PT Darma Henwa Tbk (ISX:DEWA) Beneish M-Score : -3.23 (As of May. 08, 2024)

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What is PT Darma Henwa 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 -3.23 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

ISX:DEWA' s Beneish M-Score Range Over the Past 10 Years
Min: -3.46 Med: -2.81 Max: 38.22
Current: -3.23

During the past 13 years, the highest Beneish M-Score of PT Darma Henwa Tbk was 38.22. The lowest was -3.46. And the median was -2.81.

PT Darma Henwa Tbk Beneish M-Score Historical Data

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

PT Darma Henwa Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-1.59

-2.25

-3.46

38.22

-3.23

PT Darma Henwa Tbk Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Beneish M-Score	Get a 7-Day Free Trial															38.22	1.15	-2.02	-2.63	-3.23

Competitive Comparison of PT Darma Henwa Tbk's Beneish M-Score

For the Thermal Coal subindustry, PT Darma Henwa 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 Darma Henwa Tbk's Beneish M-Score Distribution in the Other Energy Sources Industry

For the Other Energy Sources industry and Energy sector, PT Darma Henwa Tbk's Beneish M-Score distribution charts can be found below:

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

PT Darma Henwa 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 Darma Henwa 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 * 1.3635

0.528 * 0.0197

0.404 * 0.9972

0.892 * 1.2149

0.115 * 0.7226

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.5076

4.679 * -0.132046

0.327 * 1.0493

-3.23

This Year (Dec23) TTM:

Last Year (Dec22) TTM:

Total Receivables was Rp1,987,792 Mil.
Revenue was 1949935.258 + 1857338.285 + 1804001.142 + 1761393.77 = Rp7,372,668 Mil.
Gross Profit was 197176.766 + 58662.387 + 133291.776 + 123378.845 = Rp512,510 Mil.
Total Current Assets was Rp2,906,790 Mil.
Total Assets was Rp8,137,619 Mil.
Property, Plant and Equipment(Net PPE) was Rp2,627,462 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp16,424 Mil.
Selling, General, & Admin. Expense(SGA) was Rp104,684 Mil.
Total Current Liabilities was Rp4,192,286 Mil.
Long-Term Debt & Capital Lease Obligation was Rp62,038 Mil.
Net Income was 21842.077 + 698.221 + 4854.534 + 7899.752 = Rp35,295 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 179044.699 + 348980.202 + 148803.896 + 433003.45 = Rp1,109,832 Mil.

Total Receivables was Rp1,199,979 Mil.
Revenue was 1730727.313 + 1529313.761 + 1420403.937 + 1388055.841 = Rp6,068,501 Mil.
Gross Profit was -29425.162 + -29769.994 + 2553.371 + 64968.524 = Rp8,327 Mil.
Total Current Assets was Rp2,246,265 Mil.
Total Assets was Rp7,988,940 Mil.
Property, Plant and Equipment(Net PPE) was Rp3,179,594 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp14,339 Mil.
Selling, General, & Admin. Expense(SGA) was Rp57,153 Mil.
Total Current Liabilities was Rp3,770,902 Mil.
Long-Term Debt & Capital Lease Obligation was Rp209,548 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)
	=	(1987791.97 / 7372668.455)	/	(1199978.777 / 6068500.852)
	=	0.269616	/	0.197739
	=	1.3635

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)
	=	(8326.739 / 6068500.852)	/	(512509.774 / 7372668.455)
	=	0.001372	/	0.069515
	=	0.0197

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 - (2906789.518 + 2627462.449) / 8137619.055)	/	(1 - (2246264.866 + 3179594.182) / 7988939.926)
	=	0.319918	/	0.320829
	=	0.9972

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
	=	7372668.455	/	6068500.852
	=	1.2149

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))
	=	(14338.89 / (14338.89 + 3179594.182))	/	(16424.091 / (16424.091 + 2627462.449))
	=	0.004489	/	0.006212
	=	0.7226

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)
	=	(104683.538 / 7372668.455)	/	(57152.946 / 6068500.852)
	=	0.014199	/	0.009418
	=	1.5076

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)
	=	((62038.095 + 4192286.412) / 8137619.055)	/	((209548.374 + 3770901.856) / 7988939.926)
	=	0.522797	/	0.498245
	=	1.0493

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
	=	(35294.584 - 0	-	1109832.247)	/	8137619.055
	=	-0.132046

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 Darma Henwa Tbk has a M-score of -3.23 suggests that the company is unlikely to be a manipulator.

PT Darma Henwa Tbk Beneish M-Score Related Terms

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PT Darma Henwa Tbk (ISX:DEWA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Energy » Other Energy Sources » PT Darma Henwa Tbk (ISX:DEWA) » Definitions » Beneish M-Score

Traded in Other Exchanges

0DH:Germany

Address

Jalan. H.R. Rasuna Said, Bakrie Tower, 8th floor, Rasuna Epicentrum, Kuningan, Jakarta, IDN, 12940

Website

https://www.ptdh.co.id

PT Darma Henwa Tbk is an Indonesia-based company. Its business activities are focused on mining contractor services, general mining services, and equipment maintenance. It mainly operates its business across various mining projects across Indonesia. The majority of its revenue comes from coal production with the remaining through operational activities like land clearing, topsoiling, overburden removal, and equipment rental. The firm operates its business into two business segments, Mining services and other services Out of which the Mining services segment derives the majority of revenue.

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