PT Citatah Tbk (ISX:CTTH) Beneish M-Score : -2.61 (As of May. 14, 2024)

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What is PT Citatah 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 -2.61 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:CTTH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.07 Med: -2.24 Max: -1.37
Current: -2.61

During the past 13 years, the highest Beneish M-Score of PT Citatah Tbk was -1.37. The lowest was -3.07. And the median was -2.24.

PT Citatah Tbk Beneish M-Score Historical Data

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

PT Citatah Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.04

-3.07

-2.84

-2.27

-2.61

PT Citatah 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															-2.27	-2.26	-1.90	-2.16	-2.61

Competitive Comparison of PT Citatah Tbk's Beneish M-Score

For the Building Materials subindustry, PT Citatah 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 Citatah Tbk's Beneish M-Score Distribution in the Building Materials Industry

For the Building Materials industry and Basic Materials sector, PT Citatah Tbk's Beneish M-Score distribution charts can be found below:

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

PT Citatah 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 Citatah 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 * 1.0752

0.528 * 0.6937

0.404 * 1.0049

0.892 * 0.8621

0.115 * 1.9401

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0265

4.679 * -0.012608

0.327 * 0.8921

-2.61

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp86,323 Mil.
Revenue was 37804.165 + 30691.141 + 13345.99 + 17398.358 = Rp99,240 Mil.
Gross Profit was 16893.101 + 11277.728 + 11729.358 + -5130.937 = Rp34,769 Mil.
Total Current Assets was Rp430,752 Mil.
Total Assets was Rp751,634 Mil.
Property, Plant and Equipment(Net PPE) was Rp287,964 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,203 Mil.
Selling, General, & Admin. Expense(SGA) was Rp9,832 Mil.
Total Current Liabilities was Rp158,611 Mil.
Long-Term Debt & Capital Lease Obligation was Rp316,764 Mil.
Net Income was -4850.107 + 1605.789 + -280.802 + -6299.677 = Rp-9,825 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 40.124 + -2446.104 + 2425.323 + -367.524 = Rp-348 Mil.

Total Receivables was Rp93,127 Mil.
Revenue was 28957.874 + 31266.444 + 31081.094 + 23808.456 = Rp115,114 Mil.
Gross Profit was 2885.504 + 7701.201 + 14790.019 + 2601.802 = Rp27,979 Mil.
Total Current Assets was Rp435,146 Mil.
Total Assets was Rp712,262 Mil.
Property, Plant and Equipment(Net PPE) was Rp246,073 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,002 Mil.
Selling, General, & Admin. Expense(SGA) was Rp11,110 Mil.
Total Current Liabilities was Rp364,143 Mil.
Long-Term Debt & Capital Lease Obligation was Rp140,799 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)
	=	(86322.974 / 99239.654)	/	(93126.935 / 115113.868)
	=	0.869844	/	0.808998
	=	1.0752

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)
	=	(27978.526 / 115113.868)	/	(34769.25 / 99239.654)
	=	0.243051	/	0.350356
	=	0.6937

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 - (430751.516 + 287963.624) / 751633.766)	/	(1 - (435146.468 + 246072.929) / 712262.468)
	=	0.043796	/	0.043584
	=	1.0049

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
	=	99239.654	/	115113.868
	=	0.8621

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))
	=	(2002.326 / (2002.326 + 246072.929))	/	(1202.915 / (1202.915 + 287963.624))
	=	0.008071	/	0.00416
	=	1.9401

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)
	=	(9831.739 / 99239.654)	/	(11110.078 / 115113.868)
	=	0.099071	/	0.096514
	=	1.0265

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)
	=	((316764.388 + 158611.499) / 751633.766)	/	((140799.12 + 364143.101) / 712262.468)
	=	0.632457	/	0.708927
	=	0.8921

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
	=	(-9824.797 - 0	-	-348.181)	/	751633.766
	=	-0.012608

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 Citatah Tbk has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.

PT Citatah Tbk Beneish M-Score Related Terms

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PT Citatah Tbk (ISX:CTTH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Building Materials » PT Citatah Tbk (ISX:CTTH) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Tarum Timur Number 64, Desa Tamelang, Kecamatan Purwasari, Jawa Barat, Karawang, IDN, 41373

Website

https://www.citatah.co.id

PT Citatah Tbk is an Indonesia-based company, engaged in quarrying, processing, and production of marble in Indonesia. It offers provides excellent end-to-end service from sourcing and designing to the installation of high-quality natural stone products. The company operates through Limestone and Imported Building Materials segments. Apart from being a producer of high-quality marble, Citatah also provides a wide range of exquisite imported natural stones. It also acts as the sole and exclusive distributor of many prestigious international brands for interior and exterior finishes products. It generates the majority of its revenue from Indonesia.