PT Mustika Ratu Tbk (ISX:MRAT) Beneish M-Score : -1.61 (As of May. 16, 2024)

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What is PT Mustika Ratu 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 -1.61 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:MRAT' s Beneish M-Score Range Over the Past 10 Years
Min: -2.72 Med: -2.37 Max: -1.6
Current: -1.61

During the past 13 years, the highest Beneish M-Score of PT Mustika Ratu Tbk was -1.60. The lowest was -2.72. And the median was -2.37.

PT Mustika Ratu Tbk Beneish M-Score Historical Data

The historical data trend for PT Mustika Ratu 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 Mustika Ratu Tbk Beneish M-Score Chart

PT Mustika Ratu Tbk Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.43

-2.41

-2.47

-2.50

-1.78

PT Mustika Ratu Tbk Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-2.49	-1.78	-1.65	-1.60	-1.61

Competitive Comparison of PT Mustika Ratu Tbk's Beneish M-Score

For the Household & Personal Products subindustry, PT Mustika Ratu 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 Mustika Ratu Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

For the Consumer Packaged Goods industry and Consumer Defensive sector, PT Mustika Ratu Tbk's Beneish M-Score distribution charts can be found below:

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

PT Mustika Ratu 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 Mustika Ratu 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 * 0.7527

0.528 * 1.2332

0.404 * 0.7268

0.892 * 1.0017

0.115 * 0.9726

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2582

4.679 * 0.225559

0.327 * 0.783

-1.61

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was Rp161,420 Mil.
Revenue was 54282.794 + 92771.382 + 75032.674 + 67240.086 = Rp289,327 Mil.
Gross Profit was 37411.315 + 45658.958 + 37716.313 + 19219.87 = Rp140,006 Mil.
Total Current Assets was Rp543,561 Mil.
Total Assets was Rp643,521 Mil.
Property, Plant and Equipment(Net PPE) was Rp45,261 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,521 Mil.
Selling, General, & Admin. Expense(SGA) was Rp133,908 Mil.
Total Current Liabilities was Rp185,529 Mil.
Long-Term Debt & Capital Lease Obligation was Rp29,691 Mil.
Net Income was 46.208 + 0.383 + 36.906 + 85684.799 = Rp85,768 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -2515.194 + -4249.859 + -14631.386 + -37987.028 = Rp-59,383 Mil.

Total Receivables was Rp214,090 Mil.
Revenue was 51038.889 + 91693.465 + 75205.126 + 70888.335 = Rp288,826 Mil.
Gross Profit was 27535.659 + 47567.346 + 42560.376 + 54694.8 = Rp172,358 Mil.
Total Current Assets was Rp481,585 Mil.
Total Assets was Rp600,816 Mil.
Property, Plant and Equipment(Net PPE) was Rp48,970 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,648 Mil.
Selling, General, & Admin. Expense(SGA) was Rp106,242 Mil.
Total Current Liabilities was Rp225,637 Mil.
Long-Term Debt & Capital Lease Obligation was Rp30,972 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)
	=	(161420.139 / 289326.936)	/	(214089.704 / 288825.815)
	=	0.557916	/	0.741242
	=	0.7527

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)
	=	(172358.181 / 288825.815)	/	(140006.456 / 289326.936)
	=	0.596755	/	0.483904
	=	1.2332

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 - (543561.486 + 45261.337) / 643521.038)	/	(1 - (481584.887 + 48969.504) / 600815.937)
	=	0.084998	/	0.116944
	=	0.7268

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
	=	289326.936	/	288825.815
	=	1.0017

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))
	=	(2648.463 / (2648.463 + 48969.504))	/	(2520.651 / (2520.651 + 45261.337))
	=	0.051309	/	0.052753
	=	0.9726

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)
	=	(133907.691 / 289326.936)	/	(106241.927 / 288825.815)
	=	0.462825	/	0.367841
	=	1.2582

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)
	=	((29691.29 + 185528.842) / 643521.038)	/	((30971.805 + 225637.324) / 600815.937)
	=	0.334441	/	0.427101
	=	0.783

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
	=	(85768.296 - 0	-	-59383.467)	/	643521.038
	=	0.225559

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 Mustika Ratu Tbk has a M-score of -1.61 signals that the company is likely to be a manipulator.

PT Mustika Ratu Tbk Beneish M-Score Related Terms

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PT Mustika Ratu Tbk (ISX:MRAT) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Mustika Ratu Tbk (ISX:MRAT) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Gatot Subroto Kav 74-75, Graha Mustika Ratu, Penthouse Floor, Jakarta, IDN, 12870

Website

https://www.mustika-ratu.co.id

PT Mustika Ratu Tbk is a manufacturer of traditional cosmetics and herbal. The scope of the company's activity includes fabrication, trade, and distribution of herbs, cosmetics, and healthy drinks as well as other related business activities. Its segments comprise Manufacturing and Trading and distribution. The company caters to both domestic and international markets. The company provides its products under the brands mustika ratu, mustika puteri, bask, Taman Sari, Java princess, and ratu mas.

PT Mustika Ratu Tbk (ISX:MRAT) Headlines

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