PT Pelayaran Tamarinmudra Tbk (ISX:TAMU) Beneish M-Score : -2.73 (As of Jun. 25, 2025)

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What is PT Pelayaran Tamarinmudra 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 -2.73 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TAMU' s Beneish M-Score Range Over the Past 10 Years
Min: -4.46 Med: -2.78 Max: 122.81
Current: -2.73

During the past 10 years, the highest Beneish M-Score of PT Pelayaran Tamarinmudra Tbk was 122.81. The lowest was -4.46. And the median was -2.78.

PT Pelayaran Tamarinmudra Tbk Beneish M-Score Historical Data

The historical data trend for PT Pelayaran Tamarinmudra 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 Pelayaran Tamarinmudra Tbk Beneish M-Score Chart

PT Pelayaran Tamarinmudra Tbk Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.69

0.25

-3.36

-3.17

-3.49

PT Pelayaran Tamarinmudra Tbk Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-3.16	-2.91	-3.34	-3.49	-2.73

Competitive Comparison of PT Pelayaran Tamarinmudra Tbk's Beneish M-Score

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

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

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

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PT Pelayaran Tamarinmudra 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 Pelayaran Tamarinmudra 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 * 2.3875

0.528 * -0.3017

0.404 * 1.995

0.892 * 0.4745

0.115 * 0.4382

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 2.3799

4.679 * -0.106055

0.327 * 0.9088

-2.73

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was Rp157,704 Mil.
Revenue was 21047.015 + -189960.295 + 19687.698 + 223538.746 = Rp74,313 Mil.
Gross Profit was 4644.177 + -155531.395 + -15621.26 + 133147.01 = Rp-33,361 Mil.
Total Current Assets was Rp208,609 Mil.
Total Assets was Rp568,269 Mil.
Property, Plant and Equipment(Net PPE) was Rp331,713 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp320 Mil.
Selling, General, & Admin. Expense(SGA) was Rp3,445 Mil.
Total Current Liabilities was Rp35,556 Mil.
Long-Term Debt & Capital Lease Obligation was Rp205,612 Mil.
Net Income was 691.686 + -225784.312 + -20930.647 + 130730.905 = Rp-115,292 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was -12252.722 + -212827.371 + 22281.011 + 147774.244 = Rp-55,025 Mil.

Total Receivables was Rp139,214 Mil.
Revenue was 30657.166 + 32535.437 + 40164.899 + 53260.346 = Rp156,618 Mil.
Gross Profit was 6533.494 + 5616.513 + 4147.045 + 4917.949 = Rp21,215 Mil.
Total Current Assets was Rp183,252 Mil.
Total Assets was Rp858,809 Mil.
Property, Plant and Equipment(Net PPE) was Rp654,386 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp276 Mil.
Selling, General, & Admin. Expense(SGA) was Rp3,051 Mil.
Total Current Liabilities was Rp144,239 Mil.
Long-Term Debt & Capital Lease Obligation was Rp256,785 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)
	=	(157704.393 / 74313.164)	/	(139213.688 / 156617.848)
	=	2.12216	/	0.888875
	=	2.3875

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)
	=	(21215.001 / 156617.848)	/	(-33361.468 / 74313.164)
	=	0.135457	/	-0.448931
	=	-0.3017

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 - (208609.184 + 331712.812) / 568269.402)	/	(1 - (183251.953 + 654386.001) / 858808.988)
	=	0.04918	/	0.024652
	=	1.995

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
	=	74313.164	/	156617.848
	=	0.4745

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))
	=	(276.231 / (276.231 + 654386.001))	/	(319.781 / (319.781 + 331712.812))
	=	0.000422	/	0.000963
	=	0.4382

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)
	=	(3445.023 / 74313.164)	/	(3050.758 / 156617.848)
	=	0.046358	/	0.019479
	=	2.3799

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)
	=	((205611.879 + 35555.951) / 568269.402)	/	((256785.175 + 144239.453) / 858808.988)
	=	0.42439	/	0.466954
	=	0.9088

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
	=	(-115292.368 - 0	-	-55024.838)	/	568269.402
	=	-0.106055

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 Pelayaran Tamarinmudra Tbk has a M-score of -2.73 suggests that the company is unlikely to be a manipulator.

PT Pelayaran Tamarinmudra Tbk Beneish M-Score Related Terms

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PT Pelayaran Tamarinmudra Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Pelayaran Tamarin Samudra Tbk (ISX:TAMU) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jalan Alaydrus No. 78 C, Petojo Utara, Gambir, Jakarta, IDN, 10130

Website

https://www.tamarin.co.id

PT Pelayaran Tamarin Samudra Tbk operates as an integrated offshore shipping company. It is engaged in shipping, both inbound and outbound, which covers the carriage of passengers, goods, and animals. The company also offers offshore marine support services such as chartering, re-chartering, housekeeping, pest control, and transshipment services. Its operating segments are Charter hire, which generates maximum revenue, Catering, and Others.

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