PT Indah Kiat Pulp & Paper Tbk Beneish M-Score Historical Data
The historical data trend for PT Indah Kiat Pulp & Paper 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.
PT Indah Kiat Pulp & Paper Tbk Beneish M-Score Chart
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PT Indah Kiat Pulp & Paper Tbk Annual Data
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Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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-2.41 |
-2.62 |
-2.57 |
-1.99 |
-2.60 |
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PT Indah Kiat Pulp & Paper Tbk Quarterly Data
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Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-1.99 |
-2.09 |
-2.14 |
-2.35 |
-2.60 |
Competitive Comparison of PT Indah Kiat Pulp & Paper Tbk's Beneish M-Score
For the Paper & Paper Products subindustry, PT Indah Kiat Pulp & Paper 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 Indah Kiat Pulp & Paper Tbk's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, PT Indah Kiat Pulp & Paper Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Indah Kiat Pulp & Paper Tbk's Beneish M-Score falls into.
PT Indah Kiat Pulp & Paper 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 Indah Kiat Pulp & Paper Tbk for today is based on a combination of the following eight different indices:
| M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
| = | -4.84 | + | 0.92 * 1.0399 | + | 0.528 * 1.2232 | + | 0.404 * 1.0353 | + | 0.892 * 0.8798 | + | 0.115 * 0.8741 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.7964 | + | 4.679 * -0.044844 | - | 0.327 * 0.9692 |
| = | -2.60 |
* 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.
| This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was Rp26,276,313 Mil.
Revenue was 12208803.457 + 11738927.247 + 13144100.867 + 15908826.639 = Rp53,000,658 Mil.
Gross Profit was 3786291.174 + 3116875.051 + 4288285.879 + 6029217.288 = Rp17,220,669 Mil.
Total Current Assets was Rp86,696,969 Mil.
Total Assets was Rp156,089,055 Mil.
Property, Plant and Equipment(Net PPE) was Rp63,163,809 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp194,789 Mil.
Selling, General, & Admin. Expense(SGA) was Rp3,837,678 Mil.
Total Current Liabilities was Rp32,721,262 Mil.
Long-Term Debt & Capital Lease Obligation was Rp26,331,610 Mil.
Net Income was 1396411.465 + 812801.495 + 2032837.826 + 2006877.314 = Rp6,248,928 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 4891078.302 + 4741934.632 + 449172.293 + 3166335.805 = Rp13,248,521 Mil.
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Total Receivables was Rp28,720,581 Mil.
Revenue was 15802258.03 + 16116834.663 + 14036341.985 + 14287571.458 = Rp60,243,006 Mil.
Gross Profit was 5923890.216 + 7096682.712 + 5686757.507 + 5236227.816 = Rp23,943,558 Mil.
Total Current Assets was Rp86,151,785 Mil.
Total Assets was Rp151,658,300 Mil.
Property, Plant and Equipment(Net PPE) was Rp59,661,673 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp160,734 Mil.
Selling, General, & Admin. Expense(SGA) was Rp5,477,070 Mil.
Total Current Liabilities was Rp35,234,998 Mil.
Long-Term Debt & Capital Lease Obligation was Rp23,965,757 Mil.
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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) |
| = | (26276313.173 / 53000658.21) | / | (28720581.041 / 60243006.136) |
| = | 0.495773 | / | 0.476745 |
| | = | 1.0399 |
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) |
| = | (23943558.251 / 60243006.136) | / | (17220669.392 / 53000658.21) |
| = | 0.39745 | / | 0.324914 |
| | = | 1.2232 |
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 - (86696969.37 + 63163808.799) / 156089055.108) | / | (1 - (86151785.391 + 59661673.119) / 151658300.39) |
| = | 0.039902 | / | 0.03854 |
| | = | 1.0353 |
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 |
| = | 53000658.21 | / | 60243006.136 |
| | = | 0.8798 |
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)) |
| = | (160733.886 / (160733.886 + 59661673.119)) | / | (194788.735 / (194788.735 + 63163808.799)) |
| = | 0.002687 | / | 0.003074 |
| | = | 0.8741 |
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) |
| = | (3837677.757 / 53000658.21) | / | (5477069.743 / 60243006.136) |
| = | 0.072408 | / | 0.090916 |
| | = | 0.7964 |
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) |
| = | ((26331610.339 + 32721261.892) / 156089055.108) | / | ((23965756.732 + 35234997.727) / 151658300.39) |
| = | 0.378328 | / | 0.390356 |
| | = | 0.9692 |
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 |
| = | (6248928.1 - 0 | - | 13248521.032) | / | 156089055.108 |
| | = | -0.044844 |
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 Indah Kiat Pulp & Paper Tbk has a M-score of -2.60 suggests that the company is unlikely to be a manipulator.
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