PT Charoen Pokphand Indonesia Tbk (ISX:CPIN) Beneish M-Score : -2.50 (As of May. 03, 2024)

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What is PT Charoen Pokphand 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.

Good Sign:

Beneish M-Score -2.5 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CPIN' s Beneish M-Score Range Over the Past 10 Years
Min: -2.99 Med: -2.49 Max: -1.29
Current: -2.5

During the past 13 years, the highest Beneish M-Score of PT Charoen Pokphand Indonesia Tbk was -1.29. The lowest was -2.99. And the median was -2.49.

PT Charoen Pokphand Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Charoen Pokphand 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 Charoen Pokphand Indonesia Tbk Beneish M-Score Chart

PT Charoen Pokphand Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.63

-2.73

-2.29

-2.39

-2.50

PT Charoen Pokphand Indonesia Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-2.39	-2.25	-1.86	-2.25	-2.50

Competitive Comparison of PT Charoen Pokphand Indonesia Tbk's Beneish M-Score

For the Farm Products subindustry, PT Charoen Pokphand 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 Charoen Pokphand Indonesia Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Charoen Pokphand Indonesia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Charoen Pokphand 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 Charoen Pokphand 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 * 0.9233

0.528 * 1.0664

0.404 * 1.1195

0.892 * 1.0835

0.115 * 0.9587

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0037

4.679 * -0.020201

0.327 * 1.0106

-2.50

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp1,827,457 Mil.
Revenue was 14487177 + 16236790 + 16327789 + 14564094 = Rp61,615,850 Mil.
Gross Profit was 1864198 + 2251937 + 2866250 + 1292127 = Rp8,274,512 Mil.
Total Current Assets was Rp18,324,808 Mil.
Total Assets was Rp40,970,800 Mil.
Property, Plant and Equipment(Net PPE) was Rp18,292,726 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp328,821 Mil.
Selling, General, & Admin. Expense(SGA) was Rp2,089,551 Mil.
Total Current Liabilities was Rp11,123,822 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,093,383 Mil.
Net Income was -357005 + 1296716 + 1137881 + 240992 = Rp2,318,584 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 647947 + 3194227 + -192686 + -503234 = Rp3,146,254 Mil.

Total Receivables was Rp1,826,700 Mil.
Revenue was 13428846 + 14801375 + 14341893 + 14295430 = Rp56,867,544 Mil.
Gross Profit was 1738844 + 1534487 + 2660611 + 2210098 = Rp8,144,040 Mil.
Total Current Assets was Rp17,764,298 Mil.
Total Assets was Rp39,847,545 Mil.
Property, Plant and Equipment(Net PPE) was Rp18,301,215 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp315,138 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,921,368 Mil.
Total Current Liabilities was Rp10,109,335 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,610,940 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)
	=	(1827457 / 61615850)	/	(1826700 / 56867544)
	=	0.029659	/	0.032122
	=	0.9233

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)
	=	(8144040 / 56867544)	/	(8274512 / 61615850)
	=	0.143211	/	0.134292
	=	1.0664

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 - (18324808 + 18292726) / 40970800)	/	(1 - (17764298 + 18301215) / 39847545)
	=	0.106253	/	0.094913
	=	1.1195

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
	=	61615850	/	56867544
	=	1.0835

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))
	=	(315138 / (315138 + 18301215))	/	(328821 / (328821 + 18292726))
	=	0.016928	/	0.017658
	=	0.9587

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)
	=	(2089551 / 61615850)	/	(1921368 / 56867544)
	=	0.033913	/	0.033787
	=	1.0037

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)
	=	((2093383 + 11123822) / 40970800)	/	((2610940 + 10109335) / 39847545)
	=	0.322601	/	0.319224
	=	1.0106

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
	=	(2318584 - 0	-	3146254)	/	40970800
	=	-0.020201

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 Charoen Pokphand Indonesia Tbk has a M-score of -2.50 suggests that the company is unlikely to be a manipulator.

PT Charoen Pokphand Indonesia Tbk Beneish M-Score Related Terms

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PT Charoen Pokphand Indonesia Tbk (ISX:CPIN) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Charoen Pokphand Indonesia Tbk (ISX:CPIN) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

0CP1:Germany

Address

Jl. Ancol VIII/1, Kelurahan Ancol, Kecamatan Pademangan, North Jakarta, Jakarta, IDN, 14430

Website

https://cp.co.id

PT Charoen Pokphand Indonesia Tbk, a subsidiary of PT Central Agromina, is a consumer goods company. It produces and sells poultry feed, day old chicks, and processed chicken in Indonesia. The company offers its products under brands like Royal Feed, Hi-Pro-Vite, Bintang, Bonavite, Hi-Pro, Turbo Feed, Okey Brands, Champ, and TIJI brands. Its segments include: Feed; Broiler; Day Old Chicks (DOC), processed chicken, and others. The majority revenue contributor is the Broiler segment. The other segment consists of packaging and poultry equipment.

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