PT Rukun Raharja Tbk (ISX:RAJA) Beneish M-Score : -1.94 (As of May. 15, 2024)

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What is PT Rukun Raharja 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 -1.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:RAJA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.65 Med: -2.4 Max: 0.11
Current: -1.94

During the past 13 years, the highest Beneish M-Score of PT Rukun Raharja Tbk was 0.11. The lowest was -3.65. And the median was -2.40.

PT Rukun Raharja Tbk Beneish M-Score Historical Data

The historical data trend for PT Rukun Raharja 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 Rukun Raharja Tbk Beneish M-Score Chart

PT Rukun Raharja Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.45

-3.59

-2.58

-2.35

-2.28

PT Rukun Raharja 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															-2.48	-2.18	-2.13	-2.28	-1.94

Competitive Comparison of PT Rukun Raharja Tbk's Beneish M-Score

For the Utilities - Regulated Gas subindustry, PT Rukun Raharja 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 Rukun Raharja Tbk's Beneish M-Score Distribution in the Utilities - Regulated Industry

For the Utilities - Regulated industry and Utilities sector, PT Rukun Raharja Tbk's Beneish M-Score distribution charts can be found below:

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

PT Rukun Raharja 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 Rukun Raharja 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 * 1.3372

0.528 * 0.7157

0.404 * 0.7276

0.892 * 1.6906

0.115 * 1.3124

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8758

4.679 * -0.045197

0.327 * 0.9087

-1.94

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp681,772 Mil.
Revenue was 950257.216 + 1430280.401 + 575610.832 + 554158.972 = Rp3,510,307 Mil.
Gross Profit was 249338.269 + 557473.134 + 126925.03 + 170019.218 = Rp1,103,756 Mil.
Total Current Assets was Rp1,253,043 Mil.
Total Assets was Rp5,037,592 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,963,894 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp27,978 Mil.
Selling, General, & Admin. Expense(SGA) was Rp81,540 Mil.
Total Current Liabilities was Rp772,804 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,603,664 Mil.
Net Income was 111041.397 + 217380.915 + 35771.898 + 57805.032 = Rp421,999 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 112444.252 + 476847.491 + 81728.851 + -21336.924 = Rp649,684 Mil.

Total Receivables was Rp301,572 Mil.
Revenue was 557475.125 + 610520.586 + 484656.188 + 423658.223 = Rp2,076,310 Mil.
Gross Profit was 154973.024 + 170146.629 + 77988.373 + 64113.7 = Rp467,222 Mil.
Total Current Assets was Rp1,228,683 Mil.
Total Assets was Rp4,402,626 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,188,284 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp27,189 Mil.
Selling, General, & Admin. Expense(SGA) was Rp55,070 Mil.
Total Current Liabilities was Rp410,364 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,875,296 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)
	=	(681772.284 / 3510307.421)	/	(301571.57 / 2076310.122)
	=	0.19422	/	0.145244
	=	1.3372

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)
	=	(467221.726 / 2076310.122)	/	(1103755.651 / 3510307.421)
	=	0.225025	/	0.314433
	=	0.7157

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 - (1253042.732 + 2963894.203) / 5037591.899)	/	(1 - (1228683.49 + 2188284.166) / 4402625.61)
	=	0.162906	/	0.22388
	=	0.7276

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
	=	3510307.421	/	2076310.122
	=	1.6906

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))
	=	(27188.861 / (27188.861 + 2188284.166))	/	(27978.494 / (27978.494 + 2963894.203))
	=	0.012272	/	0.009351
	=	1.3124

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)
	=	(81539.745 / 3510307.421)	/	(55069.856 / 2076310.122)
	=	0.023229	/	0.026523
	=	0.8758

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)
	=	((1603664.073 + 772803.722) / 5037591.899)	/	((1875295.592 + 410364.471) / 4402625.61)
	=	0.471747	/	0.519158
	=	0.9087

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
	=	(421999.242 - 0	-	649683.67)	/	5037591.899
	=	-0.045197

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 Rukun Raharja Tbk has a M-score of -1.94 suggests that the company is unlikely to be a manipulator.

PT Rukun Raharja Tbk Beneish M-Score Related Terms

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PT Rukun Raharja Tbk (ISX:RAJA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Regulated » PT Rukun Raharja Tbk (ISX:RAJA) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan Thamrin Boulevard, Office Park Thamrin Residences Blok A 01-05, Kel. Kebon Melati, Kec. Tanah Abang, Jakarta, IDN, 10230

Website

https://www.raja.co.id

PT Rukun Raharja Tbk through its subsidiaries is engaged in the distribution of natural gas, LPG distribution, and related activities and gas transmission and compression. Its segments include Natural Gas Distribution Segment; Infrastructure Segment and Other Segments. It conducts its business in the field of service or natural gas distribution services, provision, and management of loading and unloading of containers, filling, and transportation services to LPG gas cylinders.

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