PT Hexindo Adiperkasa Tbk (ISX:HEXA) Beneish M-Score : -2.47 (As of Mar. 15, 2025)

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What is PT Hexindo Adiperkasa 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 Hexindo Adiperkasa Tbk's Beneish M-Score or its related term are showing as below:

ISX:HEXA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.7 Med: -2.6 Max: -1.02
Current: -2.47

During the past 13 years, the highest Beneish M-Score of PT Hexindo Adiperkasa Tbk was -1.02. The lowest was -4.70. And the median was -2.60.

PT Hexindo Adiperkasa Tbk Beneish M-Score Historical Data

The historical data trend for PT Hexindo Adiperkasa 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.

* Premium members only.

PT Hexindo Adiperkasa Tbk Beneish M-Score Chart

PT Hexindo Adiperkasa Tbk Annual Data

Trend

Mar15

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Beneish M-Score

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-2.67

-2.88

-2.04

-1.30

-2.53

PT Hexindo Adiperkasa Tbk Quarterly Data
	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24
Beneish M-Score	Get a 7-Day Free Trial															-2.59	-2.53	-2.15	-1.87	-2.47

Competitive Comparison of PT Hexindo Adiperkasa Tbk's Beneish M-Score

For the Industrial Distribution subindustry, PT Hexindo Adiperkasa 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 Hexindo Adiperkasa Tbk's Beneish M-Score Distribution in the Industrial Distribution Industry

For the Industrial Distribution industry and Industrials sector, PT Hexindo Adiperkasa Tbk's Beneish M-Score distribution charts can be found below:

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

PT Hexindo Adiperkasa 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 Hexindo Adiperkasa 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 * 1.3502

0.528 * 0.9636

0.404 * 0.8723

0.892 * 0.745

0.115 * 0.9861

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.2404

4.679 * 0.010345

0.327 * 1.0573

-2.47

This Year (Dec24) TTM:

Last Year (Dec23) TTM:

Total Receivables was Rp1,853,003 Mil.
Revenue was 2249440.35 + 2109330.403 + 1493773.63 + 2105371.443 = Rp7,957,916 Mil.
Gross Profit was 467091.295 + 435753.35 + 354204.35 + 484970.607 = Rp1,742,020 Mil.
Total Current Assets was Rp5,978,602 Mil.
Total Assets was Rp6,981,418 Mil.
Property, Plant and Equipment(Net PPE) was Rp861,861 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp109,762 Mil.
Selling, General, & Admin. Expense(SGA) was Rp435,829 Mil.
Total Current Liabilities was Rp4,146,702 Mil.
Long-Term Debt & Capital Lease Obligation was Rp22,402 Mil.
Net Income was 163164.444 + 81620.314 + 93020.067 + 186283.117 = Rp524,088 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 713770.277 + 73594.854 + -294226.161 + -41274.094 = Rp451,865 Mil.

Total Receivables was Rp1,842,108 Mil.
Revenue was 2505166.572 + 2656812.059 + 2150025.86 + 3369615.797 = Rp10,681,620 Mil.
Gross Profit was 554079.885 + 580309.83 + 508342.576 + 610454.615 = Rp2,253,187 Mil.
Total Current Assets was Rp5,488,388 Mil.
Total Assets was Rp6,465,057 Mil.
Property, Plant and Equipment(Net PPE) was Rp827,024 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp103,680 Mil.
Selling, General, & Admin. Expense(SGA) was Rp471,611 Mil.
Total Current Liabilities was Rp3,614,552 Mil.
Long-Term Debt & Capital Lease Obligation was Rp36,864 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)
	=	(1853002.867 / 7957915.826)	/	(1842107.713 / 10681620.288)
	=	0.23285	/	0.172456
	=	1.3502

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)
	=	(2253186.906 / 10681620.288)	/	(1742019.602 / 7957915.826)
	=	0.210941	/	0.218904
	=	0.9636

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 - (5978601.805 + 861861.053) / 6981417.695)	/	(1 - (5488388.402 + 827023.807) / 6465056.6)
	=	0.02019	/	0.023147
	=	0.8723

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
	=	7957915.826	/	10681620.288
	=	0.745

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))
	=	(103679.537 / (103679.537 + 827023.807))	/	(109762.465 / (109762.465 + 861861.053))
	=	0.111399	/	0.112968
	=	0.9861

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)
	=	(435828.539 / 7957915.826)	/	(471610.679 / 10681620.288)
	=	0.054767	/	0.044152
	=	1.2404

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)
	=	((22402.037 + 4146702.074) / 6981417.695)	/	((36864.186 + 3614552.044) / 6465056.6)
	=	0.597172	/	0.564793
	=	1.0573

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
	=	(524087.942 - 0	-	451864.876)	/	6981417.695
	=	0.010345

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 Hexindo Adiperkasa Tbk has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.

PT Hexindo Adiperkasa Tbk Beneish M-Score Related Terms

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PT Hexindo Adiperkasa Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Industrial Distribution » PT Hexindo Adiperkasa Tbk (ISX:HEXA) » Definitions » Beneish M-Score

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Traded in Other Exchanges

HX1A:Germany

Address

Jalan Pulo Kambing II, Kav. I-II No. 33, Kawasan Industri Pulogadung, Jakarta, IDN, 13930

Website

https://www.hexindo-tbk.co.id

PT Hexindo Adiperkasa Tbk distributes heavy equipment and spare parts in Indonesia. Its products include Mini Excavators, Medium Excavators, Large Excavators / Loading Shovels, Wheel Loaders, Rigid Frame Trucks, BELL Articulated Dump Trucks, Used Equipment, ConSite, and Industry Solutions. The company serves the mining, construction, agribusiness, and forestry industries. It has branches and representative offices across Indonesia, including Banda Aceh, Medan, Jakarta, Semarang, Balikpapan, Samarinda, Jayapura, Makassar, Palu, and Kendari, among others.

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