PT Arpeni Pratama Ocean Line Tbk (FRA:A5DA) Beneish M-Score: -4.87 (As of Jun. 26, 2026)


What is PT Arpeni Pratama Ocean Line Tbk Beneish M-Score?

PT Arpeni Pratama Ocean Line Tbk FRA:A5DA Beneish M-Score is -4.87 as of Jun. 26, 2026. The stock has 5 warning signs investors should review.

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.

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

FRA:A5DA' s Beneish M-Score Range Over the Past 10 Years
Min: -6.84   Med: -4.61   Max: -2.87
Current: -4.87

During the past 12 years, the highest Beneish M-Score of PT Arpeni Pratama Ocean Line Tbk was -2.87. The lowest was -6.84. And the median was -4.61.

PT Arpeni Pratama Ocean Line Tbk Beneish M-Score Historical Data

* Premium members only.

The historical data trend for PT Arpeni Pratama Ocean Line 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.

PT Arpeni Pratama Ocean Line Tbk Beneish M-Score Chart

PT Arpeni Pratama Ocean Line Tbk Annual Data
Trend Dec09 Dec10 Dec11 Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 0.00 0.00 -3.38 -3.97 -3.89

PT Arpeni Pratama Ocean Line Tbk Quarterly Data
Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 Dec16 Mar17 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.95 -3.89 -6.84 -4.89 -4.87

PT Arpeni Pratama Ocean Line Tbk Beneish M-Score Competitor Comparison

For the Marine Shipping subindustry, PT Arpeni Pratama Ocean Line 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 Arpeni Pratama Ocean Line Tbk Beneish M-Score vs Transportation Industry

For the Transportation industry and Industrials sector, PT Arpeni Pratama Ocean Line Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT Arpeni Pratama Ocean Line Tbk's Beneish M-Score falls into.


PT Arpeni Pratama Ocean Line 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 Arpeni Pratama Ocean Line Tbk for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.6139+0.528 * 2.0036+0.404 * 1.5727+0.892 * 1.0007+0.115 * 0.7157
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.4547+4.679 * -0.757322-0.327 * 0.494
=-4.64

* 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.

This Year (Sep19) TTM:Last Year (Sep18) TTM:
Total Receivables was €20.14 Mil.
Revenue was 7.525 + 8.719 + 7.469 + 9.695 = €33.41 Mil.
Gross Profit was 2.006 + 2.841 + 2.134 + -2.415 = €4.57 Mil.
Total Current Assets was €24.31 Mil.
Total Assets was €60.74 Mil.
Property, Plant and Equipment(Net PPE) was €34.83 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.16 Mil.
Selling, General, & Admin. Expense(SGA) was €3.73 Mil.
Total Current Liabilities was €198.72 Mil.
Long-Term Debt & Capital Lease Obligation was €0.09 Mil.
Net Income was -2.72 + -9.9 + -38.403 + -1.391 = €-52.41 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0.00 Mil.
Cash Flow from Operations was -2.595 + -3.154 + 1.594 + -2.26 = €-6.42 Mil.
 Total Receivables was €12.47 Mil.
Revenue was 9.42 + 9.056 + 8.964 + 5.945 = €33.39 Mil.
Gross Profit was 2.868 + 2.677 + 2.475 + 1.122 = €9.14 Mil.
Total Current Assets was €17.84 Mil.
Total Assets was €60.75 Mil.
Property, Plant and Equipment(Net PPE) was €41.90 Mil.
Depreciation, Depletion and Amortization(DDA) was €0.14 Mil.
Selling, General, & Admin. Expense(SGA) was €2.56 Mil.
Total Current Liabilities was €402.46 Mil.
Long-Term Debt & Capital Lease Obligation was €0.05 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)
=(20.143 / 33.408) / (12.472 / 33.385)
=0.602939 / 0.373581
=1.6139

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)
=(9.142 / 33.385) / (4.566 / 33.408)
=0.273836 / 0.136674
=2.0036

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 - (24.312 + 34.831) / 60.739) / (1 - (17.839 + 41.895) / 60.749)
=0.026276 / 0.016708
=1.5727

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
=33.408 / 33.385
=1.0007

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))
=(0.141 / (0.141 + 41.895)) / (0.164 / (0.164 + 34.831))
=0.003354 / 0.004686
=0.7157

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)
=(3.728 / 33.408) / (2.561 / 33.385)
=0.11159 / 0.076711
=1.4547

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)
=((0.091 + 198.72) / 60.739) / ((0.05 + 402.464) / 60.749)
=3.273202 / 6.625854
=0.494

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
=(-52.414 - 0 - -6.415) / 60.739
=-0.757322

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 Arpeni Pratama Ocean Line Tbk has a M-score of -4.64 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -4.87 mean?
PT Arpeni Pratama Ocean Line Tbk (FRA:A5DA) has a Beneish M-Score of -4.87 as of Jun. 26, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Arpeni Pratama Ocean Line Tbk and its competitors.
Is PT Arpeni Pratama Ocean Line Tbk's Beneish M-Score too high?
PT Arpeni Pratama Ocean Line Tbk's current Beneish M-Score is -4.87.
How does PT Arpeni Pratama Ocean Line Tbk's Beneish M-Score compare to competitors?
PT Arpeni Pratama Ocean Line Tbk's Beneish M-Score of -4.87 can be compared against companies in the Transportation industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Transportation company?
A good Beneish M-Score depends on the Transportation industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on PT Arpeni Pratama Ocean Line Tbk and its competitors. PT Arpeni Pratama Ocean Line Tbk's current Beneish M-Score is -4.87. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is PT Arpeni Pratama Ocean Line Tbk stock overvalued right now?
PT Arpeni Pratama Ocean Line Tbk (FRA:A5DA) has a current Beneish M-Score of -4.87. The current Beneish M-Score is -4.87. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For PT Arpeni Pratama Ocean Line Tbk (FRA:A5DA), the current Beneish M-Score is -4.87 as of Jun. 26, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

PT Arpeni Pratama Ocean Line Tbk Business Description

Address Jl. Abdul Muis Number 50, Gedung 50 Abdul Muis, Jakarta, IDN, 10160
PT Arpeni Pratama Ocean Line Tbk is Indonesian shipping company. The company is engaged in the domestic and international transportation of cargo by vessels, sale, and purchase of vessels. It uses its vessels for the transport of coal, iron ore, wheat, soybeans, and grains to various countries. In addition, the company also owns and operates the dry bulk fleet, including panamax bulk carriers, tugboats, barges, and floating cranes. The company operates through three segments namely, Shipping Services which also contributes a major part of revenue, Agency Services, and Non-Asset Based Busines. Most of its revenue is earned through the Indonesian market.