PT Indo Straits Tbk (ISX:PTIS) Beneish M-Score : -2.38 (As of Jan. 18, 2025)

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What is PT Indo Straits 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 -2.38 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:PTIS' s Beneish M-Score Range Over the Past 10 Years
Min: -45.31 Med: -2.66 Max: 3.72
Current: -2.38

During the past 13 years, the highest Beneish M-Score of PT Indo Straits Tbk was 3.72. The lowest was -45.31. And the median was -2.66.

PT Indo Straits Tbk Beneish M-Score Historical Data

The historical data trend for PT Indo Straits 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 Indo Straits Tbk Beneish M-Score Chart

PT Indo Straits Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.68

-2.33

-2.96

-1.71

3.72

PT Indo Straits 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															-1.47	3.72	-2.12	-2.02	-2.38

Competitive Comparison of PT Indo Straits Tbk's Beneish M-Score

For the Marine Shipping subindustry, PT Indo Straits 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 Indo Straits Tbk's Beneish M-Score Distribution in the Transportation Industry

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

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

PT Indo Straits 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 Indo Straits 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 * 0.3253

0.528 * 1.9173

0.404 * 2.0266

0.892 * 1.4487

0.115 * 1

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.6212

4.679 * -0.154222

0.327 * 0.7602

-2.38

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp70,405 Mil.
Revenue was 43010.62 + 43889.332 + 75276.293 + 91755.989 = Rp253,932 Mil.
Gross Profit was -477.896 + 10621.619 + 17790.056 + -5133.526 = Rp22,800 Mil.
Total Current Assets was Rp137,911 Mil.
Total Assets was Rp511,395 Mil.
Property, Plant and Equipment(Net PPE) was Rp348,771 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp0 Mil.
Selling, General, & Admin. Expense(SGA) was Rp35,472 Mil.
Total Current Liabilities was Rp47,188 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 Mil.
Net Income was 601.224 + -2019.495 + 2975.287 + 1387.439 = Rp2,944 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -17759.224 + 13103.594 + 28319.179 + 58149.125 = Rp81,813 Mil.

Total Receivables was Rp149,376 Mil.
Revenue was 32231.971 + 34980.534 + 54644.973 + 53422.518 = Rp175,280 Mil.
Gross Profit was -2515.212 + 8850.315 + 3750.441 + 20088.503 = Rp30,174 Mil.
Total Current Assets was Rp205,098 Mil.
Total Assets was Rp632,265 Mil.
Property, Plant and Equipment(Net PPE) was Rp412,091 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp551 Mil.
Selling, General, & Admin. Expense(SGA) was Rp39,415 Mil.
Total Current Liabilities was Rp76,745 Mil.
Long-Term Debt & Capital Lease Obligation was Rp0 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)
	=	(70404.839 / 253932.234)	/	(149375.622 / 175279.996)
	=	0.277258	/	0.852211
	=	0.3253

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)
	=	(30174.047 / 175279.996)	/	(22800.253 / 253932.234)
	=	0.172148	/	0.089789
	=	1.9173

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 - (137911.472 + 348771.422) / 511394.731)	/	(1 - (205098.427 + 412091.026) / 632265.196)
	=	0.048322	/	0.023844
	=	2.0266

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
	=	253932.234	/	175279.996
	=	1.4487

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))
	=	(550.585 / (550.585 + 412091.026))	/	(0 / (0 + 348771.422))
	=	0.001334	/	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)
	=	(35472.2 / 253932.234)	/	(39414.904 / 175279.996)
	=	0.139692	/	0.224868
	=	0.6212

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)
	=	((0 + 47188.354) / 511394.731)	/	((0 + 76745.006) / 632265.196)
	=	0.092274	/	0.121381
	=	0.7602

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
	=	(2944.455 - 0	-	81812.674)	/	511394.731
	=	-0.154222

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 Indo Straits Tbk has a M-score of -2.38 suggests that the company is unlikely to be a manipulator.

PT Indo Straits Tbk Beneish M-Score Related Terms

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PT Indo Straits Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Indo Straits Tbk (ISX:PTIS) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jalan Yos Sudarso Kav.88, Graha Kirana Building, 15th Floor, Suite 1501, Jakarta, IDN, 14350

Website

https://www.indostraits.co.id

PT Indo Straits Tbk is an Indonesian-based firm. The company with its subsidiaries engaged in providing marine engineering solutions and related services. It operates in three segments namely; the Integrated Marine Engineering service segment which covers dredging, reclamation, port construction, installation of the pile, wave breaker, and coastal protection; the Marine Logistics Support service segment includes transshipment and sea transportation services.; Mining contractor Services segment providing mining, excavating, hauling, and contracting services. It generates the majority of its revenue from the Marine Logistics Support service segment.

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