APM Terminals Bahrain BSC (c) (BAH:APMTB) Beneish M-Score : -2.78 (As of Apr. 25, 2024)

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What is APM Terminals Bahrain BSC (c) 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 APM Terminals Bahrain BSC (c)'s Beneish M-Score or its related term are showing as below:

BAH:APMTB' s Beneish M-Score Range Over the Past 10 Years
Min: -2.79 Med: -2.6 Max: 4.5
Current: -2.78

During the past 7 years, the highest Beneish M-Score of APM Terminals Bahrain BSC (c) was 4.50. The lowest was -2.79. And the median was -2.60.

APM Terminals Bahrain BSC (c) Beneish M-Score Historical Data

The historical data trend for APM Terminals Bahrain BSC (c)'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.

APM Terminals Bahrain BSC (c) Beneish M-Score Chart

APM Terminals Bahrain BSC (c) Annual Data

Trend

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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4.50

-2.49

-2.60

-2.79

-2.78

APM Terminals Bahrain BSC (c) 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															-2.79	-2.36	-2.46	-2.45	-2.78

Competitive Comparison of APM Terminals Bahrain BSC (c)'s Beneish M-Score

For the Infrastructure Operations subindustry, APM Terminals Bahrain BSC (c)'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.

APM Terminals Bahrain BSC (c)'s Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials sector, APM Terminals Bahrain BSC (c)'s Beneish M-Score distribution charts can be found below:

* The bar in red indicates where APM Terminals Bahrain BSC (c)'s Beneish M-Score falls into.

APM Terminals Bahrain BSC (c) 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 APM Terminals Bahrain BSC (c) 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 * 1.027

0.528 * 1.0725

0.404 * 0.9335

0.892 * 0.9645

0.115 * 0.9556

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0985

4.679 * -0.06148

0.327 * 0.9856

-2.78

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was BHD27.73 Mil.
Revenue was 8.855 + 9.531 + 8.978 + 8.572 = BHD35.94 Mil.
Gross Profit was 2.807 + 3.448 + 3.097 + 2.915 = BHD12.27 Mil.
Total Current Assets was BHD29.63 Mil.
Total Assets was BHD54.64 Mil.
Property, Plant and Equipment(Net PPE) was BHD20.96 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD2.67 Mil.
Selling, General, & Admin. Expense(SGA) was BHD2.90 Mil.
Total Current Liabilities was BHD9.62 Mil.
Long-Term Debt & Capital Lease Obligation was BHD22.38 Mil.
Net Income was 1.588 + 2.215 + 1.889 + 1.845 = BHD7.54 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = BHD0.00 Mil.
Cash Flow from Operations was 2.986 + 3.545 + 1.828 + 2.537 = BHD10.90 Mil.

Total Receivables was BHD28.00 Mil.
Revenue was 8.545 + 9.145 + 9.902 + 9.665 = BHD37.26 Mil.
Gross Profit was 2.556 + 2.987 + 4.877 + 3.22 = BHD13.64 Mil.
Total Current Assets was BHD30.35 Mil.
Total Assets was BHD56.32 Mil.
Property, Plant and Equipment(Net PPE) was BHD21.51 Mil.
Depreciation, Depletion and Amortization(DDA) was BHD2.61 Mil.
Selling, General, & Admin. Expense(SGA) was BHD2.74 Mil.
Total Current Liabilities was BHD9.46 Mil.
Long-Term Debt & Capital Lease Obligation was BHD24.01 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)
	=	(27.732 / 35.936)	/	(27.995 / 37.257)
	=	0.771705	/	0.751402
	=	1.027

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)
	=	(13.64 / 37.257)	/	(12.267 / 35.936)
	=	0.366106	/	0.341357
	=	1.0725

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 - (29.634 + 20.964) / 54.636)	/	(1 - (30.351 + 21.509) / 56.319)
	=	0.073907	/	0.079174
	=	0.9335

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
	=	35.936	/	37.257
	=	0.9645

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))
	=	(2.606 / (2.606 + 21.509))	/	(2.673 / (2.673 + 20.964))
	=	0.108066	/	0.113085
	=	0.9556

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)
	=	(2.898 / 35.936)	/	(2.735 / 37.257)
	=	0.080643	/	0.073409
	=	1.0985

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)
	=	((22.379 + 9.616) / 54.636)	/	((24.006 + 9.457) / 56.319)
	=	0.585603	/	0.594169
	=	0.9856

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
	=	(7.537 - 0	-	10.896)	/	54.636
	=	-0.06148

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.

APM Terminals Bahrain BSC (c) has a M-score of -2.78 suggests that the company is unlikely to be a manipulator.

APM Terminals Bahrain BSC (c) Beneish M-Score Related Terms

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APM Terminals Bahrain BSC (c) (BAH:APMTB) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Construction » APM Terminals Bahrain BSC (c) (BAH:APMTB) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Khalifa Bin Salman Port, P.O. Box 50490, Hidd, BHR

Website

https://www.apmterminals.com

APM Terminals Bahrain BSC (c) operates Khalifa Bin Salman Port and is a multi-purpose facility for domestic cargo, cruise traffic, and a trans-shipment hub for the growing Gulf shipping market. Services offered by the company include the provision of container operations, general cargo, marine, logistical services, online services, container terminal, general cargo, cruise terminal, breakbulk and project cargo. In addition, it also offers marine services including Full Container Loads, Less-than Container Loads, livestock, domestic export/import, transhipment, pilotage, towage and mooring.

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