PT Pioneerindo Gourmet International Tbk (ISX:PTSP) Beneish M-Score : -3.12 (As of Oct. 09, 2024)

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What is PT Pioneerindo Gourmet International 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 -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Pioneerindo Gourmet International Tbk's Beneish M-Score or its related term are showing as below:

ISX:PTSP' s Beneish M-Score Range Over the Past 10 Years
Min: -4.19 Med: -3.03 Max: 0.72
Current: -3.12

During the past 13 years, the highest Beneish M-Score of PT Pioneerindo Gourmet International Tbk was 0.72. The lowest was -4.19. And the median was -3.03.

PT Pioneerindo Gourmet International Tbk Beneish M-Score Historical Data

The historical data trend for PT Pioneerindo Gourmet International 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 Pioneerindo Gourmet International Tbk Beneish M-Score Chart

PT Pioneerindo Gourmet International Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.48

-4.08

-3.64

-1.94

-3.30

PT Pioneerindo Gourmet International 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															-2.66	-2.59	-3.30	-2.95	-3.12

Competitive Comparison of PT Pioneerindo Gourmet International Tbk's Beneish M-Score

For the Restaurants subindustry, PT Pioneerindo Gourmet International 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 Pioneerindo Gourmet International Tbk's Beneish M-Score Distribution in the Restaurants Industry

For the Restaurants industry and Consumer Cyclical sector, PT Pioneerindo Gourmet International Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Pioneerindo Gourmet International Tbk's Beneish M-Score falls into.

PT Pioneerindo Gourmet International 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 Pioneerindo Gourmet International 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 * 1.2885

0.528 * 0.9942

0.404 * 0.9484

0.892 * 1.1266

0.115 * 1.0292

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0368

4.679 * -0.21491

0.327 * 0.9482

-3.12

This Year (Jun24) TTM:

Last Year (Jun23) TTM:

Total Receivables was Rp6,242 Mil.
Revenue was 195037.57 + 149310.79 + 166613.765 + 145762.956 = Rp656,725 Mil.
Gross Profit was 119867.246 + 91555.219 + 102107.024 + 89320.222 = Rp402,850 Mil.
Total Current Assets was Rp76,781 Mil.
Total Assets was Rp320,295 Mil.
Property, Plant and Equipment(Net PPE) was Rp207,066 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp63,894 Mil.
Selling, General, & Admin. Expense(SGA) was Rp123,722 Mil.
Total Current Liabilities was Rp103,110 Mil.
Long-Term Debt & Capital Lease Obligation was Rp27,589 Mil.
Net Income was 15242.903 + -3337.714 + 10208.287 + -187.079 = Rp21,926 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 40989.183 + 3646.476 + 38426.587 + 7698.94 = Rp90,761 Mil.

Total Receivables was Rp4,300 Mil.
Revenue was 176913.716 + 134660.304 + 141998.277 + 129370.239 = Rp582,943 Mil.
Gross Profit was 109230.868 + 79546.951 + 88912.848 + 77817.7 = Rp355,508 Mil.
Total Current Assets was Rp77,248 Mil.
Total Assets was Rp296,996 Mil.
Property, Plant and Equipment(Net PPE) was Rp184,111 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp59,005 Mil.
Selling, General, & Admin. Expense(SGA) was Rp105,929 Mil.
Total Current Liabilities was Rp103,881 Mil.
Long-Term Debt & Capital Lease Obligation was Rp23,935 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)
	=	(6241.996 / 656725.081)	/	(4300.092 / 582942.536)
	=	0.009505	/	0.007377
	=	1.2885

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)
	=	(355508.367 / 582942.536)	/	(402849.711 / 656725.081)
	=	0.609851	/	0.613422
	=	0.9942

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 - (76780.789 + 207065.703) / 320295.21)	/	(1 - (77248.485 + 184110.718) / 296995.625)
	=	0.113797	/	0.11999
	=	0.9484

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
	=	656725.081	/	582942.536
	=	1.1266

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))
	=	(59004.628 / (59004.628 + 184110.718))	/	(63893.72 / (63893.72 + 207065.703))
	=	0.242702	/	0.235805
	=	1.0292

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)
	=	(123721.527 / 656725.081)	/	(105928.768 / 582942.536)
	=	0.188392	/	0.181714
	=	1.0368

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)
	=	((27589.482 + 103109.588) / 320295.21)	/	((23935.229 + 103881.391) / 296995.625)
	=	0.408058	/	0.430365
	=	0.9482

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
	=	(21926.397 - 0	-	90761.186)	/	320295.21
	=	-0.21491

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 Pioneerindo Gourmet International Tbk has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.

PT Pioneerindo Gourmet International Tbk Beneish M-Score Related Terms

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PT Pioneerindo Gourmet International Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Restaurants » PT Pioneerindo Gourmet International Tbk (ISX:PTSP) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Palmerah Utara No. 100, CFC Center Building, West Jakarta, IDN, 11480

Website

https://www.cfcindonesia.com

PT Pioneerindo Gourmet International Tbk is an Indonesia based company engaged in the operation and management of fast-food restaurants. The operating segments are grouped into four strategic business units which provide various products consist of fried chicken (California Fried Chicken-CFC), oriental food (Sapo Oriental), donuts (Cal Donuts), and ramen (Sugakiya). The majority of the revenue is generated from the fried chicken segment. Its products include fried chickens, chicken strips, fried rice, noodles, burgers, soup, and various drinks.

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