PT Elang Mahkota Teknologi Tbk (ISX:EMTK) Beneish M-Score : -2.58 (As of Apr. 29, 2024)

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What is PT Elang Mahkota Teknologi 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:EMTK' s Beneish M-Score Range Over the Past 10 Years
Min: -3.36 Med: -2.31 Max: -1.48
Current: -2.58

During the past 13 years, the highest Beneish M-Score of PT Elang Mahkota Teknologi Tbk was -1.48. The lowest was -3.36. And the median was -2.31.

PT Elang Mahkota Teknologi Tbk Beneish M-Score Historical Data

The historical data trend for PT Elang Mahkota Teknologi 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 Elang Mahkota Teknologi Tbk Beneish M-Score Chart

PT Elang Mahkota Teknologi Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.40

-2.27

-1.48

-1.92

-2.58

PT Elang Mahkota Teknologi 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															-1.92	-2.56	-2.24	-2.32	-2.58

Competitive Comparison of PT Elang Mahkota Teknologi Tbk's Beneish M-Score

For the Broadcasting subindustry, PT Elang Mahkota Teknologi 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 Elang Mahkota Teknologi Tbk's Beneish M-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, PT Elang Mahkota Teknologi Tbk's Beneish M-Score distribution charts can be found below:

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

PT Elang Mahkota Teknologi 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 Elang Mahkota Teknologi 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 * 1.0979

0.528 * 1.0877

0.404 * 0.9754

0.892 * 0.9376

0.115 * 1.0119

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0432

4.679 * -0.029825

0.327 * 1.0698

-2.58

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp3,136,485 Mil.
Revenue was 2475045.051 + -987744.352 + 3878025.376 + 3876093.298 = Rp9,241,419 Mil.
Gross Profit was 767259.137 + 727744.943 + 631850.978 + 736551.561 = Rp2,863,407 Mil.
Total Current Assets was Rp15,825,106 Mil.
Total Assets was Rp42,891,251 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,256,123 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp446,847 Mil.
Selling, General, & Admin. Expense(SGA) was Rp793,866 Mil.
Total Current Liabilities was Rp3,208,075 Mil.
Long-Term Debt & Capital Lease Obligation was Rp737,750 Mil.
Net Income was 21417.276 + 281994.819 + -113195.952 + -330986.294 = Rp-140,770 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 576576.865 + 638128.556 + -472429.693 + 396194.61 = Rp1,138,470 Mil.

Total Receivables was Rp3,046,764 Mil.
Revenue was 2876725.484 + -120520.735 + 3725278.925 + 3374652.381 = Rp9,856,136 Mil.
Gross Profit was 603176.426 + 831930.168 + 972160.283 + 914419.154 = Rp3,321,686 Mil.
Total Current Assets was Rp16,503,759 Mil.
Total Assets was Rp44,469,025 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,846,461 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp422,924 Mil.
Selling, General, & Admin. Expense(SGA) was Rp811,647 Mil.
Total Current Liabilities was Rp3,129,320 Mil.
Long-Term Debt & Capital Lease Obligation was Rp694,768 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)
	=	(3136484.741 / 9241419.373)	/	(3046763.606 / 9856136.055)
	=	0.339394	/	0.309124
	=	1.0979

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)
	=	(3321686.031 / 9856136.055)	/	(2863406.619 / 9241419.373)
	=	0.337017	/	0.309845
	=	1.0877

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 - (15825106.228 + 6256122.59) / 42891250.53)	/	(1 - (16503758.5 + 5846460.721) / 44469025.417)
	=	0.485181	/	0.497398
	=	0.9754

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
	=	9241419.373	/	9856136.055
	=	0.9376

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))
	=	(422923.824 / (422923.824 + 5846460.721))	/	(446846.653 / (446846.653 + 6256122.59))
	=	0.067459	/	0.066664
	=	1.0119

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)
	=	(793866.096 / 9241419.373)	/	(811647.344 / 9856136.055)
	=	0.085903	/	0.082349
	=	1.0432

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)
	=	((737749.747 + 3208074.535) / 42891250.53)	/	((694767.994 + 3129319.807) / 44469025.417)
	=	0.091996	/	0.085994
	=	1.0698

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
	=	(-140770.151 - 0	-	1138470.338)	/	42891250.53
	=	-0.029825

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 Elang Mahkota Teknologi Tbk has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

PT Elang Mahkota Teknologi Tbk Beneish M-Score Related Terms

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PT Elang Mahkota Teknologi Tbk (ISX:EMTK) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Communication Services » Media - Diversified » PT Elang Mahkota Teknologi Tbk (ISX:EMTK) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Asia Afrika Lot 19, SCTV Tower, 18th Floor, Senayan City, Jakarta, IDN, 10270

Website

https://www.emtek.co.id

PT Elang Mahkota Teknologi Tbk is an Indonesian integrated group involved in four business divisions, Media, Solutions, Healthcare, and Others. Media, representing Free-to-Air of television broadcasting under the 4 television channels, Healthcare, representing a wide range of medical services. Its Solutions division offers infrastructure and services in information, communication services, the telecommunication industry, banking, and retail payment. The others represent connectivity including internet service provision, pay-TV service, and wireless broadband service. It derives maximum revenue from the Media segment.

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