PT Dewata Freight International Tbk (ISX:DEAL) Beneish M-Score : -1.69 (As of Jun. 18, 2024)

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What is PT Dewata Freight International 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.

Warning Sign:

Beneish M-Score -1.69 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:DEAL' s Beneish M-Score Range Over the Past 10 Years
Min: -149.23 Med: -3.13 Max: -1.69
Current: -1.69

During the past 8 years, the highest Beneish M-Score of PT Dewata Freight International Tbk was -1.69. The lowest was -149.23. And the median was -3.13.

PT Dewata Freight International Tbk Beneish M-Score Historical Data

The historical data trend for PT Dewata Freight International 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 Dewata Freight International Tbk Beneish M-Score Chart

PT Dewata Freight International Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-3.58

-4.25

-1.95

-1.87

PT Dewata Freight International Tbk Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-6.82	-1.87	-2.54	-2.13	-1.69

Competitive Comparison of PT Dewata Freight International Tbk's Beneish M-Score

For the Integrated Freight & Logistics subindustry, PT Dewata Freight International 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 Dewata Freight International Tbk's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, PT Dewata Freight International Tbk's Beneish M-Score distribution charts can be found below:

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

PT Dewata Freight International 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 Dewata Freight International 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 * 2.9573

0.528 * 1.4158

0.404 * 0.8369

0.892 * 0.6658

0.115 * -5.3622

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.9511

4.679 * 0.010626

0.327 * 1.0564

-1.69

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was Rp49,345 Mil.
Revenue was 7296.774 + 10024.499 + 16044.303 + 24638.605 = Rp58,004 Mil.
Gross Profit was -3211.517 + -460.075 + 5590.245 + 1473.766 = Rp3,392 Mil.
Total Current Assets was Rp73,044 Mil.
Total Assets was Rp150,889 Mil.
Property, Plant and Equipment(Net PPE) was Rp25,141 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp-739 Mil.
Selling, General, & Admin. Expense(SGA) was Rp5,795 Mil.
Total Current Liabilities was Rp121,933 Mil.
Long-Term Debt & Capital Lease Obligation was Rp77,817 Mil.
Net Income was -6598.4 + -3890.827 + 993.372 + -8469.167 = Rp-17,965 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -2314.255 + 2779.302 + 272.32 + -20305.781 = Rp-19,568 Mil.

Total Receivables was Rp25,062 Mil.
Revenue was 20859.363 + 13305.88 + 32021.543 + 20936.454 = Rp87,123 Mil.
Gross Profit was 10027.962 + 933.964 + 4829.205 + -8576.982 = Rp7,214 Mil.
Total Current Assets was Rp50,680 Mil.
Total Assets was Rp134,105 Mil.
Property, Plant and Equipment(Net PPE) was Rp27,452 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp5,325 Mil.
Selling, General, & Admin. Expense(SGA) was Rp4,461 Mil.
Total Current Liabilities was Rp93,552 Mil.
Long-Term Debt & Capital Lease Obligation was Rp74,499 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)
	=	(49344.858 / 58004.181)	/	(25062.363 / 87123.24)
	=	0.850712	/	0.287666
	=	2.9573

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)
	=	(7214.149 / 87123.24)	/	(3392.419 / 58004.181)
	=	0.082804	/	0.058486
	=	1.4158

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 - (73043.908 + 25141.456) / 150889.204)	/	(1 - (50679.991 + 27451.824) / 134104.989)
	=	0.349288	/	0.417383
	=	0.8369

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
	=	58004.181	/	87123.24
	=	0.6658

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))
	=	(5325.105 / (5325.105 + 27451.824))	/	(-739.324 / (-739.324 + 25141.456))
	=	0.162465	/	-0.030298
	=	-5.3622

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)
	=	(5794.918 / 58004.181)	/	(4461.134 / 87123.24)
	=	0.099905	/	0.051205
	=	1.9511

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)
	=	((77816.861 + 121933.453) / 150889.204)	/	((74499.171 + 93552.275) / 134104.989)
	=	1.323821	/	1.253133
	=	1.0564

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
	=	(-17965.022 - 0	-	-19568.414)	/	150889.204
	=	0.010626

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 Dewata Freight International Tbk has a M-score of -1.69 signals that the company is likely to be a manipulator.

PT Dewata Freight International Tbk Beneish M-Score Related Terms

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PT Dewata Freight International Tbk (ISX:DEAL) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Dewata Freight International Tbk (ISX:DEAL) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan. Boulevard Timur No. 88, Suite A-B, Kirana Two Office Tower, 12nd floor, Kelapa Gading, Jakarta Utara, IDN, 14240

Website

https://www.dfilogistics.com

PT Dewata Freight International Tbk is an Indonesia-based company engaged in the logistics business. The firm offers transportation, heavy lifts, inter-island logistics, ocean freight service, warehousing and distribution management, air cargo services, and customs clearance. It operates in the following segments: Freight forwarding, Vehicle rental, Distribution Management, and Construction services. The firm's revenue is derived from the Freight forwarding segment.

PT Dewata Freight International Tbk (ISX:DEAL) Headlines

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