PT Humpuss Maritim Internasional Tbk (ISX:HUMI) Beneish M-Score : -2.14 (As of Apr. 01, 2025)

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What is PT Humpuss Maritim Internasional 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 -2.14 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:HUMI' s Beneish M-Score Range Over the Past 10 Years
Min: -2.14 Med: -2.14 Max: -2.14
Current: -2.14

During the past 4 years, the highest Beneish M-Score of PT Humpuss Maritim Internasional Tbk was -2.14. The lowest was -2.14. And the median was -2.14.

PT Humpuss Maritim Internasional Tbk Beneish M-Score Historical Data

The historical data trend for PT Humpuss Maritim Internasional 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 Humpuss Maritim Internasional Tbk Beneish M-Score Chart

PT Humpuss Maritim Internasional Tbk Annual Data

Trend

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

PT Humpuss Maritim Internasional Tbk Quarterly Data
	Dec20	Dec21	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial						-	-	-	-	-2.14

Competitive Comparison of PT Humpuss Maritim Internasional Tbk's Beneish M-Score

For the Marine Shipping subindustry, PT Humpuss Maritim Internasional 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 Humpuss Maritim Internasional Tbk's Beneish M-Score Distribution in the Transportation Industry

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

* The bar in red indicates where PT Humpuss Maritim Internasional Tbk's Beneish M-Score falls into.

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PT Humpuss Maritim Internasional 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 Humpuss Maritim Internasional 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 * 1.3697

0.528 * 1.1497

0.404 * 0.9664

0.892 * 1.3196

0.115 * 0.4556

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0034

4.679 * -0.046868

0.327 * 1.2192

-2.14

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp451,589 Mil.
Revenue was 521010.441 + 495970.981 + 428996.151 + 504338.058 = Rp1,950,316 Mil.
Gross Profit was 124340.93 + 125735.443 + 86945.733 + 132717.275 = Rp469,739 Mil.
Total Current Assets was Rp1,439,166 Mil.
Total Assets was Rp4,647,233 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,478,947 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp18,203 Mil.
Selling, General, & Admin. Expense(SGA) was Rp95,882 Mil.
Total Current Liabilities was Rp712,056 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,269,711 Mil.
Net Income was 47155.335 + 45644.806 + 36515.323 + -23303.875 = Rp106,012 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 33068.58 + 46934.484 + 322182.941 + -78367.425 = Rp323,819 Mil.

Total Receivables was Rp249,852 Mil.
Revenue was 384815.057 + 382090.293 + 356053.88 + 354975.719 = Rp1,477,935 Mil.
Gross Profit was 59179.868 + 128075.961 + 125088.015 + 96922.284 = Rp409,266 Mil.
Total Current Assets was Rp1,183,474 Mil.
Total Assets was Rp3,909,911 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,091,662 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp6,969 Mil.
Selling, General, & Admin. Expense(SGA) was Rp72,410 Mil.
Total Current Liabilities was Rp517,812 Mil.
Long-Term Debt & Capital Lease Obligation was Rp849,714 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)
	=	(451589.44 / 1950315.631)	/	(249851.782 / 1477934.949)
	=	0.231547	/	0.169055
	=	1.3697

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)
	=	(409266.128 / 1477934.949)	/	(469739.381 / 1950315.631)
	=	0.276918	/	0.240853
	=	1.1497

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 - (1439166.089 + 2478946.593) / 4647232.674)	/	(1 - (1183474.486 + 2091661.982) / 3909910.823)
	=	0.156893	/	0.16235
	=	0.9664

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
	=	1950315.631	/	1477934.949
	=	1.3196

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))
	=	(6968.833 / (6968.833 + 2091661.982))	/	(18202.59 / (18202.59 + 2478946.593))
	=	0.003321	/	0.007289
	=	0.4556

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)
	=	(95882.157 / 1950315.631)	/	(72409.533 / 1477934.949)
	=	0.049162	/	0.048994
	=	1.0034

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)
	=	((1269710.715 + 712056.298) / 4647232.674)	/	((849714.161 + 517812.326) / 3909910.823)
	=	0.42644	/	0.349759
	=	1.2192

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
	=	(106011.589 - 0	-	323818.58)	/	4647232.674
	=	-0.046868

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 Humpuss Maritim Internasional Tbk has a M-score of -2.14 suggests that the company is unlikely to be a manipulator.

PT Humpuss Maritim Internasional Tbk Beneish M-Score Related Terms

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PT Humpuss Maritim Internasional Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Humpuss Maritim Internasional Tbk (ISX:HUMI) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jalan Jend. Gatot Subroto Kav. 1-3, Mangkuluhur City Tower One 27th Floor, Jakarta, IDN, 12930

Website

https://www.humi.co.id

PT Humpuss Maritim Internasional Tbk focuses on energy distribution and infrastructure including port and maritime ecosystem. It runs various business lines including port services, management and development of Human Resources (HR), especially crew members, LNG transportation, oil and petrochemical transportation to shipping management. Its segments are chartered vessel services and vessel crew and management services.

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