PT Petrosea Tbk (ISX:PTRO) Beneish M-Score : -2.07 (As of May. 11, 2024)

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What is PT Petrosea 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 -2.07 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:PTRO' s Beneish M-Score Range Over the Past 10 Years
Min: -3.84 Med: -2.72 Max: -1.58
Current: -2.07

During the past 12 years, the highest Beneish M-Score of PT Petrosea Tbk was -1.58. The lowest was -3.84. And the median was -2.72.

PT Petrosea Tbk Beneish M-Score Historical Data

The historical data trend for PT Petrosea 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.

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PT Petrosea Tbk Beneish M-Score Chart

PT Petrosea Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.68

-3.64

-2.55

-2.06

-2.36

PT Petrosea 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															-2.03	-1.84	-1.58	-2.36	-2.07

Competitive Comparison of PT Petrosea Tbk's Beneish M-Score

For the Other Industrial Metals & Mining subindustry, PT Petrosea 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 Petrosea Tbk's Beneish M-Score Distribution in the Metals & Mining Industry

For the Metals & Mining industry and Basic Materials sector, PT Petrosea Tbk's Beneish M-Score distribution charts can be found below:

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

PT Petrosea 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 Petrosea 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 * 1.2938

0.528 * 1.4843

0.404 * 1.9873

0.892 * 1.198

0.115 * 0.7958

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8977

4.679 * -0.136338

0.327 * 1.1585

-2.07

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp3,315,903 Mil.
Revenue was 2408779.716 + 2448491.314 + 2249282.311 + 2189453.85 = Rp9,296,007 Mil.
Gross Profit was 235679.699 + 416416.799 + 224009.092 + 359872.76 = Rp1,235,978 Mil.
Total Current Assets was Rp4,633,200 Mil.
Total Assets was Rp10,954,913 Mil.
Property, Plant and Equipment(Net PPE) was Rp4,166,064 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp32,876 Mil.
Selling, General, & Admin. Expense(SGA) was Rp166,699 Mil.
Total Current Liabilities was Rp4,191,747 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,275,138 Mil.
Net Income was 2512.807 + 25004.74 + -3679.661 + 118074.328 = Rp141,912 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 356386.923 + 1026720.54 + -103139.201 + 355515.219 = Rp1,635,483 Mil.

Total Receivables was Rp2,139,393 Mil.
Revenue was 1931040.092 + 2307000.143 + 1879390.181 + 1642323.357 = Rp7,759,754 Mil.
Gross Profit was 251791.626 + 450205.84 + 559061.517 + 270278.296 = Rp1,531,337 Mil.
Total Current Assets was Rp5,302,204 Mil.
Total Assets was Rp10,297,354 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,975,557 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp24,928 Mil.
Selling, General, & Admin. Expense(SGA) was Rp155,003 Mil.
Total Current Liabilities was Rp3,402,614 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,844,298 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)
	=	(3315902.984 / 9296007.191)	/	(2139392.88 / 7759753.773)
	=	0.356702	/	0.275704
	=	1.2938

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)
	=	(1531337.279 / 7759753.773)	/	(1235978.35 / 9296007.191)
	=	0.197344	/	0.132958
	=	1.4843

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 - (4633199.574 + 4166064.158) / 10954912.846)	/	(1 - (5302204.175 + 3975557.37) / 10297354.207)
	=	0.196775	/	0.099015
	=	1.9873

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
	=	9296007.191	/	7759753.773
	=	1.198

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))
	=	(24928.469 / (24928.469 + 3975557.37))	/	(32875.746 / (32875.746 + 4166064.158))
	=	0.006231	/	0.00783
	=	0.7958

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)
	=	(166699.404 / 9296007.191)	/	(155003.263 / 7759753.773)
	=	0.017932	/	0.019975
	=	0.8977

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)
	=	((2275138.474 + 4191747.202) / 10954912.846)	/	((1844297.975 + 3402613.56) / 10297354.207)
	=	0.590318	/	0.50954
	=	1.1585

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
	=	(141912.214 - 0	-	1635483.481)	/	10954912.846
	=	-0.136338

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 Petrosea Tbk has a M-score of -2.07 suggests that the company is unlikely to be a manipulator.

PT Petrosea Tbk Beneish M-Score Related Terms

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PT Petrosea Tbk (ISX:PTRO) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Basic Materials » Metals & Mining » PT Petrosea Tbk (ISX:PTRO) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan Boulevard Bintaro Jaya Blok B7/A6, Indy Bintaro Office Park, Building B, Sektor VII, CBD Bintaro Jaya, Tangerang Selatan, IDN, 15224

Website

https://www.petrosea.com

PT Petrosea Tbk is an Indonesian-based firm engaged in multi-disciplinary mining, infrastructure, and oil and gas services. It operates in three business segments. The Mining segment covers mining contracts like overburden stripping, drilling, blasting, lifting, hauling, mine services, and mines partnering. The Services segment covers supply-based facilities and port services. The Engineering and Construction segment provides multi-disciplinary engineering, procurement, and construction services to oil and gas, infrastructure, industrial, and manufacturing, and utility sectors. This segment also includes the supply of skilled trade personnel and equipment hire services. The majority of its revenue comes from the Mining segment.

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