PT Goto Gojek Tokopedia Tbk (ISX:GOTO) Beneish M-Score : -10.49 (As of Apr. 29, 2024)

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What is PT Goto Gojek Tokopedia 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 -10.49 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:GOTO' s Beneish M-Score Range Over the Past 10 Years
Min: -10.49 Med: -5.92 Max: -1.34
Current: -10.49

During the past 6 years, the highest Beneish M-Score of PT Goto Gojek Tokopedia Tbk was -1.34. The lowest was -10.49. And the median was -5.92.

PT Goto Gojek Tokopedia Tbk Beneish M-Score Historical Data

The historical data trend for PT Goto Gojek Tokopedia 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 Goto Gojek Tokopedia Tbk Beneish M-Score Chart

PT Goto Gojek Tokopedia Tbk Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.34

-10.49

PT Goto Gojek Tokopedia Tbk Quarterly Data
	Dec18	Dec19	Dec20	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial									-1.34	-	-2.78	-2.66	-10.49

Competitive Comparison of PT Goto Gojek Tokopedia Tbk's Beneish M-Score

For the Software - Application subindustry, PT Goto Gojek Tokopedia 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 Goto Gojek Tokopedia Tbk's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, PT Goto Gojek Tokopedia Tbk's Beneish M-Score distribution charts can be found below:

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

PT Goto Gojek Tokopedia 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 Goto Gojek Tokopedia 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 * 1.0352

0.528 * 0.7889

0.404 * 0.483

0.892 * 1.3028

0.115 * 0.9257

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.346

4.679 * -1.591029

0.327 * 2.9904

-10.49

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp3,318,694 Mil.
Revenue was 4274773 + 3627093 + 3551196 + 3332430 = Rp14,785,492 Mil.
Gross Profit was 2957496 + 2426264 + 2329155 + 1979398 = Rp9,692,313 Mil.
Total Current Assets was Rp33,617,291 Mil.
Total Assets was Rp54,097,256 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,038,618 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,671,148 Mil.
Selling, General, & Admin. Expense(SGA) was Rp12,078,234 Mil.
Total Current Liabilities was Rp12,822,544 Mil.
Long-Term Debt & Capital Lease Obligation was Rp3,432,561 Mil.
Net Income was -80847054 + -2387069 + -3299277 + -3862229 = Rp-90,395,629 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -114134 + -1103140 + -1177039 + -1930995 = Rp-4,325,308 Mil.

Total Receivables was Rp2,460,790 Mil.
Revenue was 3380276 + 4568903 + 1902617 + 1497371 = Rp11,349,167 Mil.
Gross Profit was 1755920 + 3184246 + 647439 + 281592 = Rp5,869,197 Mil.
Total Current Assets was Rp34,180,478 Mil.
Total Assets was Rp139,216,570 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,457,341 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,912,887 Mil.
Selling, General, & Admin. Expense(SGA) was Rp26,793,552 Mil.
Total Current Liabilities was Rp12,162,456 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,826,270 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)
	=	(3318694 / 14785492)	/	(2460790 / 11349167)
	=	0.224456	/	0.216826
	=	1.0352

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)
	=	(5869197 / 11349167)	/	(9692313 / 14785492)
	=	0.517148	/	0.655529
	=	0.7889

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 - (33617291 + 1038618) / 54097256)	/	(1 - (34180478 + 1457341) / 139216570)
	=	0.359378	/	0.744012
	=	0.483

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
	=	14785492	/	11349167
	=	1.3028

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))
	=	(2912887 / (2912887 + 1457341))	/	(2671148 / (2671148 + 1038618))
	=	0.66653	/	0.720031
	=	0.9257

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)
	=	(12078234 / 14785492)	/	(26793552 / 11349167)
	=	0.816898	/	2.360839
	=	0.346

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)
	=	((3432561 + 12822544) / 54097256)	/	((1826270 + 12162456) / 139216570)
	=	0.300479	/	0.100482
	=	2.9904

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
	=	(-90395629 - 0	-	-4325308)	/	54097256
	=	-1.591029

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 Goto Gojek Tokopedia Tbk has a M-score of -10.49 suggests that the company is unlikely to be a manipulator.

PT Goto Gojek Tokopedia Tbk Beneish M-Score Related Terms

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PT Goto Gojek Tokopedia Tbk (ISX:GOTO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » PT Goto Gojek Tokopedia Tbk (ISX:GOTO) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

CK8:Germany

Address

Jalan Iskandarsyah II No. 2, Gedung Pasaraya Blok M, 6-7th Floor, Jakarta, IDN, 12160

Website

https://www.gotocompany.com

GoTo is an Indonesian ecosystem that combines e-commerce, ride-hailing, delivery, and financial services under one app. The company operates primarily in Indonesia and is the product of a merger between Gojek and Tokopedia in May 2021. The company has 64 million active paying users and 12 million merchants as of 2022 on its platform. In 2022, on-demand accounted for 55% of revenue, e-commerce for 37%, and financial services for 8%. However, 82% of nonfinancial services gross transactional value comes from e-commerce, as it is the focal point in the ecosystem. The company competes with giants such as Sea-backed Shopee, Alibaba's Lazada, and smaller peers such as Bukalapak in e-commerce—and with Grab in the ride-hailing and delivery business.

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