ISX:HRUM has been successfully added to your Stock Email Alerts list.
You can manage your stock email alerts here.
ISX:HRUM has been removed from your Stock Email Alerts list.
Please enter Portfolio Name for new portfolio.
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 -1.92 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for PT Harum Energy 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 Harum Energy Tbk was -1.22. The lowest was -3.48. And the median was -1.98.
The historical data trend for PT Harum Energy 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.
PT Harum Energy Tbk Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Beneish M-Score | Get a 7-Day Free Trial | -2.50 | -1.83 | -1.22 | -1.55 | -1.92 |
PT Harum Energy 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 | -1.55 | -2.26 | -2.20 | -2.60 | -1.92 |
For the Thermal Coal subindustry, PT Harum Energy 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.
For the Other Energy Sources industry and Energy sector, PT Harum Energy Tbk's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where PT Harum Energy Tbk's Beneish M-Score falls into.
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 Harum Energy Tbk for today is based on a combination of the following eight different indices:
M | = | -4.84 | + | 0.92 * DSRI | + | 0.528 * GMI | + | 0.404 * AQI | + | 0.892 * SGI | + | 0.115 * DEPI |
= | -4.84 | + | 0.92 * 1.3445 | + | 0.528 * 1.4507 | + | 0.404 * 1.4095 | + | 0.892 * 1.0324 | + | 0.115 * 1.3927 | |
- | 0.172 * SGAI | + | 4.679 * TATA | - | 0.327 * LVGI | |||||||
- | 0.172 * 0.7153 | + | 4.679 * -0.036391 | - | 0.327 * 1.3582 | |||||||
= | -1.92 |
* 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.
This Year (Dec23) TTM: | Last Year (Dec22) TTM: |
Total Receivables was Rp2,005,174 Mil. Revenue was 4363882.179 + 2331958.247 + 2971301.838 + 4435822.28 = Rp14,102,965 Mil. Gross Profit was 1278972.432 + 715406.913 + 1360874.994 + 2451974.78 = Rp5,807,229 Mil. Total Current Assets was Rp6,664,303 Mil. Total Assets was Rp25,175,966 Mil. Property, Plant and Equipment(Net PPE) was Rp6,522,260 Mil. Depreciation, Depletion and Amortization(DDA) was Rp27,938 Mil. Selling, General, & Admin. Expense(SGA) was Rp848,539 Mil. Total Current Liabilities was Rp3,959,505 Mil. Long-Term Debt & Capital Lease Obligation was Rp2,106,688 Mil. Net Income was 674788.839 + -672850.154 + 715042.381 + 1551718.425 = Rp2,268,699 Mil. Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil. Cash Flow from Operations was -16325.536 + 546949.84 + 286786.284 + 2367476.902 = Rp3,184,887 Mil. |
Total Receivables was Rp1,444,626 Mil. Revenue was 3172111.432 + 4960350.193 + 3344944.476 + 2183618.592 = Rp13,661,025 Mil. Gross Profit was 1640209.726 + 2938736.055 + 2191165.138 + 1390620.337 = Rp8,160,731 Mil. Total Current Assets was Rp8,168,957 Mil. Total Assets was Rp20,116,913 Mil. Property, Plant and Equipment(Net PPE) was Rp5,151,214 Mil. Depreciation, Depletion and Amortization(DDA) was Rp30,780 Mil. Selling, General, & Admin. Expense(SGA) was Rp1,149,166 Mil. Total Current Liabilities was Rp3,550,773 Mil. Long-Term Debt & Capital Lease Obligation was Rp17,965 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) |
= | (2005173.607 / 14102964.544) | / | (1444626.05 / 13661024.693) | |
= | 0.142181 | / | 0.105748 | |
= | 1.3445 |
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) | |
= | (8160731.256 / 13661024.693) | / | (5807229.119 / 14102964.544) | |
= | 0.597373 | / | 0.411774 | |
= | 1.4507 |
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 - (6664302.881 + 6522259.923) / 25175965.85) | / | (1 - (8168957.364 + 5151214.355) / 20116912.883) | |
= | 0.476224 | / | 0.337862 | |
= | 1.4095 |
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 | |
= | 14102964.544 | / | 13661024.693 | |
= | 1.0324 |
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)) |
= | (30779.59 / (30779.59 + 5151214.355)) | / | (27937.792 / (27937.792 + 6522259.923)) | |
= | 0.00594 | / | 0.004265 | |
= | 1.3927 |
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) |
= | (848538.78 / 14102964.544) | / | (1149166.305 / 13661024.693) | |
= | 0.060167 | / | 0.08412 | |
= | 0.7153 |
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) |
= | ((2106687.92 + 3959505.27) / 25175965.85) | / | ((17964.816 + 3550772.629) / 20116912.883) | |
= | 0.240952 | / | 0.1774 | |
= | 1.3582 |
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 | |
= | (2268699.491 - 0 | - | 3184887.49) | / | 25175965.85 | |
= | -0.036391 |
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 Harum Energy Tbk has a M-score of -1.92 suggests that the company is unlikely to be a manipulator.
Thank you for viewing the detailed overview of PT Harum Energy Tbk's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.
Disclaimers: GuruFocus.com is not operated by a broker or a dealer. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. This investment adviser does not provide advice to individual investors. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.