PT Prima Andalan Mandiri Tbk (ISX:MCOL) Beneish M-Score : -1.04 (As of May. 17, 2024)

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What is PT Prima Andalan Mandiri 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.

Warning Sign:

Beneish M-Score -1.04 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:MCOL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.72 Med: -1.89 Max: 2.9
Current: -1.04

During the past 6 years, the highest Beneish M-Score of PT Prima Andalan Mandiri Tbk was 2.90. The lowest was -2.72. And the median was -1.89.

PT Prima Andalan Mandiri Tbk Beneish M-Score Historical Data

The historical data trend for PT Prima Andalan Mandiri 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 Prima Andalan Mandiri Tbk Beneish M-Score Chart

PT Prima Andalan Mandiri Tbk Annual Data

Trend

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-0.56

-1.91

-1.68

PT Prima Andalan Mandiri Tbk Quarterly Data
	Dec18	Dec19	Mar20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial													-2.72	-1.98	-1.89	-1.68	-1.04

Competitive Comparison of PT Prima Andalan Mandiri Tbk's Beneish M-Score

For the Thermal Coal subindustry, PT Prima Andalan Mandiri 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 Prima Andalan Mandiri Tbk's Beneish M-Score Distribution in the Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, PT Prima Andalan Mandiri Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Prima Andalan Mandiri Tbk's Beneish M-Score falls into.

PT Prima Andalan Mandiri 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 Prima Andalan Mandiri 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 * 1.0864

0.528 * 1.3791

0.404 * 3.6655

0.892 * 0.7989

0.115 * 0.9712

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0108

4.679 * 0.042886

0.327 * 0.796

-1.04

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp800,537 Mil.
Revenue was 3045105.654 + 3551043.123 + 3145116.841 + 3517512.055 = Rp13,258,778 Mil.
Gross Profit was 1005908.95 + 1075928.39 + 995806.428 + 1397072.634 = Rp4,474,716 Mil.
Total Current Assets was Rp5,734,611 Mil.
Total Assets was Rp12,081,174 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,109,091 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp114,796 Mil.
Selling, General, & Admin. Expense(SGA) was Rp500,606 Mil.
Total Current Liabilities was Rp1,683,164 Mil.
Long-Term Debt & Capital Lease Obligation was Rp506,832 Mil.
Net Income was 517221.976 + 774684.473 + 618726.527 + 974571.496 = Rp2,885,204 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 520937.231 + 986053.151 + 720763.382 + 139336.121 = Rp2,367,090 Mil.

Total Receivables was Rp922,382 Mil.
Revenue was 3766074.93 + 5005151.907 + 3836128.361 + 3989778.631 = Rp16,597,134 Mil.
Gross Profit was 1644334.726 + 2415858.748 + 1635240.072 + 2029292.151 = Rp7,724,726 Mil.
Total Current Assets was Rp7,360,639 Mil.
Total Assets was Rp12,854,884 Mil.
Property, Plant and Equipment(Net PPE) was Rp5,135,031 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp111,988 Mil.
Selling, General, & Admin. Expense(SGA) was Rp619,930 Mil.
Total Current Liabilities was Rp2,160,751 Mil.
Long-Term Debt & Capital Lease Obligation was Rp766,852 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)
	=	(800537.093 / 13258777.673)	/	(922382.449 / 16597133.829)
	=	0.060378	/	0.055575
	=	1.0864

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)
	=	(7724725.697 / 16597133.829)	/	(4474716.402 / 13258777.673)
	=	0.465425	/	0.337491
	=	1.3791

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 - (5734610.6 + 5109091.273) / 12081174.452)	/	(1 - (7360638.75 + 5135030.922) / 12854883.556)
	=	0.10243	/	0.027944
	=	3.6655

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
	=	13258777.673	/	16597133.829
	=	0.7989

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))
	=	(111988.254 / (111988.254 + 5135030.922))	/	(114796.473 / (114796.473 + 5109091.273))
	=	0.021343	/	0.021975
	=	0.9712

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)
	=	(500606.121 / 13258777.673)	/	(619930.203 / 16597133.829)
	=	0.037757	/	0.037352
	=	1.0108

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)
	=	((506831.597 + 1683164.348) / 12081174.452)	/	((766852.13 + 2160750.811) / 12854883.556)
	=	0.181273	/	0.227742
	=	0.796

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
	=	(2885204.472 - 0	-	2367089.885)	/	12081174.452
	=	0.042886

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 Prima Andalan Mandiri Tbk has a M-score of -1.04 signals that the company is likely to be a manipulator.

PT Prima Andalan Mandiri Tbk Beneish M-Score Related Terms

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PT Prima Andalan Mandiri Tbk (ISX:MCOL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » PT Prima Andalan Mandiri Tbk (ISX:MCOL) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Jalan Jenderal Sudirman Kav, 52-53, Gedung Office 8, 28th Floor, SCBD Lot. 28, Kebayoran Baru, Jakarta, IDN, 12190

Website

https://www.mandiricoal.co.id

PT Prima Andalan Mandiri Tbk is a coal mining company. It is mainly engaged in coal mining and trading, mining contractor services, as well as sea transportation, and coal loading and unloading. The company's segment includes Coal mining; Mining Contractors and Shipping. It generates maximum revenue from the Coal mining segment.

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