PT Uni-Charm Indonesia Tbk (ISX:UCID) Beneish M-Score : -2.94 (As of May. 16, 2024)

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What is PT Uni-Charm 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 -2.94 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:UCID' s Beneish M-Score Range Over the Past 10 Years
Min: -3.14 Med: -2.4 Max: -1.2
Current: -2.94

During the past 8 years, the highest Beneish M-Score of PT Uni-Charm Indonesia Tbk was -1.20. The lowest was -3.14. And the median was -2.40.

PT Uni-Charm Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Uni-Charm 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 Uni-Charm Indonesia Tbk Beneish M-Score Chart

PT Uni-Charm Indonesia Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.69

-3.14

-2.41

-2.23

-1.96

PT Uni-Charm 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															-1.20	-1.57	-1.77	-1.96	-2.94

Competitive Comparison of PT Uni-Charm Indonesia Tbk's Beneish M-Score

For the Household & Personal Products subindustry, PT Uni-Charm 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 Uni-Charm Indonesia Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

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

PT Uni-Charm 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 Uni-Charm 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 * 1.0374

0.528 * 0.8939

0.404 * 0.8738

0.892 * 0.9469

0.115 * 0.8593

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9666

4.679 * -0.076304

0.327 * 0.9154

-2.94

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp2,662,929 Mil.
Revenue was 2487724 + 2526259 + 2336431 + 2621348 = Rp9,971,762 Mil.
Gross Profit was 551629 + 528510 + 453449 + 506956 = Rp2,040,544 Mil.
Total Current Assets was Rp5,925,500 Mil.
Total Assets was Rp8,757,310 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,354,186 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp81,882 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,110,228 Mil.
Total Current Liabilities was Rp2,686,596 Mil.
Long-Term Debt & Capital Lease Obligation was Rp189,339 Mil.
Net Income was 128566 + 157768 + 91814 + 93233 = Rp471,381 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 265779 + 373799 + 225566 + 274458 = Rp1,139,602 Mil.

Total Receivables was Rp2,710,889 Mil.
Revenue was 2761122 + 2727880 + 2527992 + 2514048 = Rp10,531,042 Mil.
Gross Profit was 535043 + 531708 + 433670 + 425922 = Rp1,926,343 Mil.
Total Current Assets was Rp5,610,040 Mil.
Total Assets was Rp8,465,043 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,326,661 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp69,200 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,212,963 Mil.
Total Current Liabilities was Rp2,838,923 Mil.
Long-Term Debt & Capital Lease Obligation was Rp197,794 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)
	=	(2662929 / 9971762)	/	(2710889 / 10531042)
	=	0.267047	/	0.257419
	=	1.0374

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)
	=	(1926343 / 10531042)	/	(2040544 / 9971762)
	=	0.18292	/	0.204632
	=	0.8939

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 - (5925500 + 2354186) / 8757310)	/	(1 - (5610040 + 2326661) / 8465043)
	=	0.05454	/	0.062415
	=	0.8738

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
	=	9971762	/	10531042
	=	0.9469

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))
	=	(69200 / (69200 + 2326661))	/	(81882 / (81882 + 2354186))
	=	0.028883	/	0.033612
	=	0.8593

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)
	=	(1110228 / 9971762)	/	(1212963 / 10531042)
	=	0.111337	/	0.11518
	=	0.9666

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)
	=	((189339 + 2686596) / 8757310)	/	((197794 + 2838923) / 8465043)
	=	0.328404	/	0.358736
	=	0.9154

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
	=	(471381 - 0	-	1139602)	/	8757310
	=	-0.076304

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 Uni-Charm Indonesia Tbk has a M-score of -2.94 suggests that the company is unlikely to be a manipulator.

PT Uni-Charm Indonesia Tbk Beneish M-Score Related Terms

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PT Uni-Charm Indonesia Tbk (ISX:UCID) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Uni-Charm Indonesia Tbk (ISX:UCID) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Jend Sudirman Kavling 21, Sinarmas MSIG Tower, 42nd Floor, Karet, Setiabudi, Jakarta Selatan, Jakarta, IDN, 12920

Website

https://www.unicharm.co.id

PT Uni-Charm Indonesia Tbk is a manufacturer and seller of paper diapers for babies, sanitary napkins, and paper diapers for the elderly. The company's operating segment includes Diapers and Non-diapers. Both reportable segments are located in Indonesia. It generates maximum revenue from the Diapers segment. The firm sells its product under the brand name MamyPoko, Charm, Lifree, and MamyPoko Wipes.

PT Uni-Charm Indonesia Tbk (ISX:UCID) Headlines

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