PT Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score Historical Data
The historical data trend for PT Pabrik Kertas Tjiwi Kimia 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 Pabrik Kertas Tjiwi Kimia Tbk Beneish M-Score Chart
|
PT Pabrik Kertas Tjiwi Kimia Tbk Annual Data
|
|
Trend |
Dec14 |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
Dec23 |
| Beneish M-Score |
|
Get a 7-Day Free Trial
|
|
|
-2.52 |
-3.00 |
-2.43 |
-0.94 |
-2.53 |
|
PT Pabrik Kertas Tjiwi Kimia 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
|
|
|
|
|
|
|
|
|
|
|
|
|
-2.20 |
-2.23 |
-2.35 |
-2.53 |
-1.82 |
Competitive Comparison of PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score
For the Paper & Paper Products subindustry, PT Pabrik Kertas Tjiwi Kimia 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 Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score Distribution in the Forest Products Industry
For the Forest Products industry and Basic Materials sector, PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Pabrik Kertas Tjiwi Kimia Tbk's Beneish M-Score falls into.
PT Pabrik Kertas Tjiwi Kimia 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 Pabrik Kertas Tjiwi Kimia 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 * 1.5252 | + | 0.528 * 0.878 | + | 0.404 * 1.0755 | + | 0.892 * 0.9329 | + | 0.115 * 0.9028 |
| - | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI |
| - | 0.172 * 0.8357 | + | 4.679 * 0.043956 | - | 0.327 * 0.8426 |
| = | -1.82 |
* 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 Rp996,582 Mil.
Revenue was 4286432.231 + 4026641.919 + 4000288.784 + 3853989.329 = Rp16,167,352 Mil.
Gross Profit was 806271.843 + 646392.581 + 514267.615 + 476910.293 = Rp2,443,842 Mil.
Total Current Assets was Rp11,320,981 Mil.
Total Assets was Rp56,445,781 Mil.
Property, Plant and Equipment(Net PPE) was Rp11,833,470 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,214 Mil.
Selling, General, & Admin. Expense(SGA) was Rp863,733 Mil.
Total Current Liabilities was Rp8,893,255 Mil.
Long-Term Debt & Capital Lease Obligation was Rp8,256,852 Mil.
Net Income was 1611911.629 + 584713.193 + 1081478.882 + 832049.862 = Rp4,110,154 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 1111693.493 + -433543.967 + 826961.205 + 123904.417 = Rp1,629,015 Mil.
|
Total Receivables was Rp700,399 Mil.
Revenue was 4495949.825 + 4061826.024 + 4332921.156 + 4439272.388 = Rp17,329,969 Mil.
Gross Profit was 529068.174 + 268858.731 + 750441.782 + 751517.095 = Rp2,299,886 Mil.
Total Current Assets was Rp11,951,494 Mil.
Total Assets was Rp53,809,905 Mil.
Property, Plant and Equipment(Net PPE) was Rp12,350,035 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp15,276 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,107,938 Mil.
Total Current Liabilities was Rp11,073,635 Mil.
Long-Term Debt & Capital Lease Obligation was Rp8,329,969 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) |
| = | (996582.274 / 16167352.263) | / | (700398.541 / 17329969.393) |
| = | 0.061642 | / | 0.040415 |
| | = | 1.5252 |
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) |
| = | (2299885.782 / 17329969.393) | / | (2443842.332 / 16167352.263) |
| = | 0.132711 | / | 0.151159 |
| | = | 0.878 |
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 - (11320981.012 + 11833470.279) / 56445781.182) | / | (1 - (11951494.302 + 12350035.094) / 53809905.38) |
| = | 0.589793 | / | 0.548382 |
| | = | 1.0755 |
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 |
| = | 16167352.263 | / | 17329969.393 |
| | = | 0.9329 |
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)) |
| = | (15276.467 / (15276.467 + 12350035.094)) | / | (16214.052 / (16214.052 + 11833470.279)) |
| = | 0.001235 | / | 0.001368 |
| | = | 0.9028 |
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) |
| = | (863733.243 / 16167352.263) | / | (1107937.746 / 17329969.393) |
| = | 0.053425 | / | 0.063932 |
| | = | 0.8357 |
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) |
| = | ((8256852.023 + 8893255.041) / 56445781.182) | / | ((8329969.484 + 11073635.156) / 53809905.38) |
| = | 0.303833 | / | 0.360595 |
| | = | 0.8426 |
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 |
| = | (4110153.566 - 0 | - | 1629015.148) | / | 56445781.182 |
| | = | 0.043956 |
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 Pabrik Kertas Tjiwi Kimia Tbk has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
Portfolio Contest
ISX:TKIM has been successfully added to your