PT Jaya Trishindo Tbk (ISX:HELI) Beneish M-Score : -1.76 (As of Jun. 17, 2024)

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What is PT Jaya Trishindo 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 -1.76 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:HELI' s Beneish M-Score Range Over the Past 10 Years
Min: -11.56 Med: -1.76 Max: 51.18
Current: -1.76

During the past 9 years, the highest Beneish M-Score of PT Jaya Trishindo Tbk was 51.18. The lowest was -11.56. And the median was -1.76.

PT Jaya Trishindo Tbk Beneish M-Score Historical Data

The historical data trend for PT Jaya Trishindo 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 Jaya Trishindo Tbk Beneish M-Score Chart

PT Jaya Trishindo Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.70

51.18

-3.27

-7.11

2.04

PT Jaya Trishindo Tbk Quarterly Data
	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24
Beneish M-Score	Get a 7-Day Free Trial															-6.78	-11.56	-6.44	2.04	-1.76

Competitive Comparison of PT Jaya Trishindo Tbk's Beneish M-Score

For the Airports & Air Services subindustry, PT Jaya Trishindo 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 Jaya Trishindo Tbk's Beneish M-Score Distribution in the Transportation Industry

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

* The bar in red indicates where PT Jaya Trishindo Tbk's Beneish M-Score falls into.

PT Jaya Trishindo 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 Jaya Trishindo 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 * 2.3081

0.528 * -2.5982

0.404 * 1.6861

0.892 * 2.2683

0.115 * 0.9173

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8197

4.679 * -0.010148

0.327 * 0.8908

-1.76

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp12,304 Mil.
Revenue was 20685.981 + 34041.696 + 20273.223 + 11091.307 = Rp86,092 Mil.
Gross Profit was 4851.038 + 4300.203 + 2885.894 + 5701.659 = Rp17,739 Mil.
Total Current Assets was Rp26,343 Mil.
Total Assets was Rp187,538 Mil.
Property, Plant and Equipment(Net PPE) was Rp157,321 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp324 Mil.
Selling, General, & Admin. Expense(SGA) was Rp1,171 Mil.
Total Current Liabilities was Rp129,880 Mil.
Long-Term Debt & Capital Lease Obligation was Rp37 Mil.
Net Income was 294.766 + 11984.872 + -407.267 + 2891.296 = Rp14,764 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 2073.173 + 11506.444 + 3279.86 + -192.719 = Rp16,667 Mil.

Total Receivables was Rp2,350 Mil.
Revenue was 3675.643 + 13995.17 + 15033.903 + 5248.96 = Rp37,954 Mil.
Gross Profit was -7960.7 + -17179.272 + 3485.408 + 1336.338 = Rp-20,318 Mil.
Total Current Assets was Rp27,616 Mil.
Total Assets was Rp197,012 Mil.
Property, Plant and Equipment(Net PPE) was Rp166,982 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp315 Mil.
Selling, General, & Admin. Expense(SGA) was Rp630 Mil.
Total Current Liabilities was Rp101,559 Mil.
Long-Term Debt & Capital Lease Obligation was Rp51,657 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)
	=	(12304.048 / 86092.207)	/	(2350.063 / 37953.676)
	=	0.142917	/	0.061919
	=	2.3081

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)
	=	(-20318.226 / 37953.676)	/	(17738.794 / 86092.207)
	=	-0.535343	/	0.206044
	=	-2.5982

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 - (26342.7 + 157320.806) / 187538.299)	/	(1 - (27615.63 + 166982.438) / 197012.315)
	=	0.020661	/	0.012254
	=	1.6861

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
	=	86092.207	/	37953.676
	=	2.2683

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))
	=	(315.423 / (315.423 + 166982.438))	/	(323.977 / (323.977 + 157320.806))
	=	0.001885	/	0.002055
	=	0.9173

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)
	=	(1170.743 / 86092.207)	/	(629.688 / 37953.676)
	=	0.013599	/	0.016591
	=	0.8197

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)
	=	((36.709 + 129879.88) / 187538.299)	/	((51657.202 + 101558.545) / 197012.315)
	=	0.692747	/	0.777696
	=	0.8908

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
	=	(14763.667 - 0	-	16666.758)	/	187538.299
	=	-0.010148

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 Jaya Trishindo Tbk has a M-score of -1.76 signals that the company is likely to be a manipulator.

PT Jaya Trishindo Tbk Beneish M-Score Related Terms

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PT Jaya Trishindo Tbk (ISX:HELI) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Jaya Trishindo Tbk (ISX:HELI) » Definitions » Beneish M-Score

Traded in Other Exchanges

N/A

Address

Jalan Taman Aries, Rukan Grand Aries Niaga, Blok E1 No. 1A, Meruya Utara Kembangan, Jakarta Barat, Jakarta, IDN, 11620

Website

http://www.jatigroup.com

PT Jaya Trishindo Tbk is an Indonesia-based company that provides helicopter transportation services to corporate and individual customers in Indonesia. The company's portfolio includes chartered air flights without schedules, helicopter transport, and other missions which require helicopter air transport. Its helicopter is suitable for various missions such as VIP transport, aerial survey, fire water bombing, geomagnetic surveys, and external cargo transport. Geographical segments are Sumatera, Papua and Kalimantan, and Others. It derives a majority of revenue from Papua and Kalimantan.

PT Jaya Trishindo Tbk (ISX:HELI) Headlines

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