PT Mitrabahtera Segara Sejati Tbk (ISX:MBSS) Beneish M-Score : -1.93 (As of Apr. 28, 2024)

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What is PT Mitrabahtera Segara Sejati 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 -1.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for PT Mitrabahtera Segara Sejati Tbk's Beneish M-Score or its related term are showing as below:

ISX:MBSS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.75 Med: -2.83 Max: 3.27
Current: -1.93

During the past 13 years, the highest Beneish M-Score of PT Mitrabahtera Segara Sejati Tbk was 3.27. The lowest was -3.75. And the median was -2.83.

PT Mitrabahtera Segara Sejati Tbk Beneish M-Score Historical Data

The historical data trend for PT Mitrabahtera Segara Sejati 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 Mitrabahtera Segara Sejati Tbk Beneish M-Score Chart

PT Mitrabahtera Segara Sejati Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.75

0.92

-2.84

-3.63

-1.93

PT Mitrabahtera Segara Sejati Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															-3.63	-3.29	-2.48	-1.94	-1.93

Competitive Comparison of PT Mitrabahtera Segara Sejati Tbk's Beneish M-Score

For the Marine Shipping subindustry, PT Mitrabahtera Segara Sejati 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 Mitrabahtera Segara Sejati Tbk's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, PT Mitrabahtera Segara Sejati Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Mitrabahtera Segara Sejati Tbk's Beneish M-Score falls into.

PT Mitrabahtera Segara Sejati 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 Mitrabahtera Segara Sejati 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 * 1.8137

0.528 * 0.9985

0.404 * 1.132

0.892 * 0.7218

0.115 * 0.536

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.1105

4.679 * 0.032357

0.327 * 1.2529

-1.93

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp158,338 Mil.
Revenue was 270997.738 + 233604.158 + 248394.847 + 211320.004 = Rp964,317 Mil.
Gross Profit was 86560.8 + 74509.262 + 85122.304 + 44447.992 = Rp290,640 Mil.
Total Current Assets was Rp2,497,530 Mil.
Total Assets was Rp3,808,799 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,295,067 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,767 Mil.
Selling, General, & Admin. Expense(SGA) was Rp17,378 Mil.
Total Current Liabilities was Rp192,376 Mil.
Long-Term Debt & Capital Lease Obligation was Rp349,820 Mil.
Net Income was 149966.779 + 66280.483 + 79412.423 + 80431.135 = Rp376,091 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 100651.017 + 22357.436 + 84566.342 + 45276.403 = Rp252,851 Mil.

Total Receivables was Rp120,956 Mil.
Revenue was 392630.335 + 378384.642 + 333812.924 + 231248.709 = Rp1,336,077 Mil.
Gross Profit was 133965.301 + 124735.655 + 103535.162 + 39832.863 = Rp402,069 Mil.
Total Current Assets was Rp1,760,631 Mil.
Total Assets was Rp3,319,149 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,546,044 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,320 Mil.
Selling, General, & Admin. Expense(SGA) was Rp21,682 Mil.
Total Current Liabilities was Rp249,557 Mil.
Long-Term Debt & Capital Lease Obligation was Rp127,563 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)
	=	(158337.663 / 964316.747)	/	(120955.753 / 1336076.61)
	=	0.164197	/	0.090531
	=	1.8137

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)
	=	(402068.981 / 1336076.61)	/	(290640.358 / 964316.747)
	=	0.300933	/	0.301395
	=	0.9985

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 - (2497529.587 + 1295066.728) / 3808798.524)	/	(1 - (1760630.625 + 1546043.886) / 3319149.204)
	=	0.004254	/	0.003758
	=	1.132

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
	=	964316.747	/	1336076.61
	=	0.7218

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))
	=	(4319.621 / (4319.621 + 1546043.886))	/	(6767.481 / (6767.481 + 1295066.728))
	=	0.002786	/	0.005198
	=	0.536

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)
	=	(17377.563 / 964316.747)	/	(21681.596 / 1336076.61)
	=	0.018021	/	0.016228
	=	1.1105

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)
	=	((349819.71 + 192376.175) / 3808798.524)	/	((127562.779 + 249556.779) / 3319149.204)
	=	0.142354	/	0.113619
	=	1.2529

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
	=	(376090.82 - 0	-	252851.198)	/	3808798.524
	=	0.032357

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 Mitrabahtera Segara Sejati Tbk has a M-score of -1.93 suggests that the company is unlikely to be a manipulator.

PT Mitrabahtera Segara Sejati Tbk Beneish M-Score Related Terms

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PT Mitrabahtera Segara Sejati Tbk (ISX:MBSS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Mitrabahtera Segara Sejati Tbk (ISX:MBSS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. MH. Thamrin No. 10, Autograph Tower, Thamrin Nine Complex, Tanah Abang, Jakarta, IDN, 10230

Website

https://www.mbss.co.id

PT Mitrabahtera Segara Sejati Tbk is a firm engaged in providing sea logistics and transportation solutions for bulk materials, particularly coal. Its operations activities include material handling, management, and operation of onshore facilities, port management, loading port to anchorage, and transshipment. It operates in two segments. Tugboat and barge segment comprises of transport from loading port to unloading port as well as transport from loading port to anchorage point for transshipment of bulk materials; Floating crane comprises of transshipment of bulk materials from barges and transfers them to the anchored mother vessel for transshipment and Consultancy. Majority of its revenue is earned through the Indonesian market.

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