PT WEHA Transportasi Indonesia Tbk (ISX:WEHA) Beneish M-Score : -1.47 (As of Jun. 09, 2024)

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What is PT WEHA Transportasi Indonesia 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.

Warning Sign:

Beneish M-Score -1.47 higher than -1.78, which implies that the company might have manipulated its financial results.

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

ISX:WEHA' s Beneish M-Score Range Over the Past 10 Years
Min: -15.02 Med: -2.92 Max: 0.73
Current: -1.47

During the past 13 years, the highest Beneish M-Score of PT WEHA Transportasi Indonesia Tbk was 0.73. The lowest was -15.02. And the median was -2.92.

PT WEHA Transportasi Indonesia Tbk Beneish M-Score Historical Data

The historical data trend for PT WEHA Transportasi Indonesia 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.

* Premium members only.

PT WEHA Transportasi Indonesia Tbk Beneish M-Score Chart

PT WEHA Transportasi Indonesia Tbk Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Beneish M-Score

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-3.35

-13.87

-3.71

-2.30

0.73

PT WEHA Transportasi Indonesia 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															-2.52	-2.43	-2.39	0.73	-1.47

Competitive Comparison of PT WEHA Transportasi Indonesia Tbk's Beneish M-Score

For the Railroads subindustry, PT WEHA Transportasi Indonesia 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 WEHA Transportasi Indonesia Tbk's Beneish M-Score Distribution in the Transportation Industry

For the Transportation industry and Industrials sector, PT WEHA Transportasi Indonesia Tbk's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where PT WEHA Transportasi Indonesia Tbk's Beneish M-Score falls into.

PT WEHA Transportasi Indonesia 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 WEHA Transportasi Indonesia 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 * 2.4804

0.528 * 1.0769

0.404 * 0.6171

0.892 * 1.3427

0.115 * 0.9773

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9978

4.679 * -0.114175

0.327 * 1.027

-1.47

This Year (Mar24) TTM:

Last Year (Mar23) TTM:

Total Receivables was Rp30,145 Mil.
Revenue was 63295.474 + 76485.672 + 67541.666 + 68142.724 = Rp275,466 Mil.
Gross Profit was 22406.257 + 31954.859 + 25486.019 + 28785.079 = Rp108,632 Mil.
Total Current Assets was Rp60,095 Mil.
Total Assets was Rp353,113 Mil.
Property, Plant and Equipment(Net PPE) was Rp246,307 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp12,182 Mil.
Selling, General, & Admin. Expense(SGA) was Rp12,427 Mil.
Total Current Liabilities was Rp34,122 Mil.
Long-Term Debt & Capital Lease Obligation was Rp66,163 Mil.
Net Income was 4014.204 + 9362.218 + 8505.128 + 8686.957 = Rp30,569 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = Rp0 Mil.
Cash Flow from Operations was 8564.69 + 29655.389 + 14001.963 + 18663.106 = Rp70,885 Mil.

Total Receivables was Rp9,051 Mil.
Revenue was 54998.463 + 60173.405 + 46731.388 + 43250.663 = Rp205,154 Mil.
Gross Profit was 21498.091 + 28031.615 + 18838.836 + 18753.532 = Rp87,122 Mil.
Total Current Assets was Rp43,689 Mil.
Total Assets was Rp301,064 Mil.
Property, Plant and Equipment(Net PPE) was Rp192,840 Mil.
Depreciation, Depletion and Amortization(DDA) was Rp9,310 Mil.
Selling, General, & Admin. Expense(SGA) was Rp9,275 Mil.
Total Current Liabilities was Rp31,129 Mil.
Long-Term Debt & Capital Lease Obligation was Rp52,129 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)
	=	(30144.934 / 275465.536)	/	(9051.219 / 205153.919)
	=	0.109433	/	0.044119
	=	2.4804

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)
	=	(87122.074 / 205153.919)	/	(108632.214 / 275465.536)
	=	0.424667	/	0.394359
	=	1.0769

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 - (60095.461 + 246307.107) / 353112.979)	/	(1 - (43688.708 + 192839.91) / 301064.482)
	=	0.132282	/	0.214359
	=	0.6171

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
	=	275465.536	/	205153.919
	=	1.3427

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))
	=	(9310.366 / (9310.366 + 192839.91))	/	(12182.08 / (12182.08 + 246307.107))
	=	0.046057	/	0.047128
	=	0.9773

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)
	=	(12426.936 / 275465.536)	/	(9275.432 / 205153.919)
	=	0.045112	/	0.045212
	=	0.9978

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)
	=	((66162.707 + 34122.021) / 353112.979)	/	((52128.874 + 31128.799) / 301064.482)
	=	0.284002	/	0.276544
	=	1.027

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
	=	(30568.507 - 0	-	70885.148)	/	353112.979
	=	-0.114175

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 WEHA Transportasi Indonesia Tbk has a M-score of -1.47 signals that the company is likely to be a manipulator.

PT WEHA Transportasi Indonesia Tbk Beneish M-Score Related Terms

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PT WEHA Transportasi Indonesia Tbk (ISX:WEHA) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Industrials » Transportation » PT WEHA Transportasi Indonesia Tbk (ISX:WEHA) » Definitions » Beneish M-Score

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Traded in Other Exchanges

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Address

Jl. Husein Sastranegara No. 111, Grha White Horse, Benda, Rawa Bokor, Tangerang, IDN, 15125

Website

https://www.whitehorse.co.id

PT WEHA Transportasi Indonesia Tbk is an Indonesia-based transportation company. It is engaged in ground public transportation, covering passenger transportation and freight services. The company operates in three segments which include Passenger Transportation Services, Inter-Cities Transportation Services, and Other Services. It generates maximum revenue from the Passenger Transportation Services segment.

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