PT Kioson Komersial Indonesia Tbk (ISX:KIOS) Beneish M-Score : -3.06 (As of May. 16, 2024)

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What is PT Kioson Komersial Indonesia 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 -3.06 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:KIOS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.23 Med: -2.48 Max: -0.27
Current: -3.06

During the past 9 years, the highest Beneish M-Score of PT Kioson Komersial Indonesia Tbk was -0.27. The lowest was -3.23. And the median was -2.48.

PT Kioson Komersial Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Kioson Komersial Indonesia 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 Kioson Komersial Indonesia Tbk Beneish M-Score Chart

PT Kioson Komersial Indonesia Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.72

-2.79

-3.23

-2.17

-3.06

PT Kioson Komersial Indonesia 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															-2.17	-0.43	-1.23	-2.98	-3.06

Competitive Comparison of PT Kioson Komersial Indonesia Tbk's Beneish M-Score

For the Software - Application subindustry, PT Kioson Komersial Indonesia 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 Kioson Komersial Indonesia Tbk's Beneish M-Score Distribution in the Software Industry

For the Software industry and Technology sector, PT Kioson Komersial Indonesia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Kioson Komersial Indonesia Tbk's Beneish M-Score falls into.

PT Kioson Komersial Indonesia 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 Kioson Komersial Indonesia 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 * 0.6473

0.528 * 2.3681

0.404 * 1.0926

0.892 * 0.7456

0.115 * 1.1228

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.9385

4.679 * -0.113053

0.327 * 1.3572

-3.06

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp2,711 Mil.
Revenue was 39274.34 + 39334.818 + 67097.118 + 125585.352 = Rp271,292 Mil.
Gross Profit was -14772.24 + 6905.62 + 9116.215 + 7201.76 = Rp8,451 Mil.
Total Current Assets was Rp68,667 Mil.
Total Assets was Rp166,289 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,729 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,175 Mil.
Selling, General, & Admin. Expense(SGA) was Rp10,348 Mil.
Total Current Liabilities was Rp14,039 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was -19097.049 + 405.857 + 1041.719 + 502.468 = Rp-17,147 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -2222.32 + 848.777 + -945.597 + 3971.573 = Rp1,652 Mil.

Total Receivables was Rp5,618 Mil.
Revenue was 116327.156 + 101170.755 + 99156.718 + 47218.038 = Rp363,873 Mil.
Gross Profit was 6486.907 + 7588.638 + 8965.37 + 3802.042 = Rp26,843 Mil.
Total Current Assets was Rp84,169 Mil.
Total Assets was Rp180,164 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,900 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,018 Mil.
Selling, General, & Admin. Expense(SGA) was Rp7,160 Mil.
Total Current Liabilities was Rp11,207 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(2711.431 / 271291.628)	/	(5618.197 / 363872.667)
	=	0.009995	/	0.01544
	=	0.6473

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)
	=	(26842.957 / 363872.667)	/	(8451.355 / 271291.628)
	=	0.07377	/	0.031152
	=	2.3681

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 - (68666.781 + 2729.154) / 166289.31)	/	(1 - (84169.049 + 1899.898) / 180163.505)
	=	0.570652	/	0.522273
	=	1.0926

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
	=	271291.628	/	363872.667
	=	0.7456

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))
	=	(4017.733 / (4017.733 + 1899.898))	/	(4175.05 / (4175.05 + 2729.154))
	=	0.678943	/	0.604711
	=	1.1228

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)
	=	(10348.357 / 271291.628)	/	(7160.196 / 363872.667)
	=	0.038145	/	0.019678
	=	1.9385

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)
	=	((0 + 14039.012) / 166289.31)	/	((0 + 11206.898) / 180163.505)
	=	0.084425	/	0.062204
	=	1.3572

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
	=	(-17147.005 - 0	-	1652.433)	/	166289.31
	=	-0.113053

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 Kioson Komersial Indonesia Tbk has a M-score of -3.06 suggests that the company is unlikely to be a manipulator.

PT Kioson Komersial Indonesia Tbk Beneish M-Score Related Terms

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PT Kioson Komersial Indonesia Tbk (ISX:KIOS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Technology » Software » PT Kioson Komersial Indonesia Tbk (ISX:KIOS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jalan Alaydrus Nomor 66 BC, Lantai 3 Kelurahan Petojo Utara, Kecamatan Gambir Jakarta Pusat, DKI Jakarta, Jakarta, IDN, 10130

Website

https://www.kioson.com

PT Kioson Komersial Indonesia Tbk is a technology company that provides platform software and hardware to support micro, small, and middle business in Indonesia. Its digital platform offers bill payment, e-commerce, electronic transaction, and financial agent services. It offers e-commerce, telecommunications, finance, and merchandising solutions.

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