PT Total Bangun Persada Tbk (ISX:TOTL) Beneish M-Score : -2.69 (As of May. 28, 2024)

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What is PT Total Bangun 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 -2.69 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TOTL' s Beneish M-Score Range Over the Past 10 Years
Min: -2.83 Med: -2.44 Max: -1.08
Current: -2.69

During the past 13 years, the highest Beneish M-Score of PT Total Bangun Persada Tbk was -1.08. The lowest was -2.83. And the median was -2.44.

PT Total Bangun Persada Tbk Beneish M-Score Historical Data

The historical data trend for PT Total Bangun 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 Total Bangun Persada Tbk Beneish M-Score Chart

PT Total Bangun Persada Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.44

-1.91

-2.79

-2.72

-2.10

PT Total Bangun Persada 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															-2.56	-2.37	-2.49	-2.10	-2.69

Competitive Comparison of PT Total Bangun Persada Tbk's Beneish M-Score

For the Engineering & Construction subindustry, PT Total Bangun 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 Total Bangun Persada Tbk's Beneish M-Score Distribution in the Construction Industry

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

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

PT Total Bangun 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 Total Bangun Persada 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 * 0.8779

0.528 * 0.9692

0.404 * 0.8276

0.892 * 1.4034

0.115 * 1.0009

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6981

4.679 * -0.076861

0.327 * 1.1914

-2.69

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp1,415,998 Mil.
Revenue was 818876.157 + 949964.48 + 862729.652 + 595620.824 = Rp3,227,191 Mil.
Gross Profit was 132056.797 + 104810 + 99169.52 + 76908.117 = Rp412,944 Mil.
Total Current Assets was Rp2,854,543 Mil.
Total Assets was Rp3,488,205 Mil.
Property, Plant and Equipment(Net PPE) was Rp113,293 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,323 Mil.
Selling, General, & Admin. Expense(SGA) was Rp8,995 Mil.
Total Current Liabilities was Rp2,182,937 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 52719.13 + 63094.771 + 41969.897 + 37934.182 = Rp195,718 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 339799.696 + -7260.303 + 170364.93 + -39080.996 = Rp463,823 Mil.

Total Receivables was Rp1,149,325 Mil.
Revenue was 618868.112 + 534596.799 + 628159.919 + 517882.862 = Rp2,299,508 Mil.
Gross Profit was 87348.956 + 65865.6 + 68340.93 + 63611.42 = Rp285,167 Mil.
Total Current Assets was Rp2,394,893 Mil.
Total Assets was Rp3,064,382 Mil.
Property, Plant and Equipment(Net PPE) was Rp117,117 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,543 Mil.
Selling, General, & Admin. Expense(SGA) was Rp9,179 Mil.
Total Current Liabilities was Rp1,609,632 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)
	=	(1415997.676 / 3227191.113)	/	(1149325.232 / 2299507.692)
	=	0.438771	/	0.499814
	=	0.8779

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)
	=	(285166.906 / 2299507.692)	/	(412944.434 / 3227191.113)
	=	0.124012	/	0.127958
	=	0.9692

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 - (2854543.205 + 113292.568) / 3488204.644)	/	(1 - (2394893.462 + 117117.102) / 3064382.003)
	=	0.14918	/	0.180255
	=	0.8276

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
	=	3227191.113	/	2299507.692
	=	1.4034

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))
	=	(6543.052 / (6543.052 + 117117.102))	/	(6323.364 / (6323.364 + 113292.568))
	=	0.052912	/	0.052864
	=	1.0009

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)
	=	(8995.084 / 3227191.113)	/	(9179.23 / 2299507.692)
	=	0.002787	/	0.003992
	=	0.6981

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)
	=	((0 + 2182936.519) / 3488204.644)	/	((0 + 1609631.829) / 3064382.003)
	=	0.625805	/	0.525271
	=	1.1914

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
	=	(195717.98 - 0	-	463823.327)	/	3488204.644
	=	-0.076861

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 Total Bangun Persada Tbk has a M-score of -2.69 suggests that the company is unlikely to be a manipulator.

PT Total Bangun Persada Tbk Beneish M-Score Related Terms

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PT Total Bangun Persada Tbk (ISX:TOTL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Total Bangun Persada Tbk (ISX:TOTL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

T9Q:Germany

Address

Jl. Letjen. S. Parman Kav. 106, West Jakarta, IDN, 11440

Website

https://www.totalbp.com

PT Total Bangun Persada Tbk operates in the building construction service business. It acts as the main contractor and design and builds contractor in the construction service segment. It is also engaged in the business service of leasing or rental and others, covering equipment rental, property rental, and training fees. The operating business segments are Construction and Rental and others with maximum revenue derived from the Construction segment. Its services are project administration, selection and procurement of building materials, optimal application of construction methods, site management, recruitment and management of all sub-contractors, coordination, and periodical monitoring.