PT FKS Food Sejahtera Tbk (ISX:AISA) Beneish M-Score : -2.51 (As of Oct. 09, 2024)

View and export this data going back to 1997. Start your Free Trial

What is PT FKS Food Sejahtera 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 -2.51 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT FKS Food Sejahtera Tbk's Beneish M-Score or its related term are showing as below:

ISX:AISA' s Beneish M-Score Range Over the Past 10 Years
Min: -18.92 Med: -2.32 Max: 1.11
Current: -2.51

During the past 13 years, the highest Beneish M-Score of PT FKS Food Sejahtera Tbk was 1.11. The lowest was -18.92. And the median was -2.32.

PT FKS Food Sejahtera Tbk Beneish M-Score Historical Data

The historical data trend for PT FKS Food Sejahtera 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 FKS Food Sejahtera Tbk Beneish M-Score Chart

PT FKS Food Sejahtera Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

-0.10

1.02

-2.13

-2.47

-2.55

PT FKS Food Sejahtera Tbk Quarterly Data
	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24
Beneish M-Score	Get a 7-Day Free Trial															-2.64	-2.89	-2.55	-2.45	-2.51

Competitive Comparison of PT FKS Food Sejahtera Tbk's Beneish M-Score

For the Packaged Foods subindustry, PT FKS Food Sejahtera 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 FKS Food Sejahtera Tbk's Beneish M-Score Distribution in the Consumer Packaged Goods Industry

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

* The bar in red indicates where PT FKS Food Sejahtera Tbk's Beneish M-Score falls into.

PT FKS Food Sejahtera 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 FKS Food Sejahtera 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 * 1.3124

0.528 * 0.76

0.404 * 0.9195

0.892 * 1.0181

0.115 * 0.9892

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9764

4.679 * -0.051241

0.327 * 0.8126

-2.51

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was Rp352,126 Mil.
Revenue was 470951 + 460716 + 392006 + 496569 = Rp1,820,242 Mil.
Gross Profit was 170916 + 174149 + 116454 + 202238 = Rp663,757 Mil.
Total Current Assets was Rp558,287 Mil.
Total Assets was Rp1,885,163 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,052,251 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,490 Mil.
Selling, General, & Admin. Expense(SGA) was Rp302,171 Mil.
Total Current Liabilities was Rp664,295 Mil.
Long-Term Debt & Capital Lease Obligation was Rp99,486 Mil.
Net Income was 17952 + 10854 + 4407 + 19424 = Rp52,637 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 2927 + 56667 + 10511 + 79130 = Rp149,235 Mil.

Total Receivables was Rp263,538 Mil.
Revenue was 366233 + 449205 + 529658 + 442843 = Rp1,787,939 Mil.
Gross Profit was 112770 + 134136 + 135425 + 113171 = Rp495,502 Mil.
Total Current Assets was Rp492,851 Mil.
Total Assets was Rp1,743,403 Mil.
Property, Plant and Equipment(Net PPE) was Rp974,344 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,933 Mil.
Selling, General, & Admin. Expense(SGA) was Rp303,983 Mil.
Total Current Liabilities was Rp755,501 Mil.
Long-Term Debt & Capital Lease Obligation was Rp113,780 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)
	=	(352126 / 1820242)	/	(263538 / 1787939)
	=	0.19345	/	0.147398
	=	1.3124

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)
	=	(495502 / 1787939)	/	(663757 / 1820242)
	=	0.277136	/	0.364653
	=	0.76

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 - (558287 + 1052251) / 1885163)	/	(1 - (492851 + 974344) / 1743403)
	=	0.145677	/	0.15843
	=	0.9195

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
	=	1820242	/	1787939
	=	1.0181

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))
	=	(16933 / (16933 + 974344))	/	(18490 / (18490 + 1052251))
	=	0.017082	/	0.017268
	=	0.9892

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)
	=	(302171 / 1820242)	/	(303983 / 1787939)
	=	0.166006	/	0.170019
	=	0.9764

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)
	=	((99486 + 664295) / 1885163)	/	((113780 + 755501) / 1743403)
	=	0.405154	/	0.498612
	=	0.8126

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
	=	(52637 - 0	-	149235)	/	1885163
	=	-0.051241

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 FKS Food Sejahtera Tbk has a M-score of -2.51 suggests that the company is unlikely to be a manipulator.

PT FKS Food Sejahtera Tbk Beneish M-Score Related Terms

Thank you for viewing the detailed overview of PT FKS Food Sejahtera Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.

PT FKS Food Sejahtera Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Consumer Packaged Goods » PT FKS Food Sejahtera Tbk (ISX:AISA) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Jend. Sudirman Kavling 5-6, RT/RW 10/11, Menara Astra Lantai 29, Karet Tengsin, Kecamatan Tanah Abang, Jakarta Pusat, Jakarta, IDN, 10220

Website

https://www.fksfs.co.id

PT FKS Food Sejahtera Tbk is a packaged food company in Indonesia. The company operates under its primary division, TPS Food. TPS Food produces basic food and consumes food. Basic food must be processed before being consumed, while consumer food may be consumed directly. The company also operates through subsidiaries PT Tigar Pilar Sejahtera, PT Poly Meditra Indonesia, and PT Balaraja Bisco Paloma. An additional subsidiary includes PT Patra Power Nusantara, which operates steam production power plants. Most of its revenue comes from Indonesia.

PT FKS Food Sejahtera Tbk Headlines

No Headlines