PT Surya Toto Indonesia Tbk (ISX:TOTO) Beneish M-Score : -2.35 (As of May. 29, 2024)

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What is PT Surya Toto Indonesia 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 -2.35 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TOTO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.62 Med: -2.46 Max: -1.71
Current: -2.35

During the past 12 years, the highest Beneish M-Score of PT Surya Toto Indonesia Tbk was -1.71. The lowest was -3.62. And the median was -2.46.

PT Surya Toto Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Surya Toto Indonesia 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 Surya Toto Indonesia Tbk Beneish M-Score Chart

PT Surya Toto Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.34

-3.17

-2.51

-2.61

-2.38

PT Surya Toto Indonesia 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															-2.55	-2.49	-2.28	-2.38	-2.35

Competitive Comparison of PT Surya Toto Indonesia Tbk's Beneish M-Score

For the Building Products & Equipment subindustry, PT Surya Toto Indonesia 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 Surya Toto Indonesia Tbk's Beneish M-Score Distribution in the Construction Industry

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

* The bar in red indicates where PT Surya Toto Indonesia Tbk's Beneish M-Score falls into.

PT Surya Toto Indonesia 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 Surya Toto Indonesia 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 * 0.9875

0.528 * 1.1762

0.404 * 1.0455

0.892 * 1.0475

0.115 * 0.8697

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1772

4.679 * -0.00756

0.327 * 0.7791

-2.35

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp536,133 Mil.
Revenue was 577748.822 + 581245.865 + 557810.782 + 447057.875 = Rp2,163,863 Mil.
Gross Profit was 123805.123 + 128294.658 + 122010.057 + 118492.963 = Rp492,603 Mil.
Total Current Assets was Rp1,464,057 Mil.
Total Assets was Rp3,317,879 Mil.
Property, Plant and Equipment(Net PPE) was Rp879,334 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp39,281 Mil.
Selling, General, & Admin. Expense(SGA) was Rp20,498 Mil.
Total Current Liabilities was Rp328,764 Mil.
Long-Term Debt & Capital Lease Obligation was Rp197,273 Mil.
Net Income was 58837.38 + 59001.196 + 57905.055 + 49906.87 = Rp225,651 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 12617.545 + 177763.645 + 44016.482 + 16335.677 = Rp250,733 Mil.

Total Receivables was Rp518,292 Mil.
Revenue was 539428.441 + 526272.418 + 517705.533 + 482246.882 = Rp2,065,653 Mil.
Gross Profit was 142307.527 + 153722.421 + 135338.979 + 121744.535 = Rp553,113 Mil.
Total Current Assets was Rp1,426,373 Mil.
Total Assets was Rp3,445,698 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,051,303 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp40,606 Mil.
Selling, General, & Admin. Expense(SGA) was Rp16,622 Mil.
Total Current Liabilities was Rp488,075 Mil.
Long-Term Debt & Capital Lease Obligation was Rp213,140 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)
	=	(536132.653 / 2163863.344)	/	(518292.199 / 2065653.274)
	=	0.247766	/	0.25091
	=	0.9875

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)
	=	(553113.462 / 2065653.274)	/	(492602.801 / 2163863.344)
	=	0.267767	/	0.22765
	=	1.1762

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 - (1464057.209 + 879334.058) / 3317879.478)	/	(1 - (1426372.555 + 1051302.964) / 3445698.373)
	=	0.293708	/	0.280937
	=	1.0455

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
	=	2163863.344	/	2065653.274
	=	1.0475

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))
	=	(40606.05 / (40606.05 + 1051302.964))	/	(39281 / (39281 + 879334.058))
	=	0.037188	/	0.042761
	=	0.8697

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)
	=	(20497.564 / 2163863.344)	/	(16621.683 / 2065653.274)
	=	0.009473	/	0.008047
	=	1.1772

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)
	=	((197272.618 + 328764.405) / 3317879.478)	/	((213139.588 + 488074.935) / 3445698.373)
	=	0.158546	/	0.203504
	=	0.7791

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
	=	(225650.501 - 0	-	250733.349)	/	3317879.478
	=	-0.00756

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 Surya Toto Indonesia Tbk has a M-score of -2.35 suggests that the company is unlikely to be a manipulator.

PT Surya Toto Indonesia Tbk Beneish M-Score Related Terms

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PT Surya Toto Indonesia Tbk (ISX:TOTO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » PT Surya Toto Indonesia Tbk (ISX:TOTO) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jalan Letjen S. Parman Kav. 81, Jakarta, IDN, 11420

Website

https://www.toto.co.id

PT Surya Toto Indonesia Tbk is an Indonesia-based manufacturer and distributor of sanitary, fitting dan kitchen systems, and other related products. It has four main product segments: Sanitary, Fittings, Kitchen systems, and Electrical Appliances and Accessories. Its product range consists of lavatories, faucets, wardrobes, vanity, tissue holder, and soap holder. It generates a majority of its revenue from the Sanitary segment. It also exports its products to other countries including Malaysia, Japan, America, China, Australia, Hong Kong, Singapore, Saudi Arabia, Qatar, UAE, Kuwait, and India.

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