PT ICTSI Jasa Prima Tbk (ISX:KARW) Beneish M-Score : -3.03 (As of May. 17, 2024)

View and export this data going back to 1994. Start your Free Trial

What is PT ICTSI Jasa Prima 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 -3.03 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT ICTSI Jasa Prima Tbk's Beneish M-Score or its related term are showing as below:

ISX:KARW' s Beneish M-Score Range Over the Past 10 Years
Min: -13.73 Med: -2.79 Max: 21.09
Current: -3.03

During the past 13 years, the highest Beneish M-Score of PT ICTSI Jasa Prima Tbk was 21.09. The lowest was -13.73. And the median was -2.79.

PT ICTSI Jasa Prima Tbk Beneish M-Score Historical Data

The historical data trend for PT ICTSI Jasa Prima 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 ICTSI Jasa Prima Tbk Beneish M-Score Chart

PT ICTSI Jasa Prima Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

Get a 7-Day Free Trial

1.32

-2.46

-4.68

-3.07

-3.13

PT ICTSI Jasa Prima Tbk Quarterly Data
	Jun19	Sep19	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															-3.35	-2.82	-3.58	-3.13	-3.03

Competitive Comparison of PT ICTSI Jasa Prima Tbk's Beneish M-Score

For the Marine Shipping subindustry, PT ICTSI Jasa Prima 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 ICTSI Jasa Prima Tbk's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, PT ICTSI Jasa Prima Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT ICTSI Jasa Prima Tbk's Beneish M-Score falls into.

PT ICTSI Jasa Prima 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 ICTSI Jasa Prima 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 * 0.9662

0.528 * 1.2949

0.404 * 1.5255

0.892 * 0.8209

0.115 * 0.8785

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9882

4.679 * -0.145931

0.327 * 1.1091

-3.03

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp17,250 Mil.
Revenue was 17805.472 + 21258.654 + 21379.299 + 34905.404 = Rp95,349 Mil.
Gross Profit was 3514.846 + 6058.485 + 4409.383 + 18632.243 = Rp32,615 Mil.
Total Current Assets was Rp36,351 Mil.
Total Assets was Rp189,648 Mil.
Property, Plant and Equipment(Net PPE) was Rp148,148 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp890 Mil.
Selling, General, & Admin. Expense(SGA) was Rp5,601 Mil.
Total Current Liabilities was Rp684,485 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 323.736 + -200.408 + -931.56 + 10503.176 = Rp9,695 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 11500.331 + 3591.926 + 16628.343 + 5649.777 = Rp37,370 Mil.

Total Receivables was Rp21,750 Mil.
Revenue was 25680.728 + 29731.613 + 35540.742 + 25197.07 = Rp116,150 Mil.
Gross Profit was 10784.399 + 9595.917 + 19485.658 + 11581.447 = Rp51,447 Mil.
Total Current Assets was Rp47,084 Mil.
Total Assets was Rp219,197 Mil.
Property, Plant and Equipment(Net PPE) was Rp168,213 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp887 Mil.
Selling, General, & Admin. Expense(SGA) was Rp6,905 Mil.
Total Current Liabilities was Rp713,292 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)
	=	(17250.496 / 95348.829)	/	(21749.543 / 116150.153)
	=	0.18092	/	0.187254
	=	0.9662

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)
	=	(51447.421 / 116150.153)	/	(32614.957 / 95348.829)
	=	0.442939	/	0.342059
	=	1.2949

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 - (36350.911 + 148147.691) / 189647.544)	/	(1 - (47083.844 + 168212.531) / 219197.436)
	=	0.02715	/	0.017797
	=	1.5255

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
	=	95348.829	/	116150.153
	=	0.8209

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))
	=	(886.791 / (886.791 + 168212.531))	/	(889.648 / (889.648 + 148147.691))
	=	0.005244	/	0.005969
	=	0.8785

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)
	=	(5601.089 / 95348.829)	/	(6904.673 / 116150.153)
	=	0.058743	/	0.059446
	=	0.9882

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)
	=	((0 + 684485.499) / 189647.544)	/	((0 + 713291.622) / 219197.436)
	=	3.609251	/	3.254106
	=	1.1091

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
	=	(9694.944 - 0	-	37370.377)	/	189647.544
	=	-0.145931

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 ICTSI Jasa Prima Tbk has a M-score of -3.03 suggests that the company is unlikely to be a manipulator.

PT ICTSI Jasa Prima Tbk Beneish M-Score Related Terms

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

PT ICTSI Jasa Prima Tbk (ISX:KARW) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT ICTSI Jasa Prima Tbk (ISX:KARW) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Jalan Yos Sudarso Number 88, Suite 701, 7th Floor, Graha Kirana Building, Jakarta Utara, Jakarta, IDN, 14350

Website

http://www.ijp.co.id

PT ICTSI Jasa Prima Tbk is engaged in an operating container terminal. The services provided by the company include maintenance, upkeep, operation and utilization of maritime facilities. It also offers infrastructure facilities such as concession of berth and terminal, container yard. The company is also involved in the operation of machinery and technical, mechanical, electronic equipment, special scales, computer software and hardware related to facilities and infrastructure of maritime logistics and stevedoring services. The other business activities of the company include facilities and infrastructures development for maritime logistics, trading of various goods related to maritime logistics facilities and infrastructure, freight forwarding and warehousing.

PT ICTSI Jasa Prima Tbk (ISX:KARW) Headlines

No Headlines