT Baramulti Suksessarana 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 Baramulti Suksessarana 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 * 1.1855

0.528 * 1.4164

0.404 * 1.5266

0.892 * 0.9383

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2667

4.679 * 0.132152

0.327 * 0.6762

-1.25

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp1,334,532 Mil.
Revenue was 3716502.975 + 4282794.056 + 4081194.757 + 4828861.345 = Rp16,909,353 Mil.
Gross Profit was 1343180.042 + 1113759.236 + 938111.821 + 1801527.543 = Rp5,196,579 Mil.
Total Current Assets was Rp3,294,059 Mil.
Total Assets was Rp6,295,676 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,269,404 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,446,622 Mil.
Total Current Liabilities was Rp1,729,397 Mil.
Long-Term Debt & Capital Lease Obligation was Rp33,653 Mil.
Net Income was 650046.171 + 565489.45 + 298409.672 + 896135.763 = Rp2,410,081 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 505767.894 + -496564.546 + 798626.26 + 770262.94 = Rp1,578,093 Mil.

Total Receivables was Rp1,199,659 Mil.
Revenue was 4101279.97 + 4807853.551 + 4545098.32 + 4566638.604 = Rp18,020,870 Mil.
Gross Profit was 1486906.594 + 1973361.104 + 1959482.639 + 2424620.374 = Rp7,844,371 Mil.
Total Current Assets was Rp4,138,784 Mil.
Total Assets was Rp7,082,398 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,404,047 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,058,426 Mil.
Total Current Liabilities was Rp2,860,261 Mil.
Long-Term Debt & Capital Lease Obligation was Rp72,719 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)
	=	(1334531.67 / 16909353.133)	/	(1199658.996 / 18020870.445)
	=	0.078923	/	0.066571
	=	1.1855

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)
	=	(7844370.711 / 18020870.445)	/	(5196578.642 / 16909353.133)
	=	0.435294	/	0.30732
	=	1.4164

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 - (3294058.522 + 2269403.725) / 6295675.66)	/	(1 - (4138784.375 + 2404047.463) / 7082398.234)
	=	0.116304	/	0.076184
	=	1.5266

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
	=	16909353.133	/	18020870.445
	=	0.9383

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 + 2404047.463))	/	(0 / (0 + 2269403.725))
	=	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)
	=	(2446621.803 / 16909353.133)	/	(2058426.393 / 18020870.445)
	=	0.14469	/	0.114225
	=	1.2667

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)
	=	((33653.112 + 1729396.911) / 6295675.66)	/	((72719.386 + 2860260.693) / 7082398.234)
	=	0.280041	/	0.414122
	=	0.6762

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
	=	(2410081.056 - 0	-	1578092.548)	/	6295675.66
	=	0.132152

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 Baramulti Suksessarana Tbk has a M-score of -1.25 signals that the company is likely to be a manipulator.

PT Baramulti Suksessarana Tbk Beneish M-Score Related Terms

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PT Baramulti Suksessarana Tbk (ISX:BSSR) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » PT Baramulti Suksessarana Tbk (ISX:BSSR) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Jl. Jend. Sudirman Number 86, Sahid Sudirman Centre, Suite C - D, 56th Floor, The Sahid City Complex, Jakarta, IDN, 10220

Website

http://www.bssr.co.id

PT Baramulti Suksessarana Tbk is a company that is engaged in the coal mining industry. The business operation of the group functions through Indonesia. The company has two mining projects PT. Antang Gunung Meratus (AGM) in South Kalimantan and PT. Baramulti Suksessarana (BSSR) in East Kalimantan. Many overseas customers put a high interest in the company's coal products, in which sales revenue from the Indian market accounted for a larger share while the remaining is derived from Korea and other countries.

PT Baramulti Suksessarana Tbk (ISX:BSSR) Headlines

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