PT Apexindo Pratama Duta Tbk (ISX:APEX) Beneish M-Score : -2.47 (As of Apr. 06, 2025)

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What is PT Apexindo Pratama Duta 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 -2.47 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:APEX' s Beneish M-Score Range Over the Past 10 Years
Min: -5.53 Med: -2.67 Max: -0.45
Current: -2.47

During the past 13 years, the highest Beneish M-Score of PT Apexindo Pratama Duta Tbk was -0.45. The lowest was -5.53. And the median was -2.67.

PT Apexindo Pratama Duta Tbk Beneish M-Score Historical Data

The historical data trend for PT Apexindo Pratama Duta 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 Apexindo Pratama Duta Tbk Beneish M-Score Chart

PT Apexindo Pratama Duta Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.77

-2.00

-1.14

-3.72

-1.92

PT Apexindo Pratama Duta Tbk Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.40	-1.92	-1.73	-2.58	-2.47

Competitive Comparison of PT Apexindo Pratama Duta Tbk's Beneish M-Score

For the Oil & Gas Drilling subindustry, PT Apexindo Pratama Duta 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 Apexindo Pratama Duta Tbk's Beneish M-Score Distribution in the Oil & Gas Industry

For the Oil & Gas industry and Energy sector, PT Apexindo Pratama Duta Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Apexindo Pratama Duta 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 Apexindo Pratama Duta 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 * 1.047

0.528 * 1.0797

0.404 * 0.5601

0.892 * 1.2435

0.115 * 1.4112

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9404

4.679 * -0.037047

0.327 * 0.9819

-2.47

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp220,646 Mil.
Revenue was 280001.105 + 306780.115 + 373571.387 + 238934.538 = Rp1,199,287 Mil.
Gross Profit was 37687.44 + 52272.772 + 114807.317 + 96256.485 = Rp301,024 Mil.
Total Current Assets was Rp1,191,804 Mil.
Total Assets was Rp3,907,034 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,656,458 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp4,912 Mil.
Selling, General, & Admin. Expense(SGA) was Rp26,092 Mil.
Total Current Liabilities was Rp250,830 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,770,051 Mil.
Net Income was 9774.796 + -22348.977 + 26777.904 + -37981.282 = Rp-23,778 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -11247.921 + 137701.696 + 42734.707 + -48221.334 = Rp120,967 Mil.

Total Receivables was Rp169,476 Mil.
Revenue was 211007.793 + 262549.74 + 238359.1 + 252541.341 = Rp964,458 Mil.
Gross Profit was 49180.882 + 78492.865 + 70978.111 + 62725.442 = Rp261,377 Mil.
Total Current Assets was Rp1,115,586 Mil.
Total Assets was Rp3,957,878 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,736,005 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp7,145 Mil.
Selling, General, & Admin. Expense(SGA) was Rp22,312 Mil.
Total Current Liabilities was Rp235,368 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,849,582 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)
	=	(220646.456 / 1199287.145)	/	(169475.906 / 964457.974)
	=	0.183981	/	0.175721
	=	1.047

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)
	=	(261377.3 / 964457.974)	/	(301024.014 / 1199287.145)
	=	0.27101	/	0.251002
	=	1.0797

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 - (1191803.903 + 2656458.117) / 3907033.557)	/	(1 - (1115585.824 + 2736005.259) / 3957878.31)
	=	0.015042	/	0.026855
	=	0.5601

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
	=	1199287.145	/	964457.974
	=	1.2435

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))
	=	(7145.093 / (7145.093 + 2736005.259))	/	(4912.184 / (4912.184 + 2656458.117))
	=	0.002605	/	0.001846
	=	1.4112

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)
	=	(26092.439 / 1199287.145)	/	(22312.457 / 964457.974)
	=	0.021757	/	0.023135
	=	0.9404

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)
	=	((1770051.375 + 250830.167) / 3907033.557)	/	((1849582.07 + 235367.843) / 3957878.31)
	=	0.517242	/	0.526785
	=	0.9819

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
	=	(-23777.559 - 0	-	120967.148)	/	3907033.557
	=	-0.037047

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 Apexindo Pratama Duta Tbk has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.

PT Apexindo Pratama Duta Tbk Beneish M-Score Related Terms

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PT Apexindo Pratama Duta Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Oil & Gas » PT Apexindo Pratama Duta Tbk (ISX:APEX) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jalan Jend. Sudirman Kav. 52- 53, Office 8 Building, 20th-21st Floor, SCBD Lot 28, Kebayoran Baru, Jakarta, IDN, 12190

Website

https://www.apexindo.com

PT Apexindo Pratama Duta Tbk is a drilling contractor. The company's operating segment includes Offshore drilling services and Onshore drilling services. It generates maximum revenue from the Offshore drilling services segment. The company serves oil and gas, geothermal, and coal bed methane industries. It provides offshore-drilling services which include Swampbarges and Jack-up, and onshore drilling services to clients.