PT Wintermar Offshore Marine Tbk (ISX:WINS) Beneish M-Score : -2.68 (As of May. 25, 2024)

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What is PT Wintermar Offshore Marine 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 -2.68 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:WINS' s Beneish M-Score Range Over the Past 10 Years
Min: -4.57 Med: -2.83 Max: 4.69
Current: -2.68

During the past 13 years, the highest Beneish M-Score of PT Wintermar Offshore Marine Tbk was 4.69. The lowest was -4.57. And the median was -2.83.

PT Wintermar Offshore Marine Tbk Beneish M-Score Historical Data

The historical data trend for PT Wintermar Offshore Marine 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 Wintermar Offshore Marine Tbk Beneish M-Score Chart

PT Wintermar Offshore Marine Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.48

-3.91

-2.84

-2.41

-2.93

PT Wintermar Offshore Marine 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															-2.76	-3.00	-3.05	-2.93	-2.68

Competitive Comparison of PT Wintermar Offshore Marine Tbk's Beneish M-Score

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

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

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

PT Wintermar Offshore Marine 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 Wintermar Offshore Marine 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 * 1.0463

0.528 * 0.9396

0.404 * 1.0913

0.892 * 1.1405

0.115 * 0.6815

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9531

4.679 * -0.072148

0.327 * 1.0147

-2.68

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp422,475 Mil.
Revenue was 284347.988 + 329008.12 + 311047.834 + 230288.514 = Rp1,154,692 Mil.
Gross Profit was 77187.876 + 75245.461 + 72910.084 + 36678.472 = Rp262,022 Mil.
Total Current Assets was Rp717,553 Mil.
Total Assets was Rp3,052,105 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,986,859 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp3,349 Mil.
Selling, General, & Admin. Expense(SGA) was Rp23,636 Mil.
Total Current Liabilities was Rp350,621 Mil.
Long-Term Debt & Capital Lease Obligation was Rp127,691 Mil.
Net Income was 34053.928 + 59829.468 + 26906.554 + 13207.856 = Rp133,998 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 102485.521 + 108574.838 + 62662.926 + 80479.269 = Rp354,203 Mil.

Total Receivables was Rp354,017 Mil.
Revenue was 238868.421 + 305920.996 + 251407.679 + 216231.546 = Rp1,012,429 Mil.
Gross Profit was 45201.093 + 93851.219 + 45786.722 + 31032.337 = Rp215,871 Mil.
Total Current Assets was Rp606,607 Mil.
Total Assets was Rp2,842,036 Mil.
Property, Plant and Equipment(Net PPE) was Rp1,938,752 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp2,226 Mil.
Selling, General, & Admin. Expense(SGA) was Rp21,743 Mil.
Total Current Liabilities was Rp238,582 Mil.
Long-Term Debt & Capital Lease Obligation was Rp200,340 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)
	=	(422475.284 / 1154692.456)	/	(354017.49 / 1012428.642)
	=	0.365877	/	0.349672
	=	1.0463

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)
	=	(215871.371 / 1012428.642)	/	(262021.893 / 1154692.456)
	=	0.213221	/	0.226919
	=	0.9396

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 - (717552.804 + 1986859.408) / 3052104.514)	/	(1 - (606607.403 + 1938751.841) / 2842035.661)
	=	0.113919	/	0.104389
	=	1.0913

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
	=	1154692.456	/	1012428.642
	=	1.1405

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))
	=	(2226.167 / (2226.167 + 1938751.841))	/	(3349.037 / (3349.037 + 1986859.408))
	=	0.001147	/	0.001683
	=	0.6815

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)
	=	(23635.638 / 1154692.456)	/	(21743.462 / 1012428.642)
	=	0.020469	/	0.021477
	=	0.9531

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)
	=	((127690.669 + 350621.342) / 3052104.514)	/	((200339.799 + 238582.243) / 2842035.661)
	=	0.156715	/	0.154439
	=	1.0147

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
	=	(133997.806 - 0	-	354202.554)	/	3052104.514
	=	-0.072148

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 Wintermar Offshore Marine Tbk has a M-score of -2.68 suggests that the company is unlikely to be a manipulator.

PT Wintermar Offshore Marine Tbk Beneish M-Score Related Terms

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PT Wintermar Offshore Marine Tbk (ISX:WINS) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT Wintermar Offshore Marine Tbk (ISX:WINS) » Definitions » Beneish M-Score

Comparable Companies

Traded in Other Exchanges

W6O:Germany

Address

Jalan Kebayoran Lama No. 155, Jakarta Barat, Jakarta, IDN, 11560

Website

https://www.wintermar.com

PT Wintermar Offshore Marine Tbk is an Indonesia-based company. It owns and operates various types of vessels, such as platform supply vessels, anchor-handling tugs, anchor-handling tug supply vessels, fast utility vessels, offshore tugs, accommodation vessels, crew boats, oil barges, oil tankers, and tugboats. The firm's operating segments are Owned Vessels, Chartered Vessels, and others. It generates a majority of its revenue from the Owned Vessel segment.

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