PT Pelayaran Nasional Ekalya Purnamasari Tbk (ISX:ELPI) Beneish M-Score : -2.13 (As of May. 14, 2024)

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What is PT Pelayaran Nasional Ekalya Purnamasari 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 -2.13 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Pelayaran Nasional Ekalya Purnamasari Tbk's Beneish M-Score or its related term are showing as below:

ISX:ELPI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.13 Med: -0.9 Max: 1.5
Current: -2.13

During the past 5 years, the highest Beneish M-Score of PT Pelayaran Nasional Ekalya Purnamasari Tbk was 1.50. The lowest was -2.13. And the median was -0.90.

PT Pelayaran Nasional Ekalya Purnamasari Tbk Beneish M-Score Historical Data

The historical data trend for PT Pelayaran Nasional Ekalya Purnamasari 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 Pelayaran Nasional Ekalya Purnamasari Tbk Beneish M-Score Chart

PT Pelayaran Nasional Ekalya Purnamasari Tbk Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-0.90

PT Pelayaran Nasional Ekalya Purnamasari Tbk Quarterly Data
	Dec19	Dec20	Mar21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial								1.50	-	-	-0.90	-2.13

Competitive Comparison of PT Pelayaran Nasional Ekalya Purnamasari Tbk's Beneish M-Score

For the Marine Shipping subindustry, PT Pelayaran Nasional Ekalya Purnamasari 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 Pelayaran Nasional Ekalya Purnamasari Tbk's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, PT Pelayaran Nasional Ekalya Purnamasari Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Pelayaran Nasional Ekalya Purnamasari Tbk's Beneish M-Score falls into.

PT Pelayaran Nasional Ekalya Purnamasari 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 Pelayaran Nasional Ekalya Purnamasari 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 * 0.6949

0.528 * 1.1223

0.404 * 1.3703

0.892 * 1.6227

0.115 * 1.5924

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6106

4.679 * 0.008987

0.327 * 1.9564

-2.13

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp233,374 Mil.
Revenue was 300629 + 272591 + 380884 + 212615 = Rp1,166,719 Mil.
Gross Profit was 89065 + 47714 + 107053 + 28794 = Rp272,626 Mil.
Total Current Assets was Rp782,870 Mil.
Total Assets was Rp2,411,473 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,490,393 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,043 Mil.
Selling, General, & Admin. Expense(SGA) was Rp25,362 Mil.
Total Current Liabilities was Rp107,561 Mil.
Long-Term Debt & Capital Lease Obligation was Rp265,151 Mil.
Net Income was 66418 + 9302 + 92092 + 12085 = Rp179,897 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -22391 + 99608 + 65706 + 15302 = Rp158,225 Mil.

Total Receivables was Rp206,949 Mil.
Revenue was 212552 + 175440 + 176886 + 154107 = Rp718,985 Mil.
Gross Profit was 54062 + 39282 + 50113 + 45102 = Rp188,559 Mil.
Total Current Assets was Rp604,171 Mil.
Total Assets was Rp2,003,396 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,315,432 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,874 Mil.
Selling, General, & Admin. Expense(SGA) was Rp25,598 Mil.
Total Current Liabilities was Rp91,681 Mil.
Long-Term Debt & Capital Lease Obligation was Rp66,589 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)
	=	(233374 / 1166719)	/	(206949 / 718985)
	=	0.200026	/	0.287835
	=	0.6949

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)
	=	(188559 / 718985)	/	(272626 / 1166719)
	=	0.262257	/	0.233669
	=	1.1223

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 - (782870 + 1490393) / 2411473)	/	(1 - (604171 + 1315432) / 2003396)
	=	0.057314	/	0.041825
	=	1.3703

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
	=	1166719	/	718985
	=	1.6227

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))
	=	(2874 / (2874 + 1315432))	/	(2043 / (2043 + 1490393))
	=	0.00218	/	0.001369
	=	1.5924

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)
	=	(25362 / 1166719)	/	(25598 / 718985)
	=	0.021738	/	0.035603
	=	0.6106

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)
	=	((265151 + 107561) / 2411473)	/	((66589 + 91681) / 2003396)
	=	0.154558	/	0.079001
	=	1.9564

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
	=	(179897 - 0	-	158225)	/	2411473
	=	0.008987

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 Pelayaran Nasional Ekalya Purnamasari Tbk has a M-score of -2.13 suggests that the company is unlikely to be a manipulator.

PT Pelayaran Nasional Ekalya Purnamasari Tbk Beneish M-Score Related Terms

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PT Pelayaran Nasional Ekalya Purnamasari Tbk (ISX:ELPI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Pelayaran Nasional Ekalya Purnamasari Tbk (ISX:ELPI) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. W.R. Supratman No.23, Graha KCT, Surabaya, Jawa Timur, IDN

Website

https://www.pnep.co.id

PT Pelayaran Nasional Ekalya Purnamasari Tbk is engaged in sea transportation and transportation support activities. The main business activities of the company include shipping and freight services, shipping agent of shipping company, oil and gas services, marine vessel rental and shipping equipment voyage, voyage representative, and sea shipping voyage business. The segments of the business are own vessel, chartered vessel, and other services, out of which the majority is from the own vessel.

PT Pelayaran Nasional Ekalya Purnamasari Tbk (ISX:ELPI) Headlines

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