PT FKS Multi Agro Tbk (ISX:FISH) Beneish M-Score : -1.98 (As of Jun. 03, 2024)

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What is PT FKS Multi Agro 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 -1.98 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:FISH' s Beneish M-Score Range Over the Past 10 Years
Min: -3.86 Med: -2.2 Max: 16.81
Current: -1.98

During the past 13 years, the highest Beneish M-Score of PT FKS Multi Agro Tbk was 16.81. The lowest was -3.86. And the median was -2.20.

PT FKS Multi Agro Tbk Beneish M-Score Historical Data

The historical data trend for PT FKS Multi Agro 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 FKS Multi Agro Tbk Beneish M-Score Chart

PT FKS Multi Agro Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.76

-2.45

-1.54

-2.22

-2.31

PT FKS Multi Agro 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															-2.20	-2.46	-1.91	-2.31	-1.98

Competitive Comparison of PT FKS Multi Agro Tbk's Beneish M-Score

For the Farm Products subindustry, PT FKS Multi Agro 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 FKS Multi Agro Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

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

PT FKS Multi Agro 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 FKS Multi Agro 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 * 1.4402

0.528 * 1.0466

0.404 * 1.2827

0.892 * 0.9676

0.115 * 0.9206

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8855

4.679 * -0.009941

0.327 * 0.9465

-1.98

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp1,553,130 Mil.
Revenue was 6011034.768 + 5730402.034 + 5750550.008 + 4774978.1 = Rp22,266,965 Mil.
Gross Profit was 311588.048 + 399428.375 + 257731.559 + 143333.038 = Rp1,112,081 Mil.
Total Current Assets was Rp5,215,492 Mil.
Total Assets was Rp7,223,749 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,812,335 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp21,100 Mil.
Selling, General, & Admin. Expense(SGA) was Rp234,450 Mil.
Total Current Liabilities was Rp3,677,917 Mil.
Long-Term Debt & Capital Lease Obligation was Rp584,405 Mil.
Net Income was 154021.185 + 143430.398 + 101012.14 + 27227.117 = Rp425,691 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 10976.187 + 618304.642 + -37774.752 + -94002.672 = Rp497,503 Mil.

Total Receivables was Rp1,114,468 Mil.
Revenue was 5138465.061 + 6197830.064 + 5608042.484 + 6067504.985 = Rp23,011,843 Mil.
Gross Profit was 286193.258 + 419152.822 + 180676.875 + 316797.106 = Rp1,202,820 Mil.
Total Current Assets was Rp5,330,445 Mil.
Total Assets was Rp7,286,278 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,801,763 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp19,293 Mil.
Selling, General, & Admin. Expense(SGA) was Rp273,628 Mil.
Total Current Liabilities was Rp3,729,881 Mil.
Long-Term Debt & Capital Lease Obligation was Rp812,385 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)
	=	(1553130.449 / 22266964.91)	/	(1114468.266 / 23011842.594)
	=	0.06975	/	0.04843
	=	1.4402

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)
	=	(1202820.061 / 23011842.594)	/	(1112081.02 / 22266964.91)
	=	0.05227	/	0.049943
	=	1.0466

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 - (5215492.456 + 1812334.953) / 7223749.262)	/	(1 - (5330445.444 + 1801762.858) / 7286277.605)
	=	0.027122	/	0.021145
	=	1.2827

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
	=	22266964.91	/	23011842.594
	=	0.9676

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))
	=	(19292.934 / (19292.934 + 1801762.858))	/	(21099.594 / (21099.594 + 1812334.953))
	=	0.010594	/	0.011508
	=	0.9206

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)
	=	(234450.067 / 22266964.91)	/	(273628.445 / 23011842.594)
	=	0.010529	/	0.011891
	=	0.8855

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)
	=	((584404.873 + 3677916.744) / 7223749.262)	/	((812384.587 + 3729880.92) / 7286277.605)
	=	0.590043	/	0.6234
	=	0.9465

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
	=	(425690.84 - 0	-	497503.405)	/	7223749.262
	=	-0.009941

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 FKS Multi Agro Tbk has a M-score of -1.98 suggests that the company is unlikely to be a manipulator.

PT FKS Multi Agro Tbk Beneish M-Score Related Terms

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PT FKS Multi Agro Tbk (ISX:FISH) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT FKS Multi Agro Tbk (ISX:FISH) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Jend. Sudirman Kav. 5-6, Menara Astra, 28th Floor, Jakarta Pusat, Jakarta, IDN, 10220

Website

https://www.fksmultiagro.com

PT FKS Multi Agro Tbk is an Indonesia-based company engaged in the distribution and trading of grains, oilseeds, and feed ingredients. It supplies oilseed meals, animal protein meals, and co-products of grain milling for the animal feed industry. The company deals with food products such as rice, soybean and cooking oil. In addition, the company also provides a logistic solution for the importation and distribution of dry bulk commodities. The group's business activities are classified into three business segments consisting of Trading and distribution, Manufacturing and logistics, of which the majority of the revenue is derived from the Trading and distribution segment. The organization generates key revenue from Indonesia.

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