PT Berlian Laju Tanker Tbk (ISX:BLTA) Beneish M-Score : -2.56 (As of Apr. 05, 2025)

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What is PT Berlian Laju Tanker 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 -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:BLTA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.52 Med: -2.42 Max: 11.05
Current: -2.56

During the past 13 years, the highest Beneish M-Score of PT Berlian Laju Tanker Tbk was 11.05. The lowest was -3.52. And the median was -2.42.

PT Berlian Laju Tanker Tbk Beneish M-Score Historical Data

The historical data trend for PT Berlian Laju Tanker 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 Berlian Laju Tanker Tbk Beneish M-Score Chart

PT Berlian Laju Tanker Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.59

-3.10

-2.09

-1.80

-1.99

PT Berlian Laju Tanker 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															-0.96	-1.99	-2.25	-2.56	-2.56

Competitive Comparison of PT Berlian Laju Tanker Tbk's Beneish M-Score

For the Marine Shipping subindustry, PT Berlian Laju Tanker 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 Berlian Laju Tanker Tbk's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, PT Berlian Laju Tanker Tbk's Beneish M-Score distribution charts can be found below:

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

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PT Berlian Laju Tanker 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 Berlian Laju Tanker 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 * 0.8023

0.528 * 1.1217

0.404 * 0.7758

0.892 * 1.0096

0.115 * 3.7235

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0025

4.679 * -0.050896

0.327 * 0.8638

-2.56

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp65,355 Mil.
Revenue was 169977.105 + 182791.451 + 108399.467 + 162956.458 = Rp624,124 Mil.
Gross Profit was 53109.214 + 61724.969 + 18092.754 + 66560.336 = Rp199,487 Mil.
Total Current Assets was Rp305,489 Mil.
Total Assets was Rp1,457,642 Mil.
Property, Plant and Equipment(Net PPE) was Rp457,282 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5,073 Mil.
Selling, General, & Admin. Expense(SGA) was Rp18,072 Mil.
Total Current Liabilities was Rp109,778 Mil.
Long-Term Debt & Capital Lease Obligation was Rp211,332 Mil.
Net Income was 43088.897 + 52925.773 + -35887.102 + 38819.105 = Rp98,947 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 13749.164 + 32225.625 + 8779.383 + 118381.203 = Rp173,135 Mil.

Total Receivables was Rp80,683 Mil.
Revenue was 143073.053 + 150886.875 + 139507.118 + 184694.18 = Rp618,161 Mil.
Gross Profit was 57567.128 + 52602.627 + 36690.647 + 74764.604 = Rp221,625 Mil.
Total Current Assets was Rp286,407 Mil.
Total Assets was Rp1,335,809 Mil.
Property, Plant and Equipment(Net PPE) was Rp228,564 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp9,737 Mil.
Selling, General, & Admin. Expense(SGA) was Rp17,855 Mil.
Total Current Liabilities was Rp133,243 Mil.
Long-Term Debt & Capital Lease Obligation was Rp207,414 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)
	=	(65354.563 / 624124.481)	/	(80683.064 / 618161.226)
	=	0.104714	/	0.130521
	=	0.8023

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)
	=	(221625.006 / 618161.226)	/	(199487.273 / 624124.481)
	=	0.358523	/	0.319627
	=	1.1217

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 - (305489.231 + 457282.453) / 1457641.527)	/	(1 - (286407.215 + 228563.617) / 1335809.273)
	=	0.476708	/	0.614488
	=	0.7758

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
	=	624124.481	/	618161.226
	=	1.0096

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))
	=	(9736.559 / (9736.559 + 228563.617))	/	(5073.24 / (5073.24 + 457282.453))
	=	0.040858	/	0.010973
	=	3.7235

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)
	=	(18072.216 / 624124.481)	/	(17855.327 / 618161.226)
	=	0.028956	/	0.028885
	=	1.0025

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)
	=	((211332.012 + 109778.479) / 1457641.527)	/	((207413.688 + 133243.02) / 1335809.273)
	=	0.220295	/	0.255019
	=	0.8638

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
	=	(98946.673 - 0	-	173135.375)	/	1457641.527
	=	-0.050896

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 Berlian Laju Tanker Tbk has a M-score of -2.56 suggests that the company is unlikely to be a manipulator.

PT Berlian Laju Tanker Tbk Beneish M-Score Related Terms

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PT Berlian Laju Tanker Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Berlian Laju Tanker Tbk (ISX:BLTA) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jalan Abdul Muis No. 40, Wisma BSG, 10th Floor, Jakarta Pusat, IDN, 10160

Website

https://www.blt.co.id

PT Berlian Laju Tanker Tbk is a company that is involved in the business of maritime transportation of liquid and gas bulk cargo. The company's business activity is to provide the service of chartering out of cargo space in its vessels to third parties to transport liquid cargo. The company has three reportable segments: the chemical tankers segment, which is the key revenue driver, provides maritime transportation of liquid chemical and vegetable oil and animal fats; the gas tankers segment provides maritime transportation of liquefied gas such as LPG, propylene, propane, and LNG and the others segments include manning and ship management. The company operates in two geographical areas, namely Malaysia and Indonesia.

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