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PT Triputra Agro Persada Tbk (ISX:TAPG) Beneish M-Score : -2.66 (As of May. 17, 2024)


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What is PT Triputra Agro Persada 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 -2.66 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TAPG' s Beneish M-Score Range Over the Past 10 Years
Min: -2.7   Med: -2.46   Max: -0.96
Current: -2.66

During the past 7 years, the highest Beneish M-Score of PT Triputra Agro Persada Tbk was -0.96. The lowest was -2.70. And the median was -2.46.


PT Triputra Agro Persada Tbk Beneish M-Score Historical Data

The historical data trend for PT Triputra Agro Persada 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 Triputra Agro Persada Tbk Beneish M-Score Chart

PT Triputra Agro Persada Tbk Annual Data
Trend Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial - - -2.52 -0.96 -2.61

PT Triputra Agro Persada Tbk Quarterly Data
Dec17 Dec18 Sep19 Dec19 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 Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.21 -2.70 -2.37 -2.61 -2.66

Competitive Comparison of PT Triputra Agro Persada Tbk's Beneish M-Score

For the Farm Products subindustry, PT Triputra Agro Persada 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 Triputra Agro Persada Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

* The bar in red indicates where PT Triputra Agro Persada Tbk's Beneish M-Score falls into.



PT Triputra Agro Persada 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 Triputra Agro Persada 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 * 0.4868+0.528 * 1.3534+0.404 * 1.1468+0.892 * 0.9154+0.115 * 0.9805
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.1149+4.679 * -0.002555-0.327 * 0.5188
=-2.66

* 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 (Mar24) TTM:Last Year (Mar23) TTM:
Total Receivables was Rp88,571 Mil.
Revenue was 1912011 + 2287183 + 2266354 + 1846517 = Rp8,312,065 Mil.
Gross Profit was 529327 + 709141 + 721000 + 314969 = Rp2,274,437 Mil.
Total Current Assets was Rp2,506,294 Mil.
Total Assets was Rp13,890,994 Mil.
Property, Plant and Equipment(Net PPE) was Rp7,459,106 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,040 Mil.
Selling, General, & Admin. Expense(SGA) was Rp395,799 Mil.
Total Current Liabilities was Rp1,639,598 Mil.
Long-Term Debt & Capital Lease Obligation was Rp146,388 Mil.
Net Income was 370802 + 504881 + 633536 + 175093 = Rp1,684,312 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 310653 + 857515 + 466135 + 85502 = Rp1,719,805 Mil.
Total Receivables was Rp198,795 Mil.
Revenue was 1925833 + 2599153 + 2131435 + 2424142 = Rp9,080,563 Mil.
Gross Profit was 472187 + 935199 + 819051 + 1136462 = Rp3,362,899 Mil.
Total Current Assets was Rp3,643,787 Mil.
Total Assets was Rp14,701,531 Mil.
Property, Plant and Equipment(Net PPE) was Rp7,435,068 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp17,631 Mil.
Selling, General, & Admin. Expense(SGA) was Rp387,819 Mil.
Total Current Liabilities was Rp2,320,713 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,322,387 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)
=(88571 / 8312065) / (198795 / 9080563)
=0.010656 / 0.021892
=0.4868

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)
=(3362899 / 9080563) / (2274437 / 8312065)
=0.37034 / 0.273631
=1.3534

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 - (2506294 + 7459106) / 13890994) / (1 - (3643787 + 7435068) / 14701531)
=0.2826 / 0.246415
=1.1468

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
=8312065 / 9080563
=0.9154

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))
=(17631 / (17631 + 7435068)) / (18040 / (18040 + 7459106))
=0.002366 / 0.002413
=0.9805

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)
=(395799 / 8312065) / (387819 / 9080563)
=0.047617 / 0.042709
=1.1149

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)
=((146388 + 1639598) / 13890994) / ((1322387 + 2320713) / 14701531)
=0.128572 / 0.247804
=0.5188

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
=(1684312 - 0 - 1719805) / 13890994
=-0.002555

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 Triputra Agro Persada Tbk has a M-score of -2.66 suggests that the company is unlikely to be a manipulator.


PT Triputra Agro Persada Tbk Beneish M-Score Related Terms

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PT Triputra Agro Persada Tbk (ISX:TAPG) Business Description

Traded in Other Exchanges
N/A
Address
Jalan DR. Ide Anak Agung Gde Agung, Kav. E.3-2, No. 1, The East Building, 23rd Floor, Kelurahan Kuningan Timur, Kecamatan Setiabudi, Jakarta Selatan, Jakarta, IDN, 12950
PT Triputra Agro Persada Tbk is a palm oil and rubber company located in Sumatera and Kalimantan. Together with its subsidiaries, it is committed towards producing high-quality crude palm oil and palm kernel products to meet domestic and foreign market needs. The company's operating segment includes Crude Palm oil and palm kernel and Rubber. It generates maximum revenue from the Crude Palm oil and palm kernel segment.

PT Triputra Agro Persada Tbk (ISX:TAPG) Headlines

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