PT Trada Alam Minera Tbk (ISX:TRAM) Beneish M-Score : 0.00 (As of Sep. 23, 2024)

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What is PT Trada Alam Minera 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.

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

During the past 13 years, the highest Beneish M-Score of PT Trada Alam Minera Tbk was 0.00. The lowest was 0.00. And the median was 0.00.

PT Trada Alam Minera Tbk Beneish M-Score Historical Data

The historical data trend for PT Trada Alam Minera 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 Trada Alam Minera Tbk Beneish M-Score Chart

PT Trada Alam Minera Tbk Annual Data

Trend

Dec11

Dec12

Dec13

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Beneish M-Score

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-2.71

-0.07

1.91

PT Trada Alam Minera Tbk Quarterly Data
	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18	Mar19	Jun19	Sep19	Dec19	Dec20
Beneish M-Score	Get a 7-Day Free Trial															-0.71	-2.01	-2.78	-	-

Competitive Comparison of PT Trada Alam Minera Tbk's Beneish M-Score

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

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

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

PT Trada Alam Minera 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 Trada Alam Minera 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 * 0.567

0.528 * 1.8901

0.404 * 0.8546

0.892 * 0.85

0.115 * 0.0205

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0246

4.679 * -0.627593

0.327 * 2.2534

-6.06

This Year (Dec20) TTM:

Last Year (Mar19) TTM:

Total Receivables was Rp228,918 Mil.
Revenue was 0 + 1122370.849 + 1117912.143 + 1141332.16 = Rp3,381,615 Mil.
Gross Profit was 0 + 90662.67 + 52473.651 + 160725.656 = Rp303,862 Mil.
Total Current Assets was Rp703,287 Mil.
Total Assets was Rp5,404,124 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,993,892 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp42,554 Mil.
Selling, General, & Admin. Expense(SGA) was Rp34,557 Mil.
Total Current Liabilities was Rp1,842,536 Mil.
Long-Term Debt & Capital Lease Obligation was Rp2,005,499 Mil.
Net Income was 0 + -2866333.186 + -56921.142 + 4049.851 = Rp-2,919,204 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 0 + -98457.033 + 286164.57 + 284678.611 = Rp472,386 Mil.

Total Receivables was Rp474,966 Mil.
Revenue was 971214.787 + 1048717.948 + 1146386.764 + 812099.268 = Rp3,978,419 Mil.
Gross Profit was 206349.824 + 73548.336 + 262726.454 + 133055.462 = Rp675,680 Mil.
Total Current Assets was Rp1,305,145 Mil.
Total Assets was Rp8,128,441 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,819,133 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,097 Mil.
Selling, General, & Admin. Expense(SGA) was Rp39,682 Mil.
Total Current Liabilities was Rp1,666,014 Mil.
Long-Term Debt & Capital Lease Obligation was Rp902,524 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)
	=	(228918.298 / 3381615.152)	/	(474965.685 / 3978418.767)
	=	0.067695	/	0.119386
	=	0.567

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)
	=	(675680.076 / 3978418.767)	/	(303861.977 / 3381615.152)
	=	0.169836	/	0.089857
	=	1.8901

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 - (703287.335 + 2993892.345) / 5404124.315)	/	(1 - (1305144.86 + 3819132.871) / 8128441.127)
	=	0.31586	/	0.369587
	=	0.8546

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
	=	3381615.152	/	3978418.767
	=	0.85

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))
	=	(1097.055 / (1097.055 + 3819132.871))	/	(42553.899 / (42553.899 + 2993892.345))
	=	0.000287	/	0.014014
	=	0.0205

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)
	=	(34557.309 / 3381615.152)	/	(39681.841 / 3978418.767)
	=	0.010219	/	0.009974
	=	1.0246

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)
	=	((2005498.568 + 1842535.936) / 5404124.315)	/	((902524.294 + 1666013.633) / 8128441.127)
	=	0.712055	/	0.315994
	=	2.2534

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
	=	(-2919204.477 - 0	-	472386.148)	/	5404124.315
	=	-0.627593

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 Trada Alam Minera Tbk has a M-score of -6.06 suggests that the company is unlikely to be a manipulator.

PT Trada Alam Minera Tbk Beneish M-Score Related Terms

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PT Trada Alam Minera Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Trada Alam Minera Tbk (ISX:TRAM) » Definitions » Beneish M-Score

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Traded in Other Exchanges

N/A

Address

Jl. Melawai Raya Number 7, Kebayoran Baru, Wisma Amex Lantai 2, Jakarta, IDN, 12610

Website

http://www.tram.co.id

PT Trada Alam Minera Tbk is a shipping company focusing on marine transportation services in the energy sector. The company is organized into the following operating segments, FSO Rental and Operating Services, Liquid Cargo Freight Service, Dry Bulk Cargo Freight Service, and Liquefied Natural Gas Freight Service. The main activities cover from operating and chartering vessels, ship management, logistic services as well as licensing and agency services. The company primarily serves oil and gas companies, as well as mining producers.

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