PT Hanjaya Mandalampoerna Tbk (ISX:HMSP) Beneish M-Score : -2.67 (As of May. 13, 2024)

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What is PT Hanjaya Mandalampoerna 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 -2.67 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:HMSP' s Beneish M-Score Range Over the Past 10 Years
Min: -3.58 Med: -2.41 Max: 1.66
Current: -2.67

During the past 13 years, the highest Beneish M-Score of PT Hanjaya Mandalampoerna Tbk was 1.66. The lowest was -3.58. And the median was -2.41.

PT Hanjaya Mandalampoerna Tbk Beneish M-Score Historical Data

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

PT Hanjaya Mandalampoerna Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.87

-2.67

-2.29

1.11

-2.39

PT Hanjaya Mandalampoerna 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															1.20	-0.25	-2.58	-2.39	-2.67

Competitive Comparison of PT Hanjaya Mandalampoerna Tbk's Beneish M-Score

For the Tobacco subindustry, PT Hanjaya Mandalampoerna 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 Hanjaya Mandalampoerna Tbk's Beneish M-Score Distribution in the Tobacco Products Industry

For the Tobacco Products industry and Consumer Defensive sector, PT Hanjaya Mandalampoerna Tbk's Beneish M-Score distribution charts can be found below:

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

PT Hanjaya Mandalampoerna 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 Hanjaya Mandalampoerna 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 * 0.9215

0.528 * 0.9736

0.404 * 0.7979

0.892 * 1.0545

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9986

4.679 * -0.015828

0.327 * 1.0004

-2.67

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp13,816,966 Mil.
Revenue was 29107163 + 28686487 + 31142271 + 29188998 = Rp118,124,919 Mil.
Gross Profit was 4755617 + 4889016 + 5199909 + 4385736 = Rp19,230,278 Mil.
Total Current Assets was Rp40,456,203 Mil.
Total Assets was Rp55,800,221 Mil.
Property, Plant and Equipment(Net PPE) was Rp9,740,713 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp10,292,425 Mil.
Total Current Liabilities was Rp21,483,137 Mil.
Long-Term Debt & Capital Lease Obligation was Rp311,425 Mil.
Net Income was 2247045 + 1891639 + 2455128 + 1590001 = Rp8,183,813 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -38288 + -1884640 + 6629226 + 4360713 = Rp9,067,011 Mil.

Total Receivables was Rp14,219,288 Mil.
Revenue was 26965628 + 27813181 + 29892666 + 27344396 = Rp112,015,871 Mil.
Gross Profit was 4855736 + 4708372 + 4505099 + 3684565 = Rp17,753,772 Mil.
Total Current Assets was Rp39,188,811 Mil.
Total Assets was Rp52,656,504 Mil.
Property, Plant and Equipment(Net PPE) was Rp6,840,537 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp9,773,698 Mil.
Total Current Liabilities was Rp20,232,824 Mil.
Long-Term Debt & Capital Lease Obligation was Rp325,719 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)
	=	(13816966 / 118124919)	/	(14219288 / 112015871)
	=	0.116969	/	0.12694
	=	0.9215

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)
	=	(17753772 / 112015871)	/	(19230278 / 118124919)
	=	0.158493	/	0.162796
	=	0.9736

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 - (40456203 + 9740713) / 55800221)	/	(1 - (39188811 + 6840537) / 52656504)
	=	0.100417	/	0.125856
	=	0.7979

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
	=	118124919	/	112015871
	=	1.0545

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))
	=	(0 / (0 + 6840537))	/	(0 / (0 + 9740713))
	=	0	/	0
	=	1

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)
	=	(10292425 / 118124919)	/	(9773698 / 112015871)
	=	0.087132	/	0.087253
	=	0.9986

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)
	=	((311425 + 21483137) / 55800221)	/	((325719 + 20232824) / 52656504)
	=	0.390582	/	0.390427
	=	1.0004

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
	=	(8183813 - 0	-	9067011)	/	55800221
	=	-0.015828

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 Hanjaya Mandalampoerna Tbk has a M-score of -2.67 suggests that the company is unlikely to be a manipulator.

PT Hanjaya Mandalampoerna Tbk Beneish M-Score Related Terms

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PT Hanjaya Mandalampoerna Tbk (ISX:HMSP) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Tobacco Products » PT Hanjaya Mandala Sampoerna Tbk (ISX:HMSP) » Definitions » Beneish M-Score

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Traded in Other Exchanges

PHJMF:USA

Address

Jalan Rungkut Industri Raya No. 18, Surabaya, IDN, 60293

Website

https://www.sampoerna.com

PT Hanjaya Mandala Sampoerna Tbk is an Indonesian tobacco company. It produces a number of brands of cigarettes and is well known, such as Sampoerna A, Sampoerna Kretek, Sampoerna U, and Dji Sam Soe, the legendary King of Kretek. The scope of activities of the company comprises, among others manufacturing, trading, and distributing cigarettes. The company's flagship brand is Dji Sam Soe Kretek.

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