PT Habco Trans Maritima Tbk (ISX:HATM) Beneish M-Score : -2.78 (As of May. 08, 2024)

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What is PT Habco Trans Maritima 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 -2.78 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Habco Trans Maritima Tbk's Beneish M-Score or its related term are showing as below:

ISX:HATM' s Beneish M-Score Range Over the Past 10 Years
Min: -2.78 Med: -2.39 Max: -2
Current: -2.78

During the past 5 years, the highest Beneish M-Score of PT Habco Trans Maritima Tbk was -2.00. The lowest was -2.78. And the median was -2.39.

PT Habco Trans Maritima Tbk Beneish M-Score Historical Data

The historical data trend for PT Habco Trans Maritima 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 Habco Trans Maritima Tbk Beneish M-Score Chart

PT Habco Trans Maritima Tbk Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-2.00

-2.78

PT Habco Trans Maritima Tbk Quarterly Data
	Dec19	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial									-2.00	1.32	-1.39	-0.65	-2.78

Competitive Comparison of PT Habco Trans Maritima Tbk's Beneish M-Score

For the Marine Shipping subindustry, PT Habco Trans Maritima 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 Habco Trans Maritima Tbk's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, PT Habco Trans Maritima Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Habco Trans Maritima Tbk's Beneish M-Score falls into.

PT Habco Trans Maritima 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 Habco Trans Maritima 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 * 1.9235

0.528 * 1.0585

0.404 * 1.5729

0.892 * 1.5503

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.5251

4.679 * 0.02119

0.327 * 7.3707

-2.78

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp104,244 Mil.
Revenue was 184355.595 + 136980.045 + 158131.023 + 96209.042 = Rp575,676 Mil.
Gross Profit was 77073.805 + 52731.226 + 75723.861 + 31425.317 = Rp236,954 Mil.
Total Current Assets was Rp314,607 Mil.
Total Assets was Rp1,045,826 Mil.
Property, Plant and Equipment(Net PPE) was Rp710,765 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp419 Mil.
Selling, General, & Admin. Expense(SGA) was Rp5,635 Mil.
Total Current Liabilities was Rp80,861 Mil.
Long-Term Debt & Capital Lease Obligation was Rp94,769 Mil.
Net Income was 65450.955 + 43195.723 + 64828.72 + 24696.141 = Rp198,172 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 43159.07 + 32175.635 + 85166.704 + 15509.112 = Rp176,011 Mil.

Total Receivables was Rp34,956 Mil.
Revenue was 108792.239 + 83610.054 + 104330.363 + 74593.925 = Rp371,327 Mil.
Gross Profit was 52974.318 + 33457.442 + 50086.394 + 25261.063 = Rp161,779 Mil.
Total Current Assets was Rp185,398 Mil.
Total Assets was Rp716,248 Mil.
Property, Plant and Equipment(Net PPE) was Rp521,944 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp6,922 Mil.
Total Current Liabilities was Rp16,319 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(104243.924 / 575675.705)	/	(34956.487 / 371326.581)
	=	0.181081	/	0.094139
	=	1.9235

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)
	=	(161779.217 / 371326.581)	/	(236954.209 / 575675.705)
	=	0.435679	/	0.411611
	=	1.0585

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 - (314606.63 + 710765.454) / 1045826.465)	/	(1 - (185397.86 + 521944.317) / 716248.016)
	=	0.019558	/	0.012434
	=	1.5729

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
	=	575675.705	/	371326.581
	=	1.5503

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))
	=	(0 / (0 + 521944.317))	/	(419.49 / (419.49 + 710765.454))
	=	0	/	0.00059
	=	1

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)
	=	(5634.673 / 575675.705)	/	(6921.731 / 371326.581)
	=	0.009788	/	0.018641
	=	0.5251

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)
	=	((94768.75 + 80861.323) / 1045826.465)	/	((0 + 16319.021) / 716248.016)
	=	0.167934	/	0.022784
	=	7.3707

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
	=	(198171.539 - 0	-	176010.521)	/	1045826.465
	=	0.02119

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 Habco Trans Maritima Tbk has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

PT Habco Trans Maritima Tbk Beneish M-Score Related Terms

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PT Habco Trans Maritima Tbk (ISX:HATM) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Habco Trans Maritima Tbk (ISX:HATM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan H. Imam Munandar No. 247 F-G, Kel Tangkerang Utara, Kec Bukit Raya, Riau, Pekanbaru, IDN, 28282

Website

https://www.habcomaritima.com

PT Habco Trans Maritima Tbk owns and operates bulk carriers as part of an integrated marine solution network of Habco Group. It caters to all client needs, from barging, transshipment services, and bulk carrier services. The firm owns and operates approximately three bulk carriers.

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