PT Hatten Bali Tbk (ISX:WINE) Beneish M-Score : -1.82 (As of Dec. 11, 2024)

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What is PT Hatten Bali 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 -1.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:WINE' s Beneish M-Score Range Over the Past 10 Years
Min: -1.82 Med: -1.31 Max: -1.15
Current: -1.82

During the past 5 years, the highest Beneish M-Score of PT Hatten Bali Tbk was -1.15. The lowest was -1.82. And the median was -1.31.

PT Hatten Bali Tbk Beneish M-Score Historical Data

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

PT Hatten Bali Tbk Annual Data

Trend

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

-1.15

PT Hatten Bali Tbk Quarterly Data
	Dec19	Dec20	Jun21	Dec21	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24
Beneish M-Score	Get a 7-Day Free Trial									-	-1.15	-	-1.31	-1.82

Competitive Comparison of PT Hatten Bali Tbk's Beneish M-Score

For the Beverages - Wineries & Distilleries subindustry, PT Hatten Bali 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 Hatten Bali Tbk's Beneish M-Score Distribution in the Beverages - Alcoholic Industry

For the Beverages - Alcoholic industry and Consumer Defensive sector, PT Hatten Bali Tbk's Beneish M-Score distribution charts can be found below:

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

PT Hatten Bali 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 Hatten Bali 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 * 1.0422

0.528 * 1.0039

0.404 * 1.0934

0.892 * 1.0955

0.115 * 0.7463

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.8773

4.679 * 0.109931

0.327 * 1.0185

-1.82

This Year (Sep24) TTM:

Last Year (Sep23) TTM:

Total Receivables was Rp38,559 Mil.
Revenue was 86185.292 + 68645.775 + 54738.188 + 66640.82 = Rp276,210 Mil.
Gross Profit was 39148.922 + 30098.325 + 26411.971 + 30992.052 = Rp126,651 Mil.
Total Current Assets was Rp248,555 Mil.
Total Assets was Rp429,452 Mil.
Property, Plant and Equipment(Net PPE) was Rp178,468 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,161 Mil.
Selling, General, & Admin. Expense(SGA) was Rp21,266 Mil.
Total Current Liabilities was Rp79,005 Mil.
Long-Term Debt & Capital Lease Obligation was Rp41,829 Mil.
Net Income was 16589.778 + 9982.49 + 11028.212 + 8374.111 = Rp45,975 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 18650.548 + -10502.296 + -8488.198 + -895.568 = Rp-1,236 Mil.

Total Receivables was Rp33,771 Mil.
Revenue was 76947.741 + 51585.797 + 58504.712 + 65087.755 = Rp252,126 Mil.
Gross Profit was 34554.042 + 23355.448 + 26886.083 + 31257.47 = Rp116,053 Mil.
Total Current Assets was Rp208,537 Mil.
Total Assets was Rp373,524 Mil.
Property, Plant and Equipment(Net PPE) was Rp163,055 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp1,469 Mil.
Selling, General, & Admin. Expense(SGA) was Rp22,126 Mil.
Total Current Liabilities was Rp40,364 Mil.
Long-Term Debt & Capital Lease Obligation was Rp62,829 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)
	=	(38559.156 / 276210.075)	/	(33771.337 / 252126.005)
	=	0.139601	/	0.133946
	=	1.0422

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)
	=	(116053.043 / 252126.005)	/	(126651.27 / 276210.075)
	=	0.460298	/	0.458532
	=	1.0039

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 - (248554.836 + 178467.671) / 429451.733)	/	(1 - (208536.736 + 163054.775) / 373523.995)
	=	0.005657	/	0.005174
	=	1.0934

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
	=	276210.075	/	252126.005
	=	1.0955

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))
	=	(1469.018 / (1469.018 + 163054.775))	/	(2160.976 / (2160.976 + 178467.671))
	=	0.008929	/	0.011964
	=	0.7463

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)
	=	(21265.934 / 276210.075)	/	(22125.965 / 252126.005)
	=	0.076992	/	0.087758
	=	0.8773

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)
	=	((41829.498 + 79004.581) / 429451.733)	/	((62828.529 + 40364.401) / 373523.995)
	=	0.281368	/	0.276269
	=	1.0185

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
	=	(45974.591 - 0	-	-1235.514)	/	429451.733
	=	0.109931

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 Hatten Bali Tbk has a M-score of -1.82 suggests that the company is unlikely to be a manipulator.

PT Hatten Bali Tbk Beneish M-Score Related Terms

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PT Hatten Bali Tbk Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Consumer Defensive » Beverages - Alcoholic » PT Hatten Bali Tbk (ISX:WINE) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

N/A

Address

Jl. Bypass Ngurah Rai No. 393, The Cellardoor, Hatten Wines Building, Sanur, Bali, IDN, 80227

Website

https://www.hattenbali.co.id

PT Hatten Bali Tbk is a beverage company. It is engaged in the trading of alcoholic beverages, wholesale trading of non-alcoholic non-dairy beverages, restaurants, bars, other private education. The company's segment includes Horeca, Retail, Outer, Cellar, Others. The company generates the majority of its revenue from the Horeca segment. Geographically the company generates the majority of its revenue from Bali.

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