PT Victoria Care Indonesia Tbk (ISX:VICI) Beneish M-Score : -2.59 (As of May. 17, 2024)

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What is PT Victoria Care 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 -2.59 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:VICI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.59 Med: -2.59 Max: -1.63
Current: -2.59

During the past 7 years, the highest Beneish M-Score of PT Victoria Care Indonesia Tbk was -1.63. The lowest was -2.59. And the median was -2.59.

PT Victoria Care Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Victoria Care 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.

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PT Victoria Care Indonesia Tbk Beneish M-Score Chart

PT Victoria Care Indonesia Tbk Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.63

-2.59

PT Victoria Care Indonesia Tbk Quarterly Data
	Dec17	Dec18	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															-2.42	-2.40	-2.47	-2.59	-

Competitive Comparison of PT Victoria Care Indonesia Tbk's Beneish M-Score

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

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

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

PT Victoria Care 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 Victoria Care 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 * 0.8751

0.528 * 0.9587

0.404 * 0.9637

0.892 * 1.2452

0.115 * 1.0567

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.089

4.679 * -0.061214

0.327 * 0.7149

-2.61

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp255,671 Mil.
Revenue was 338531.801 + 339481.923 + 367751.461 + 359447.273 = Rp1,405,212 Mil.
Gross Profit was 187135.375 + 188720.923 + 209004.126 + 198364.839 = Rp783,225 Mil.
Total Current Assets was Rp641,535 Mil.
Total Assets was Rp1,186,828 Mil.
Property, Plant and Equipment(Net PPE) was Rp323,560 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp23,754 Mil.
Selling, General, & Admin. Expense(SGA) was Rp320,176 Mil.
Total Current Liabilities was Rp151,259 Mil.
Long-Term Debt & Capital Lease Obligation was Rp46,673 Mil.
Net Income was 47142.802 + 35634.869 + 53866.541 + 49741.612 = Rp186,386 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 71123.716 + 54552.343 + 60165.396 + 73195.03 = Rp259,036 Mil.

Total Receivables was Rp234,631 Mil.
Revenue was 295439.043 + 318317.77 + 281086.66 + 233639.099 = Rp1,128,483 Mil.
Gross Profit was 163113.506 + 171013.406 + 144896.921 + 124010.755 = Rp603,035 Mil.
Total Current Assets was Rp622,417 Mil.
Total Assets was Rp1,145,674 Mil.
Property, Plant and Equipment(Net PPE) was Rp301,155 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp23,460 Mil.
Selling, General, & Admin. Expense(SGA) was Rp236,101 Mil.
Total Current Liabilities was Rp213,660 Mil.
Long-Term Debt & Capital Lease Obligation was Rp53,613 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)
	=	(255671.167 / 1405212.458)	/	(234631.136 / 1128482.572)
	=	0.181945	/	0.207917
	=	0.8751

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)
	=	(603034.588 / 1128482.572)	/	(783225.263 / 1405212.458)
	=	0.534377	/	0.557371
	=	0.9587

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 - (641534.845 + 323559.775) / 1186828.419)	/	(1 - (622416.571 + 301155.116) / 1145673.816)
	=	0.186829	/	0.193862
	=	0.9637

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
	=	1405212.458	/	1128482.572
	=	1.2452

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))
	=	(23460.033 / (23460.033 + 301155.116))	/	(23754.421 / (23754.421 + 323559.775))
	=	0.07227	/	0.068395
	=	1.0567

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)
	=	(320176.351 / 1405212.458)	/	(236100.601 / 1128482.572)
	=	0.227849	/	0.20922
	=	1.089

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)
	=	((46672.887 + 151258.886) / 1186828.419)	/	((53613.39 + 213660.231) / 1145673.816)
	=	0.166774	/	0.233289
	=	0.7149

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
	=	(186385.824 - 0	-	259036.485)	/	1186828.419
	=	-0.061214

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 Victoria Care Indonesia Tbk has a M-score of -2.61 suggests that the company is unlikely to be a manipulator.

PT Victoria Care Indonesia Tbk Beneish M-Score Related Terms

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PT Victoria Care Indonesia Tbk (ISX:VICI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT Victoria Care Indonesia Tbk (ISX:VICI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Puri Lingkar Dalam Blok T No. 8 Kembangan, Puri Indah Financial Tower, Floor 10 - 11, Puri Indah, Jakarta, IDN, 11610

Website

https://www.vci.co.id

PT Victoria Care Indonesia Tbk is engaged in the manufacturing of cosmetic and toiletries products. It operates in three business segments including Body Care and Antiseptics, Hair Care, and others. Body Care and Antiseptics segment offer products related to body care and treatments such as body soap, skin care cream and lotion, deodorant, body scrub, perfume, antiseptic liquid and gel, antiseptic soap, cleaning and disinfectant; the Hair Care segment offers products related to hair care and treatment such as shampoo, hair mask, hair coloring, hair curling, and straightening agents; Other segment offer products other than body and hair care products, such as coffee beans and powder, souvenirs, and snacks.