PT Paramita Bangunrana Tbk (ISX:PBSA) Beneish M-Score : -1.31 (As of May. 29, 2024)

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What is PT Paramita Bangunrana 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 -1.31 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:PBSA' s Beneish M-Score Range Over the Past 10 Years
Min: -5.12 Med: -2.13 Max: -0.66
Current: -1.31

During the past 11 years, the highest Beneish M-Score of PT Paramita Bangunrana Tbk was -0.66. The lowest was -5.12. And the median was -2.13.

PT Paramita Bangunrana Tbk Beneish M-Score Historical Data

The historical data trend for PT Paramita Bangunrana 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 Paramita Bangunrana Tbk Beneish M-Score Chart

PT Paramita Bangunrana Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.81

-2.13

-2.32

-1.52

-3.02

PT Paramita Bangunrana Tbk Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-3.18	-3.47	-3.63	-3.02	-1.31

Competitive Comparison of PT Paramita Bangunrana Tbk's Beneish M-Score

For the Engineering & Construction subindustry, PT Paramita Bangunrana 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 Paramita Bangunrana Tbk's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, PT Paramita Bangunrana Tbk's Beneish M-Score distribution charts can be found below:

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

PT Paramita Bangunrana 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 Paramita Bangunrana 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 * 1.2695

0.528 * 1.0668

0.404 * 0.6282

0.892 * 0.8677

0.115 * 1.3278

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.124

4.679 * 0.235079

0.327 * 0.8676

-1.31

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp261,400 Mil.
Revenue was 138480.348 + 199379.296 + 133260.398 + 100969.441 = Rp572,089 Mil.
Gross Profit was 29533.848 + 46782.273 + 34825.24 + 33808.761 = Rp144,950 Mil.
Total Current Assets was Rp560,074 Mil.
Total Assets was Rp787,674 Mil.
Property, Plant and Equipment(Net PPE) was Rp182,692 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,899 Mil.
Selling, General, & Admin. Expense(SGA) was Rp7,523 Mil.
Total Current Liabilities was Rp152,984 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,778 Mil.
Net Income was 26824.017 + 124334.485 + 37369.466 + 13598.232 = Rp202,126 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -57571.889 + 39889.064 + -41482.76 + 76125.843 = Rp16,960 Mil.

Total Receivables was Rp237,297 Mil.
Revenue was 139154.311 + 103425.921 + 204894.232 + 211808.161 = Rp659,283 Mil.
Gross Profit was 35293.156 + 48848.218 + 43701.032 + 50354.126 = Rp178,197 Mil.
Total Current Assets was Rp658,587 Mil.
Total Assets was Rp868,951 Mil.
Property, Plant and Equipment(Net PPE) was Rp131,501 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,821 Mil.
Selling, General, & Admin. Expense(SGA) was Rp7,713 Mil.
Total Current Liabilities was Rp196,796 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)
	=	(261400.416 / 572089.483)	/	(237296.995 / 659282.625)
	=	0.456922	/	0.359932
	=	1.2695

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)
	=	(178196.532 / 659282.625)	/	(144950.122 / 572089.483)
	=	0.270289	/	0.25337
	=	1.0668

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 - (560074.499 + 182692.167) / 787674.227)	/	(1 - (658586.802 + 131501.073) / 868950.794)
	=	0.057013	/	0.090756
	=	0.6282

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
	=	572089.483	/	659282.625
	=	0.8677

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))
	=	(1820.663 / (1820.663 + 131501.073))	/	(1898.583 / (1898.583 + 182692.167))
	=	0.013656	/	0.010285
	=	1.3278

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)
	=	(7522.873 / 572089.483)	/	(7712.849 / 659282.625)
	=	0.01315	/	0.011699
	=	1.124

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)
	=	((1777.696 + 152983.812) / 787674.227)	/	((0 + 196795.685) / 868950.794)
	=	0.196479	/	0.226475
	=	0.8676

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
	=	(202126.2 - 0	-	16960.258)	/	787674.227
	=	0.235079

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 Paramita Bangunrana Tbk has a M-score of -1.31 signals that the company is likely to be a manipulator.

PT Paramita Bangunrana Tbk Beneish M-Score Related Terms

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PT Paramita Bangunrana Tbk (ISX:PBSA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Paramita Bangun Sarana Tbk (ISX:PBSA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

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Address

Jl. Sisingamangaraja No. 57, RT 003 RW 006 Kel. Gunung, Kec, Kebayoran Baru, Jakarta Selatan, Jakarta, IDN, 12120

Website

https://www.paramita.co.id

PT Paramita Bangun Sarana Tbk is a construction company. Its business activities include civil construction, infrastructure construction, mechanical works, and electrical works, as well as land clearing, especially for the agribusiness industry sector and palm oil processing. Its operation is reviewed through four operational segments: Mill Construction, Infrastructure Construction, Jetty Construction, and Mechanical. It generates the majority of its revenue from Indonesia.

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