PT Hotelhid Jaya International Tbk (ISX:SHID) Beneish M-Score : -2.47 (As of Jun. 23, 2024)

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What is PT Hotelhid Jaya International 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 Hotelhid Jaya International Tbk's Beneish M-Score or its related term are showing as below:

ISX:SHID' s Beneish M-Score Range Over the Past 10 Years
Min: -3.47 Med: -2.52 Max: -1.92
Current: -2.47

During the past 13 years, the highest Beneish M-Score of PT Hotelhid Jaya International Tbk was -1.92. The lowest was -3.47. And the median was -2.52.

PT Hotelhid Jaya International Tbk Beneish M-Score Historical Data

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

PT Hotelhid Jaya International Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-2.33

-2.97

-3.09

-2.34

PT Hotelhid Jaya International 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															-2.46	-2.23	-1.92	-2.34	-2.47

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

For the Lodging subindustry, PT Hotelhid Jaya International 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 Hotelhid Jaya International Tbk's Beneish M-Score Distribution in the Travel & Leisure Industry

For the Travel & Leisure industry and Consumer Cyclical sector, PT Hotelhid Jaya International Tbk's Beneish M-Score distribution charts can be found below:

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

PT Hotelhid Jaya International 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 Hotelhid Jaya International 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 * 0.818

0.528 * 1.0078

0.404 * 0.8995

0.892 * 1.3971

0.115 * 0.9263

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.7152

4.679 * -0.036808

0.327 * 1.0323

-2.47

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp11,459 Mil.
Revenue was 27470.466 + 47756.575 + 36400.74 + 24504.407 = Rp136,132 Mil.
Gross Profit was 16530.499 + 29806.992 + 23349.797 + 15139.678 = Rp84,827 Mil.
Total Current Assets was Rp235,294 Mil.
Total Assets was Rp1,260,289 Mil.
Property, Plant and Equipment(Net PPE) was Rp963,276 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp38,028 Mil.
Selling, General, & Admin. Expense(SGA) was Rp19,518 Mil.
Total Current Liabilities was Rp121,729 Mil.
Long-Term Debt & Capital Lease Obligation was Rp374,169 Mil.
Net Income was -8519.049 + -7721.373 + -3818.307 + -6267.915 = Rp-26,327 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 3495.907 + -2275.15 + 6998.072 + 11843.426 = Rp20,062 Mil.

Total Receivables was Rp10,027 Mil.
Revenue was 24443.102 + 36678.913 + 20334.474 + 15984.361 = Rp97,441 Mil.
Gross Profit was 15102.041 + 23612.788 + 12701.228 + 9775.632 = Rp61,192 Mil.
Total Current Assets was Rp233,004 Mil.
Total Assets was Rp1,284,408 Mil.
Property, Plant and Equipment(Net PPE) was Rp981,476 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp35,786 Mil.
Selling, General, & Admin. Expense(SGA) was Rp19,533 Mil.
Total Current Liabilities was Rp88,664 Mil.
Long-Term Debt & Capital Lease Obligation was Rp400,934 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)
	=	(11458.714 / 136132.188)	/	(10027.043 / 97440.85)
	=	0.084173	/	0.102904
	=	0.818

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)
	=	(61191.689 / 97440.85)	/	(84826.966 / 136132.188)
	=	0.627988	/	0.623122
	=	1.0078

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 - (235293.543 + 963275.846) / 1260289.013)	/	(1 - (233003.607 + 981475.6) / 1284407.813)
	=	0.048973	/	0.054444
	=	0.8995

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
	=	136132.188	/	97440.85
	=	1.3971

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))
	=	(35785.863 / (35785.863 + 981475.6))	/	(38027.907 / (38027.907 + 963275.846))
	=	0.035179	/	0.037978
	=	0.9263

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)
	=	(19518.173 / 136132.188)	/	(19532.943 / 97440.85)
	=	0.143377	/	0.200459
	=	0.7152

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)
	=	((374169.139 + 121729.023) / 1260289.013)	/	((400934.447 + 88663.671) / 1284407.813)
	=	0.39348	/	0.381186
	=	1.0323

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
	=	(-26326.644 - 0	-	20062.255)	/	1260289.013
	=	-0.036808

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 Hotelhid Jaya International Tbk has a M-score of -2.47 suggests that the company is unlikely to be a manipulator.

PT Hotelhid Jaya International Tbk Beneish M-Score Related Terms

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PT Hotelhid Jaya International Tbk (ISX:SHID) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Cyclical » Travel & Leisure » PT Hotel Sahid Jaya International Tbk (ISX:SHID) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jalan Jendral Sudriman No. 86, Sahid Building, South Wing, 2nd Floor, Jakarta, IDN, 10220

Website

https://www.pthsji.com

PT Hotel Sahid Jaya International Tbk engages in the hotel, accommodation, and property businesses. The company operates the Hotel Grand Sahid Jaya, a five-star hotel with rooms, conference rooms, restaurants, office spaces, a shopping arcade, swimming pools, and a tennis court; and rent apartments. It also offers hotel management and consultancy services for the hotel and tourism sectors. It operates in Hotel; PT SIHM&C; and Apartment segment. Its Hotel division contributes most of the firm's revenue.

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