PT Jasa Armada Indonesia Tbk (ISX:IPCM) Beneish M-Score : -2.57 (As of Mar. 31, 2025)

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What is PT Jasa Armada Indonesia 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 -2.57 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:IPCM' s Beneish M-Score Range Over the Past 10 Years
Min: -4.08 Med: -2.8 Max: -1.52
Current: -2.57

During the past 8 years, the highest Beneish M-Score of PT Jasa Armada Indonesia Tbk was -1.52. The lowest was -4.08. And the median was -2.80.

PT Jasa Armada Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT Jasa Armada Indonesia 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 Jasa Armada Indonesia Tbk Beneish M-Score Chart

PT Jasa Armada Indonesia Tbk Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.75

-3.12

-2.75

-2.12

-1.88

PT Jasa Armada Indonesia Tbk Quarterly Data
	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial															-2.21	-1.88	-1.97	-2.45	-2.57

Competitive Comparison of PT Jasa Armada Indonesia Tbk's Beneish M-Score

For the Marine Shipping subindustry, PT Jasa Armada Indonesia 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 Jasa Armada Indonesia Tbk's Beneish M-Score Distribution in the Transportation Industry

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

* The bar in red indicates where PT Jasa Armada Indonesia Tbk's Beneish M-Score falls into.

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PT Jasa Armada Indonesia 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 Jasa Armada Indonesia 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 * 0.8836

0.528 * 1.0081

0.404 * 0.3659

0.892 * 1.0512

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.7974

4.679 * 0.067086

0.327 * 0.8539

-2.57

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp373,774 Mil.
Revenue was 347868.693 + 305382.066 + 293369.949 + 280425.829 = Rp1,227,047 Mil.
Gross Profit was 87402.492 + 61694.711 + 75540.382 + 120751.554 = Rp345,389 Mil.
Total Current Assets was Rp951,732 Mil.
Total Assets was Rp1,538,454 Mil.
Property, Plant and Equipment(Net PPE) was Rp573,736 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp79,133 Mil.
Total Current Liabilities was Rp268,003 Mil.
Long-Term Debt & Capital Lease Obligation was Rp7,030 Mil.
Net Income was 42831.249 + 39755.98 + 38514.736 + 37881.989 = Rp158,984 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 93427.795 + 61847.334 + 13191.778 + -112691.601 = Rp55,775 Mil.

Total Receivables was Rp402,385 Mil.
Revenue was 290554.234 + 275992.011 + 291565.401 + 309116.298 = Rp1,167,228 Mil.
Gross Profit was 76502.017 + 59873.866 + 82648.071 + 112179.274 = Rp331,203 Mil.
Total Current Assets was Rp928,790 Mil.
Total Assets was Rp1,546,443 Mil.
Property, Plant and Equipment(Net PPE) was Rp581,982 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp41,880 Mil.
Total Current Liabilities was Rp323,455 Mil.
Long-Term Debt & Capital Lease Obligation was Rp298 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)
	=	(373774.28 / 1227046.537)	/	(402385.082 / 1167227.944)
	=	0.304613	/	0.344736
	=	0.8836

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)
	=	(331203.228 / 1167227.944)	/	(345389.139 / 1227046.537)
	=	0.283752	/	0.28148
	=	1.0081

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 - (951731.678 + 573735.999) / 1538454.254)	/	(1 - (928790.125 + 581981.781) / 1546442.765)
	=	0.008441	/	0.023066
	=	0.3659

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
	=	1227046.537	/	1167227.944
	=	1.0512

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))
	=	(0 / (0 + 581981.781))	/	(0 / (0 + 573735.999))
	=	0	/	0
	=	1

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)
	=	(79132.994 / 1227046.537)	/	(41880.055 / 1167227.944)
	=	0.064491	/	0.03588
	=	1.7974

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)
	=	((7030.08 + 268003.179) / 1538454.254)	/	((297.94 + 323455.342) / 1546442.765)
	=	0.178772	/	0.209354
	=	0.8539

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
	=	(158983.954 - 0	-	55775.306)	/	1538454.254
	=	0.067086

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 Jasa Armada Indonesia Tbk has a M-score of -2.57 suggests that the company is unlikely to be a manipulator.

PT Jasa Armada Indonesia Tbk Beneish M-Score Related Terms

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PT Jasa Armada Indonesia Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Jasa Armada Indonesia Tbk (ISX:IPCM) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Raya Ancol Baru, 1st Floor, Ancol Timur, Jakarta Utara, Gedung Rukindo, Jakarta, IDN, 14430

Website

https://www.ipcmarine.co.id

PT Jasa Armada Indonesia Tbk is engaged in pilotage and towage services for container vessels, dry and liquid bulk, inland waterways, and offshore STS. The company also provides fleet maintenance services. The company's operating segments are vessel services, Vessel Management Services, Freight Services and Other Services. The company generates maximum revenue from the Vessel services segment.