PT Net Visi Media Tbk Beneish M-Score Historical Data
The historical data trend for PT Net Visi Media 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 Net Visi Media Tbk Beneish M-Score Chart
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PT Net Visi Media Tbk Annual Data
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Trend |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
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- |
- |
- |
-2.51 |
-4.14 |
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PT Net Visi Media Tbk Quarterly Data
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Dec18 |
Dec19 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
Dec23 |
| Beneish M-Score |
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-2.51 |
-2.95 |
-3.00 |
-3.08 |
-4.14 |
Competitive Comparison of PT Net Visi Media Tbk's Beneish M-Score
For the Broadcasting subindustry, PT Net Visi Media 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 Net Visi Media Tbk's Beneish M-Score Distribution in the Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, PT Net Visi Media Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Net Visi Media Tbk's Beneish M-Score falls into.
PT Net Visi Media 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 Net Visi Media 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 * 1.0348 | + | 0.528 * 3.8392 | + | 0.404 * 1.3808 | + | 0.892 * 0.5374 | + | 0.115 * 1.087 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 1.9405 | + | 4.679 * -0.557153 | - | 0.327 * 1.5173 |
| = | -4.14 |
* 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 Rp137,925 Mil.
Revenue was 54515.355 + 57136.132 + 56448.993 + 67644.935 = Rp235,745 Mil.
Gross Profit was 11656.996 + 7253.503 + -1671.946 + 13005.467 = Rp30,244 Mil.
Total Current Assets was Rp691,044 Mil.
Total Assets was Rp1,215,006 Mil.
Property, Plant and Equipment(Net PPE) was Rp211,866 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp31,831 Mil.
Selling, General, & Admin. Expense(SGA) was Rp90,229 Mil.
Total Current Liabilities was Rp1,875,303 Mil.
Long-Term Debt & Capital Lease Obligation was Rp29,742 Mil.
Net Income was -418984.619 + -65026.248 + -80104.826 + -66302.487 = Rp-630,418 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 33643.374 + 15258.991 + -2443.84 + 67.602 = Rp46,526 Mil.
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Total Receivables was Rp248,017 Mil.
Revenue was 153163.948 + 82849.247 + 104853.903 + 97811.903 = Rp438,679 Mil.
Gross Profit was 93837.737 + 29768.644 + 44180.149 + 48277.701 = Rp216,064 Mil.
Total Current Assets was Rp1,099,129 Mil.
Total Assets was Rp1,650,328 Mil.
Property, Plant and Equipment(Net PPE) was Rp244,190 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp40,407 Mil.
Selling, General, & Admin. Expense(SGA) was Rp86,522 Mil.
Total Current Liabilities was Rp554,707 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,150,658 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) |
| = | (137924.814 / 235745.415) | / | (248016.824 / 438679.001) |
| = | 0.585058 | / | 0.565372 |
| | = | 1.0348 |
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) |
| = | (216064.231 / 438679.001) | / | (30244.02 / 235745.415) |
| = | 0.492534 | / | 0.128291 |
| | = | 3.8392 |
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 - (691043.625 + 211866.081) / 1215005.763) | / | (1 - (1099128.955 + 244189.588) / 1650328.242) |
| = | 0.256868 | / | 0.186029 |
| | = | 1.3808 |
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 |
| = | 235745.415 | / | 438679.001 |
| | = | 0.5374 |
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)) |
| = | (40407.452 / (40407.452 + 244189.588)) | / | (31831.162 / (31831.162 + 211866.081)) |
| = | 0.141981 | / | 0.130618 |
| | = | 1.087 |
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) |
| = | (90228.561 / 235745.415) | / | (86522.499 / 438679.001) |
| = | 0.382737 | / | 0.197234 |
| | = | 1.9405 |
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) |
| = | ((29742.374 + 1875302.652) / 1215005.763) | / | ((1150657.644 + 554707.297) / 1650328.242) |
| = | 1.567931 | / | 1.033349 |
| | = | 1.5173 |
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 |
| = | (-630418.18 - 0 | - | 46526.127) | / | 1215005.763 |
| | = | -0.557153 |
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 Net Visi Media Tbk has a M-score of -4.14 suggests that the company is unlikely to be a manipulator.
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