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.
PT Dewata Freight International Tbk Beneish M-Score Chart
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PT Dewata Freight International Tbk Annual Data
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Trend |
Dec15 |
Dec16 |
Dec17 |
Dec18 |
Dec19 |
Dec20 |
Dec21 |
Dec22 |
| Beneish M-Score |
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0.00 |
-3.58 |
-4.25 |
-1.95 |
-1.86 |
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PT Dewata Freight International Tbk Quarterly Data
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Dec18 |
Mar19 |
Jun19 |
Sep19 |
Dec19 |
Mar20 |
Jun20 |
Sep20 |
Dec20 |
Mar21 |
Jun21 |
Sep21 |
Dec21 |
Mar22 |
Jun22 |
Sep22 |
Dec22 |
Mar23 |
Jun23 |
Sep23 |
| Beneish M-Score |
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-6.82 |
-1.86 |
-2.53 |
-2.11 |
-1.66 |
ISX:DEAL vs UPS, FDX, ZTO: Beneish M-Score Comparison
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 Beneish M-Score vs 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:
| M | = | -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 * 1.8024 | + | 4.679 * 0.010626 | - | 0.327 * 1.0564 |
| = | -1.66 |
* 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 (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 Rp5,353 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.
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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.
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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) |
| = | (5353.214 / 58004.181) | / | (4461.134 / 87123.24) |
| = | 0.09229 | / | 0.051205 |
| | = | 1.8024 |
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 -1.66 signals that the company is likely to be a manipulator.
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