PT Temas Tbk (ISX:TMAS) Beneish M-Score : -2.58 (As of Apr. 28, 2024)

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What is PT Temas 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 -2.58 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:TMAS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.98 Med: -2.56 Max: -1.29
Current: -2.58

During the past 13 years, the highest Beneish M-Score of PT Temas Tbk was -1.29. The lowest was -3.98. And the median was -2.56.

PT Temas Tbk Beneish M-Score Historical Data

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

PT Temas Tbk Annual Data

Trend

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Beneish M-Score

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-2.70

-2.90

-3.38

-2.37

-2.71

PT Temas Tbk Quarterly Data
	Dec18	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23
Beneish M-Score	Get a 7-Day Free Trial															-2.54	-2.71	-2.98	-3.35	-2.58

Competitive Comparison of PT Temas Tbk's Beneish M-Score

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

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

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

PT Temas 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 Temas 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 * 1.1643

0.528 * 1.0877

0.404 * 0.9698

0.892 * 0.9439

0.115 * 1.0217

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * -0.2677

4.679 * -0.109816

0.327 * 0.8357

-2.58

This Year (Sep23) TTM:

Last Year (Sep22) TTM:

Total Receivables was Rp354,739 Mil.
Revenue was 1120258 + 989760 + 1115743 + 1202012 = Rp4,427,773 Mil.
Gross Profit was 316289 + 229779 + 340141 + 470055 = Rp1,356,264 Mil.
Total Current Assets was Rp1,579,413 Mil.
Total Assets was Rp3,999,582 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,337,719 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp21,553 Mil.
Selling, General, & Admin. Expense(SGA) was Rp6,770 Mil.
Total Current Liabilities was Rp649,225 Mil.
Long-Term Debt & Capital Lease Obligation was Rp870,985 Mil.
Net Income was 234982 + 138377 + 259418 + 343217 = Rp975,994 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 293953 + 189810 + 317264 + 614186 = Rp1,415,213 Mil.

Total Receivables was Rp322,788 Mil.
Revenue was 1353062 + 1155571 + 1167281 + 1014867 = Rp4,690,781 Mil.
Gross Profit was 485392 + 386375 + 423236 + 267773 = Rp1,562,776 Mil.
Total Current Assets was Rp1,428,919 Mil.
Total Assets was Rp4,184,596 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,666,724 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp25,122 Mil.
Selling, General, & Admin. Expense(SGA) was Rp-26,789 Mil.
Total Current Liabilities was Rp585,436 Mil.
Long-Term Debt & Capital Lease Obligation was Rp1,317,804 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)
	=	(354739 / 4427773)	/	(322788 / 4690781)
	=	0.080117	/	0.068813
	=	1.1643

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)
	=	(1562776 / 4690781)	/	(1356264 / 4427773)
	=	0.333159	/	0.306308
	=	1.0877

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 - (1579413 + 2337719) / 3999582)	/	(1 - (1428919 + 2666724) / 4184596)
	=	0.020615	/	0.021257
	=	0.9698

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
	=	4427773	/	4690781
	=	0.9439

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))
	=	(25122 / (25122 + 2666724))	/	(21553 / (21553 + 2337719))
	=	0.009333	/	0.009135
	=	1.0217

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)
	=	(6770 / 4427773)	/	(-26789 / 4690781)
	=	0.001529	/	-0.005711
	=	-0.2677

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)
	=	((870985 + 649225) / 3999582)	/	((1317804 + 585436) / 4184596)
	=	0.380092	/	0.45482
	=	0.8357

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
	=	(975994 - 0	-	1415213)	/	3999582
	=	-0.109816

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 Temas Tbk has a M-score of -2.58 suggests that the company is unlikely to be a manipulator.

PT Temas Tbk Beneish M-Score Related Terms

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PT Temas Tbk (ISX:TMAS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Temas Tbk (ISX:TMAS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

P5TA:Germany

Address

Jalan Yos Sudarso Kav. 33, Sunter Jaya, Tanjung Priok, Kantor Pusat Jakarta, Jakarta, IDN, 14350

Website

https://www.temasline.com

PT Temas Tbk operates in the shipping industry. The company is engaged in the transportation business, especially marine transportation services that provide containerized goods delivery. Services offered include managing container transportation and stevedoring services nationwide. The company engages in both domestic and international transportation activities, particularly in transporting passengers, cargoes, and animals by vessels, acts as an agent in the shipping business. In addition, it is involved in the purchase and sale of vessels and related equipment. Its businesses are grouped into two operating segments: Shipping and Stevedoring. The Shipping segment contributes the vast majority of total revenue.

PT Temas Tbk (ISX:TMAS) Headlines

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